Interim report
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2026 Half Year Report 2026 Half Year Report1
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H1 Highlights • A strategic pivot from a capex-intensive US-based investment proposition to a European cash generating plastics recycling platform • Positioned to capitalize on demand for recycled plastic driven by EU regulation • € 85.1 million in revenues and € 9.7 million in profit before tax • GreenDot consolidated 100% from 20 April following ownership increase to 50.1% • Simplified balance sheet with no capex or near-term funding requirements Key Financials (€ million) H1 2025 H1 2026 Revenues 0.4 85.1 EBITDA (4.6) (1.9) Net profit / (loss) (10.6) 9.7 Earnings per share (€/Share) (0.10) 0.05 CEO Ranjeet Bhatia: H1 2026 marked a turning point for Agilyx. We have transformed the Group to focus on a profitable and growing European recycling platform, while simplifying our business and strengthening our balance sheet. With GreenDot at the center of our strategy, we enter the second half with a clear focus on profitable growth and building long-term shareholder value. 2026 Half Year Report2
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Agilyx ASA - 2026 Half Year in brief 3 2026 Half Year Report EUROPE’S LEADING PLASTIC RECYCLING PLATFORM In the first half of 2026, Agilyx ASA (“Agilyx” or the “Company”) pivoted its primary operations to Europe through further investment and control of GreenDot Global, establishing itself as a leading platform for plastics recycling in Europe. Agilyx now consists of complementary business units delivering integrated circular plastics solutions. GreenDot, Europe's leading integrated plastic recycler, was fully consolidated into Agilyx from April of this year. GreenDot receives and owns waste and operates mechanical recycling facilities in multiple European countries. The business consistently generates cash flow, providing a predictable, long term growth platform within a recycling sector prone to cyclical volatility. arcLABS, our wholly-owned technology and analytics arm in the US, has twenty-plus years of chemical-recycling R&D, holds twenty-two patents, and markets lab services that support our own needs and those of third parties. It's the R&D leg of the group and helps inform strategy and advance our IP while preserving the option value of deployment of chemical recycling technology. STRATEGIC HIGHLIGHTS A strategic pivot in H1 has shifted the Company from a capex-intensive US-based investment proposition to a European cash generating plastics recycling platform. In February, Agilyx announced a strategic reorganization of Cyclyx, signalling an exit from all Agilyx obligations related to Circularity Centers 1 (C1) and 2 (C2). Agilyx retained all related IP, as well as the long-term offtake contract with ExxonMobil. The reorganization eliminated all near-term construction and financing risk and increased strategic flexibility. Moreover, Agilyx repaid the outstanding USD 50 million senior secured bond in its entirety. All transactions were completed during the first quarter of 2026. In April, Agilyx raised its ownership in GreenDot Global to 50.1% through a share purchase. The remaining 49.9% is owned by Lafor, an investment vehicle advised by Pioneer Point Partners. Both Agilyx and Pioneer subsequently supported a capital injection of € 9.3 million into GreenDot to strengthen its balance sheet. To fund the acquisition of GreenDot shares and the subsequent capital injection, as well as other operating and financial obligations, Agilyx placed an additional € 26 million Convertible Bonds in the first half of 2026, bringing the total convertible bonds issue to € 50 million. GreenDot has pursued a strategy of expanding its operating scale through opportunistic acquisition of European mechanical recycling companies. Following on from its acquisition of Forplast in Italy late in 2025, GreenDot has acquired RG Group, which consists of two mechanical recycling facilities in France, as well as Anviplas which owns and operates a mechanical recycling facility in Spain. As a result, GreenDot now operates mechanical recycling plants with a combined input capacity of 175,000 tons per year, more than doubling its capacity over the last 12 months and expanding operations to six facilities across four countries. FINANCIAL PERFORMANCE (Comparative numbers in brackets refer to the first half 2025, unless otherwise stated). Since Agilyx owns 50.1% of GreenDot Global and met other criteria for obtaining control, the consolidated financials include GreenDot on a 100% basis. In the first half 2026 results, GreenDot is consolidated from 21 April through to 30 June. The first half 2025 results did not include GreenDot. Agilyx reported revenue for the period of € 85.1 million (€ 0.4 million). EBITDA1 for the period was negative € 1.9 million (negative € 4.6 million), reflecting € 2.7 million of positive EBITDA from GreenDot, offset by € 4.6 million in costs at arcLABS and Agilyx ASA and inclusive of € 1.4 million one-off costs, primarily due to financing and legal costs associated with the convertible bond financing. Agilyx reported an operating loss of € 5.3 million (€ 4.8 million). The operating loss included € 3.5 million in depreciation and amortization. Other income and expenses amounted to positive € 15.0 million (negative € 5.8 million). This reflects net finance costs of € 11.5 million (€ 2.7 million), € 11.4 million in gain on change of control at GreenDot, € 12.0 million gain on change of control at Cyclyx, and € 6.8 million in gain on the bargain purchase of Anviplas. This was offset by € 3.7 million in other financial costs and expenses (€ 3.2 million). Profit before and after tax amounted to € 9.7 million (loss € 10.6 million). Earnings per share was a positive € 0.05 vs a loss of € 0.10 in H1 2025. 1 Defined as operating profit or loss before depreciation and amortization
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4 2026 Half Year Report FINANCIAL POSITION (Comparative numbers in brackets refer to 31 December 2025, unless otherwise stated) The changes in financial position relative to the prior period primarily reflect the consolidation of 100% of GreenDot. Total non-current assets were € 321.9 million (€ 44.6 million). Current Assets were € 146.2 million (€ 39.5 million), including cash and cash equivalents of € 54.5 million (€ 4.8 million). Total assets were € 468.1 million (€ 84.1 million). Total consolidated equity was € 92.6 million (€ 19.2 million), of which non-controlling interest was € 64.7 million (€ 0.02 million). Non-current liabilities were € 171.8 million (€ 63.8 million), while current liabilities were € 203.7 million (€ 1.2 million). Total interest- bearing debt was € 142.6 million (€ 63.3 million). CASH FLOWS Cash flows from operations was negative € 0.7 million (negative € 5.3 million), cash flow from investments € 41.4 million (negative € 0.8 million), while cash flow from financing was € 9.0 million (negative € 2.2 million). Net change in cash and cash equivalents in the period was € 49.7 million (negative € 8.3 million). OPERATING PERFORMANCE GreenDot In the first half of 2026, GreenDot revenues were € 229 million, compared with € 219 million in H1 2025 and € 394 million for the full 2025 fiscal year. EBITDA was € 8.9 million, compared with € 8.5 million for H1 2025 and € 11 million for the full 2025 fiscal year. At the segment level, licensing revenue related to the EPR operations was € 189 million in the first half of 2026, compared with € 196 million for H1 2025 and € 351 million for FY 2025. Revenues related to mechanical recycling (Germany, RG Group, and Forplast) were € 40 million, compared with € 17 million for H1 2025 and € 31 million for FY 2025. Profitability is primarily improving in the mechanical recycling business, while the company works to consolidate three acquired operations across European markets. EBITDA from the segment improved to € 2 million in H1 2026 vs negative € 1.0 million in H1 2025. The results from RG Group were consolidated in GreenDot’s financials from February 2026, while Anviplas was not consolidated as the acquisition was completed at the very end of the period. arcLABS and Styrenyx In April, a Memorandum of Understanding (MoU) was signed with global technology leader ABB to support Styrenyx in the areas of automation, electrical, and power solutions in the European market. Revenues of € 84,000 for the period comprised primarily maintenance and support for Styrenyx´s deployment with Toyo in Japan. Revenue from Lab services during the period was negligible. Corporate matters There have been no changes to the Board or committee chairs. PwC was appointed as Group auditors on April 27th 2026. Risk 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.
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5 2026 Half Year Report 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. OUTLOOK AND MARKET CONTEXT The EU Packaging and Packaging Waste Regulation (PPWR) came into force in August 2026 and is catalyzing structural change across the European recycling industry. Recycled content becomes mandatory in all plastic packaging by 2030, and the ban on plastic waste exports to non-OECD countries takes effect in November 2026 — tightening feedstock markets and strengthening demand for compliant European supply. Agilyx’s shift to Europe coincides with the acceleration of the EU’s recycling segment, and we are focusing on advancing our leadership in the region. With the GreenDot Global investment and control transaction now closed, Agilyx’s priorities for the next twelve months are: • Fully integrate GreenDot’s recent mechanical recycling acquisitions into GreenDot´s operations • Narrow losses associated with chemical recycling feedstock provision in Italy by scaling output and onboarding new offtake clients. • Advance new GreenDot collaborations such as the AI-powered EPR compliance software platform being built with osapiens. • Refinance the GreenDot lending facilities to provide additional working capital to fund GreenDot´s expansion. • Preserve and advance Agilyx’s conversion technology IP through the ABB collaboration and expand arcLABS’ third-party laboratory services to monetize our R&D capabilities. • Broaden the Agilyx shareholder base across the European investment community, with particular emphasis on Germany given GreenDot’s brand recognition, and develop additional US investor interest supported by the American Depository Receipts (ADRs) now trading over-the-counter in the US. We expect 2026 to be Agilyx´s first EBITDA-positive fiscal year primarily due to EBITDA contribution from GreenDot. Recently placed convertible debt does not carry a cash interest expense and does not mature until June 2028. Agilyx has sufficient cash liquidity to meet its 2026/2027 objectives and is well positioned to benefit from a rapidly developing and exciting plastic recycling market. SUBSEQUENT EVENTS On August 6th, Agilyx signed a lease termination agreement for the Cyclyx C2 facility in Dallas-Fort Worth, removing all liabilities associated with the lease. No further material liabilities remain at Cyclyx.
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DIRECTORS’ RESPONSIBILITY STATEMENT The Board of Directors and the Chief Executive Officer have reviewed and approved the interim management report and the unaudited consolidated interim financial statements for Agilyx ASA as of 30 June 2026. The consolidated financial statements have been prepared in accordance with IFRS and IFRIC as adopted by the EU and applicable additional disclosure requirements in the Norwegian Accounting Act. To the best of our knowledge: • The unaudited consolidated interim financial statements for 2026 have been prepared in accordance with applicable financial reporting standards; • The unaudited consolidated interim financial statements give a true and fair view of the assets, liabilities, financial position and profit, as a whole, as of 30 June 2026 for the Group; • The interim management report includes a fair review of the development and performance of the business and the financial position of the Group. The Board of Directors Peter Norris (Chair of the Board) Carolyn Clarke (Chair, Audit Committee) Steen Jakobsen (Chair,Compensation Committee) Catherine Keenan (Chair, Sustainability Committee) Oslo, Norway 26 August 2026 6 2026 Half Year Report Ranjeet Bhatia CEO Catherine C. Keenan Board Member Peter Norris Chairman Carolyn Clarke Board Member Steen Jakobsen Board Member
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Condensed interim consolidated financial statements CONSOLIDATED FINANCIAL STATEMENTS Page NOTES Page Page Consolidated Income Statement 8 Notes to the interim consolidated financial statements Note 20 Customer Prepayment Liability 44 Consolidated Balance Sheet 9 Note 1 Accounting Policies 12 Note 21 Pensions and Similar Obligations 45 Consolidated Statement of Cash Flows 10 Note 2 Revenues 23 Note 22 Accrued Expenses and Other Current Liabilities 47 Consolidated Statement of Changes in Equity 11 Note 3 Salary and Social Costs 23 Note 23 Provisions 47 Note 4 Acquisition of Controlling Interest in GreenDot 24 Note 24 Contract Liability 47 Note 5 Cyclyx Change in Control 27 Note 25 Stock Option Plan 48 Note 6 Warrants 29 Note 26 Shareholders 49 Note 7 Acquisition of the Productive Unit of Anviplas and Bargain Purchase 30 Note 27 Non-Controlling Interests 50 Note 8 Segment Information 31 Note 28 Financial Instruments – Risk Management 50 Note 9 Intangibles 33 Note 29 Earnings per Share 54 Note 10 Property, Plant and Equipment 34 Note 30 Subsequent events 54 Note 11 Right of use Assets 35 Note 31 Non-cash Investing and Financial Transactions 55 Note 12 Shares in Subsidiaries, Associates and Related Party Transactions 36 Note 13 Accounts Receivable 37 Note 14 Inventories 37 Note 15 Prepaid Expenses and Other Current Assets 38 Note 16 Bonds Payable 38 Note 17 Income Taxes 40 Note 18 Senior Facility and Other GreenDot Debt 41 Note 19 Subordinated Debt 43 2026 Half Year Report7
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Note Operating revenue and operating expenses HY 2025 HY 2026 2 Revenue 356 85,060 Direct costs of revenues (57) (73,394) Gross margin 299 11,667 3 Salaries and related costs (2,668) (7,458) Depreciation and amortization (197) (3,465) Professional fees (1,733) (2,906) Insurance (82) (314) Office expenses (324) (1,039) Travel and meals (60) (303) Other operating expenses (16) (1,518) Total operating expenses (5,079) (17,002) Operating loss (4,780) (5,335) Other income and expenses 4, 5, 12 Share of loss of equity accounted associates (5,648) (1,606) 4 Gain on change of control of GreenDot Global S.à.r.l - 11,415 5 Gain on change of control of Cyclyx International LLC - 11,972 6,19 Fair value gain / (loss) on financial instruments 2,344 (1,870) 7 Gain on bargain purchase - 6,788 Interest income 1,040 928 Finance cost (3,714) (12,389) Other financial income 254 - Other financial expense (117) (231) Net financial items (5,841) 15,007 Profit/ (loss) before tax (10,621) 9,672 Income tax expense - - 2026 Half Year Report AGILYX ASA INTERIM CONSOLIDATED INCOME STATEMENTFOR THE SIX MONTHS ENDED JUNE 30 (AMOUNTS IN 000’s € EXCEPT EARNINSG PER SHARE) Note HY 2025 HY 2026 Profit/(loss) for the period ( 10,621) 9,672 19 Other comp reh ensive profit ((loss) for the per iod Items that will or may be reclassified to profit (loss): Foreign currency translation Change in credit risk on fair values of convertible bonds (206) - 475 1,401 Total co mprehensive profit(loss) for the period ( 10,827) 11,548 Pro fit/(loss) fo r the perio d attributable to: 27 Equity holders of the parent Non-controlling interest (10,515) (105) 6,029 3,643 (10,621) 9,672 Total comprehensive loss for the period attributable to: 27 Equity holders of the parent Non-controlling interest 10,721) (105) 7,905 3,643 (10,827) 11,548 Earnings / (loss) per share attributable to the ordinary equity holders of the parent 29 Earnings / (loss) per share, basic and diluted (0.10) 0.05 8
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2026 Half Year Report9 ASSETS Note Non-current assets As at December 31, 2025 As at June 30, 2026 9 Intangible assets (including Goodwill) 2,125 250,738 10 Property, plant and equipment 554 43,278 11 Right of use asset 601 12,693 12 Investment in associate 41,354 4,243 17 Deferred taxes - 8,248 Other non-current assets 15 2,712 Total non-current assets 44,650 321,913 Current assets 13 Accounts receivable 452 68,874 14 Inventory 4 9,503 15 Prepaid expenses and other current assets 162 13,362 16 Restricted cash 34,074 - Cash and cash equivalents 4,787 54,469 Total current assets 39,479 146,208 TOTAL ASSETS 84,129 468,121 LIABILITIES AND EQUITY Equity Share capital 187 188 Share premium 120,545 121,301 Additional paid -in capital 8,380 8,436 Total paid-in equity 129,113 129,925 Retained earnings (109,660) (103,631) Foreign currency translation reserve (290) 185 Change in credit risk on fair value of convertible bonds - 1,401 Non-controlling interest 22 64,719 Total equity 19,184 92,598 AGILYX ASA INTERIM CONSOLIDATED BALANCE SHEET (AMOUNTS IN 000's €) Note As at December 31, 2025 As at June 30, 2026 Liabilities Non-current liabilities 11 Long term lease liability 481 9,806 16 Bond payable, net of discount 40,010 - 17 Deferred taxes - 9,619 18 Senior facility and other GreenDot debt - 81,986 19 Subordinated convertible debt 23,297 48,126 20 Customer prepayment liability - 20,000 21 Pensions, net - 145 Other long-term liabilities - 2,094 Total non-current Liabilities 63,788 171,776 Current Liabilities Accounts payable 103 35,066 22 Other accrued expenses and other current liabilities 961 105,948 23 Provisions - 16,710 Taxes payable - 12,191 24 Contract liability 7 17,726 18 Senior facility and other GreenDot debt - 12,504 11 Current portion lease liability 85 3,601 Total current liabilities 1,157 203,747 TOTAL LIABILITIES 64,944 375,523 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 84,129 468,121
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Ranjeet Bhatia CEO Catherine C. Keenan Board Member Peter Norris Chairman Carolyn Clarke Board Member Steen Jakobsen Board Member Oslo, Norway • August 26, 2026 10 Note HY 2025 HY 2026 Profit (loss) for the period (10,621) 9,672 9,10,11 Depreciation and Intangible amortization 289 3,465 16 Bond interest and related costs using effective interest method 3,724 8,893 19 Subordinated convertible debt interest paid in kind - 2,460 Share of loss of equity accounted associates 5,648 1,606 Stock based compensation 208 55 19 Fair value (gain) loss on financial instruments (2,344) 1,870 Interest expense 28 196 4 Gain on change in control of GreenDot - (11,415) 5 Gain on change in control of Cyclyx International - (11,972) 7 Bargain purchase gain of acquisition of Anviplas - (6,788) Change in presentation currency (1,753) - Change in operating assets and liabilities: Restricted cash 161 - 13 Accounts receivable 333 9,242 15 Prepaid expenses and other assets (501) 394 14 Inventory - (329) 22 Accounts payable and accrued liabilities (373) (2,549) 24 Contract liability (145) (5,901) Other timing differences 83 367 Net cash from operations (5,263) (734) 5 Cyclyx investment funding (725) (843) 4 Change in control of GreenDot - 35,367 4 Loan repayment for acquisition of GreenDot 4.1% interest - (4,666) 5 Change in control of Cyclyx International - 12,469 7 Acquisition of Anviplas - (100) 9,10 Purchases of property and equipment (30) (855) Net cash from investments (755) 41,373 AGILYX ASA INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30 (AMOUNTS IN 000's €) 2026 Half Year Report Note HY 2025 HY 2026 Proceeds from the exercise of warrants 693 - 11 Principal paid on lease liabilities (36) (543) 11 Interest paid on lease liabilities (27) (131) 19 Proceeds from Subordinated convertible debt - 9,700 4 Capital contribution from non -controlling interest in GreenDot - 4,640 16 Bond redemption - (617) 18 Repayment of debt - GreenDot - (2,593) Payment of bond interest (2,879) (1,412) Net cash from financing (2,249) 9,044 Net increase (decrease) in cash and cash equivalents (8,267) 49,682 Cash and cash equivalents at beginning of the period 17,428 4,787 Cash and cash equivalents at end of the period 9,161 54,469
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11 Group equity Share capital Share premium Additional paid-in capital Retained earnings Other movements in other comprehensive income Foreign currency translation Total attributable to equity holders of the parent Non-controlling interest Total Balance January 1, 2025 181 106,671 9,048 18,556 - (108) 134,348 - 134,348 Proceeds from exercise of stock options and warrants 1 739 - - - - 741 - 741 Equity settled share-based payment - - 195 - - - 195 - 195 Other comprehensive income - - - - - (206) (206) - (206) Net result for the period - - - (10,515) - - (10,515) (105) (10,621) Currency presentation adjustment (20) (12,003) (1,014) (1,437) - 25 (14,450) 6 (14,444) Balance June 30, 2025 162 95,407 8,229 6,604 - (289) 110,112 (99) 110,014 Balance, January 1, 2026 187 120,545 8,380 (109,660) - (290) 19,163 22 19,184 Conversion of debt 1 756 - - - - 757 - 757 Acquisition of GreenDot Global - - - - - - - 56,414 56,414 Capital contribution from non-controlling interest in GreenDot - - - - - - - 4,640 4,640 Equity settled share-based payment - - 55 - - - 55 - 55 Change in fair value of Subordinated convertible debt attributable to change in credit risk - - - - 1,401 - 1,401 - 1,401 Other comprehensive income - - - - - 475 475 - 475 Net result for the period - - - 6,029 - - 6,029 3,643 9,672 Balance June 30, 2026 188 121,301 8,436 (103,631) 1,401 185 27,880 64,719 92,598 INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (AMOUNTS IN 000’s €) 2026 Half Year Report
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NOTE 1: MATERIAL ACCOUNTINGPOLICIES 12 2026 Half Year Report Agilyx ASA is a Norwegian company, located in Oslo, Norway and the parent and ultimate parent company in the Agilyx Group. The Agilyx Group offices are located in Oslo, Norway, Tigard, OR and Portsmouth, NH (USA). Following the acquisition of GreenDot Global S.à.r.l described below, the Group also operates across Germany, France, Italy, Spain and Luxembourg. Agilyx ASA (previously Agilyx AS) was incorporated on November 22, 2019 as a shelf company and there was no activity in 2019. Agilyx ASA became the parent of the Agilyx Group through a reorganization in early January 2020. The Group was reorganized such that the shareholders of Agilyx Corporation contributed their shares in Agilyx Corporation for shares in Agilyx ASA resulting in Agilyx Corporation becoming a 100% owned subsidiary of Agilyx ASA. The transaction was accounted for as an inverse acquisition using continuity on Agilyx Corporation book values in the consolidated Group statements. However, the underlying business of the Agilyx Group has been in existence since 2004. Agilyx ASA is a global investment platform supporting the development of plastic waste feedstock supply to the recycling industry. Through its majority holding in GreenDot Global, a European waste plastic recycling platform, the Group has access to significant volumes of post-use plastic and to advanced sorting and recycling infrastructure in Austria, France, Germany, Italy and Spain. Through arcLABS, the Group provides characterization and identification services for plastic streams that can be converted into feedstock matched to recycling processes, and it markets Styrenyx, its proprietary chemical recycling technology for polystyrene waste. On April 20, 2026, Agilyx obtained a controlling interest in GreenDot Global S.à r.l. (“GreenDot”), which add significant new operating activity to the financial statements. See Note 4 for full details of the transaction. Certain comparative amounts have been reclassified to conform to the current year's presentation following the acquisition of GreenDot. These reclassifications had no impact on previously reported net income, total equity, or cash flows. These financial statements have been prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board as adopted by the European Union (collectively IFRS Accounting Standards), which includes International Accounting Standard 34 Interim Financial Reporting (“IAS 34”), they do not contain all the information and disclosures required in an annual financial report and should be read in conjunction with the Group’s annual report for 2025. The Euro (EUR) is the functional currency of Agilyx ASA and the presentation currency of the Agilyx Group with effect from January 1, 2026. Until December 31, 2025 the Group prepared its financial statements in US Dollars (USD). Following the acquisition of GreenDot, the redemption of the USD-denominated Secured Green Bond and the issuance of additional Euro-denominated Subordinated Convertible Bonds, the primary economic environment in which the parent operates changed from USD to EUR. Management therefore concluded, in accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates, that the functional currency of the parent changed to EUR and that EUR is the most relevant presentation currency for users of the financial statements, given that the majority of the Group's business and debt is now Euro-denominated. Comparative information has been re-presented in EUR. As permitted by IAS 21, management has made an accounting policy election to apply the closing rate at each reporting date to translate equity reserves. The consolidated financial statements have been prepared on a historical cost basis, except for warrants, Subordinated Convertible Bonds and pensions (see accounting policies below and Note 6, 19 and 21). These interim consolidated financial statements for the period ended June 30, 2026 were authorized for issue by the Board of Directors on August 26, 2026. GOING CONCERN The interim consolidated financial statements have been prepared on a going concern basis. In making this assessment, the Board has considered the Group's current liquidity position, working capital requirements, expected operating cash flows, available financing and management's cash flow forecasts for the period through at least twelve months from the date of authorization of these interim consolidated financial statements. At June 30, 2026, the Group held cash and cash equivalents of € 54.5 million. The Group had a net current liability position at the reporting date, with current liabilities exceeding current assets by approximately € 58 million. This position principally reflects GreenDot Global's structurally negative working capital profile and significant intra-year working capital movements.
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13 2026 Half Year Report GreenDot's extended producer responsibility business is characterized by differences in the timing of customer billings and collections and the recognition and settlement of the related waste management obligations. Historically, trade receivables are particularly high at the beginning of the year, reflecting annual customer billings, and decline over the remainder of the year. At the same time, provisions and accrued obligations associated with those revenues are recognized and subsequently settled as the related collection and recycling services are performed. As a result, GreenDot has historically operated with negative net working capital throughout the year, with significant movements between trade working capital and other working capital during the annual operating cycle. Management therefore does not consider the Group's net current liability position in isolation to be indicative of a short-term liquidity constraint. At June 30, 2026, GreenDot held approximately € 35 million of cash and had access to an undrawn € 25 million revolving credit facility available for general corporate and working capital purposes. In addition, Agilyx and Lafor (49.9% shareholder of GreenDot) contributed an aggregate € 9.3 million of additional capital to GreenDot in June 2026. The liquidity requirements of Agilyx ASA and its other corporate activities are significantly lower than those of GreenDot. At June 30, 2026, Agilyx held approximately € 9.5 million of unrestricted cash. Based on the Board-approved budget and management's latest cash flow forecasts, these resources are expected to be sufficient to fund Agilyx's standalone corporate activities through at least late 2027 without reliance on additional external financing. During the first half of 2026, the Group also completed a number of actions that strengthened its overall liquidity position, including the restructuring of Cyclyx, the redemption of the € 43.0 million Secured Green Bond and release of the associated restricted cash, and additional issuances under the Subordinated Convertible Bond. Based on the Group's cash resources at June 30, 2026, GreenDot's expected positive operating cash generation, GreenDot's historically recurring working capital cycle, the availability of committed but undrawn financing facilities and management's cash flow forecasts, the Board expects the Group to have sufficient liquidity to meet its obligations as they fall due for at least twelve months from the date these interim consolidated financial statements are authorized for issue. Accordingly, the Board considers the going concern basis of preparation to be appropriate. PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of Agilyx ASA and its subsidiaries. In addition to Agilyx Corporation, Agilyx GmbH and Plastyx Limited, on March 25, 2026 the Group obtained control of the remaining interests in Cyclyx International, LLC, which has been consolidated from that date (see Note 5), on April 20, 2026 the Group obtained control of GreenDot Global S.à r.l. and its subsidiaries, which have been consolidated from that date (see Note 4) and on June 22, 2026, the Group, through its subsidiary GreenDot Navarcles, S.L.U., acquired the productive unit of Anviplas, S.L. (“Anviplas”) which have been consolidated from that date (see Note 7). The cost price of shares and partnership units is eliminated against the equity in the underlying companies. Following the loss of control in October 2023, Agilyx Corporation held a 50% interest in Cyclyx International, LLC that was accounted for under the equity method until control was obtained on March 25, 2026. i. Subsidiaries Subsidiaries are entities controlled by Agilyx Group. Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, Agilyx Group controls an investee if, and only if, it has: • Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee); • Exposure, or rights, to variable returns from its involvement with the investee; • The ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when Agilyx Group has less than a majority of the voting or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • The contractual arrangement(s) with the other vote holders of the investee; • Rights arising from other contractual arrangements; • Agilyx Group's voting rights and potential voting rights. Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses
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14 2026 Half Year Report control of the subsidiary. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of Agilyx Group are eliminated in full on consolidation. ii. Non-controlling interests The Group elects the measurement basis for non-controlling interests on a transaction-by-transaction basis. In respect of the acquisition of GreenDot Global, non-controlling interests have been measured at their acquisition-date fair value; the fair value was determined by reference to the price paid for the additional interest acquired (see Note 4). The total comprehensive income of non-wholly owned subsidiary is attributed to owners of the parent and to the non-controlling interests in proportion to their relative ownership interests. iii. Loss of control When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any NCI and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost. iv. Investments in associates Associates are those entities where Agilyx Group has significant influence (but not control or joint control) over the financial and operating policy decisions of balance sheet at cost, including transaction costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group's share of post-acquisition, post-tax profits and losses and other comprehensive income is recognized in the consolidated statement of profit and loss (except for losses in excess of the carrying amount of Agilyx Group's interest in associate, unless there is an obligation to make good those losses). Profits and losses arising on transactions between Agilyx Group and its associates are recognized only to the extent of unrelated investors' interests in the associate. The investor's share in the associate's profits and losses resulting from these transactions is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group's share of the identifiable assets, liabilities and contingent liabilities acquired is capitalized and included in the carrying amount of the associate. Where there is objective evidence that the investment in an associate has been impaired, the carrying amount of the investment is tested for impairment in the same way as other non-financial assets. BUSINESS COMBINATIONS Business combinations are accounted for using the acquisition method. The consideration transferred is measured at the acquisition-date fair value of the assets given, the liabilities incurred and the equity interests issued by the Group. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their acquisition-date fair values. Acquisition- related costs are expensed as incurred. Where control of an investee is achieved in stages through successive acquisitions of equity interests, any previously held equity interest, including an investment previously accounted for as an associate under the equity method, is remeasured to its acquisition-date fair value when control is obtained. The resulting gain or loss arising from the remeasurement is recognized in profit or loss for the period. Goodwill is measured as the excess of the aggregate of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previously held equity interest in the acquiree, over the net of the acquisition-date fair values of the identifiable assets acquired and liabilities assumed. Where this amount is negative, a bargain purchase gain is recognized in profit or loss after management has reassessed the identification and measurement of the assets acquired and liabilities assumed. See Notes 4, 5 and 7 for details of the acquisitions of GreenDot, Cyclyx International and Anviplas and the related fair values and bargain purchase assessment.
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REVENUE Performance Obligations and timing of revenue recognition Following the acquisition of GreenDot, the Agilyx Group's revenues can be divided into the main streams set out below, as analyzed numerically in Note 2: Extended producer responsibility ("EPR") licensing fees (GreenDot) The licensing business organizes and implements the collection, sorting and recovery of sales packaging in compliance with applicable law. Revenues are generated through licensing fees paid by distributors of sales packaging, who are thereby exempted from their independent take-back obligations for the recycling of their products. Most of this business unit's revenue is recognized at a point in time. Only a limited share, primarily generated from annual reporting contracts (“Jahresmelder”), qualifies for revenue recognition over time under IFRS 15, any amounts deferred are recognized as contract liabilities on the interim consolidated balance sheet (see Note 24) and recognized over time as the services are provided. Mechanical recycling (GreenDot) The mechanical recycling business processes various types of plastics collected from household waste streams and converts them into premium recycled materials for the plastics processing industry. Revenues are recognized at a point in time, when control of the goods and risk of ownership has transferred to the customer. There is limited judgement needed in identifying the point control passes: once physical delivery of the products to the agreed location has occurred, the Agilyx Group no longer has physical possession, usually will have a present right to payment and retains none of the significant risks and rewards of the goods in question. 15 2026 Half Year Report Chemical recycling (GreenDot) The chemical recycling business produces feedstock for chemical recycling plants in Europe. Revenues are recognized at a point in time, when control of the goods and risk of ownership has transferred to the customer. There is limited judgement needed in identifying the point control passes: once physical delivery of the products to the agreed location has occurred, the Agilyx Group no longer has physical possession, usually will have a present right to payment and retains none of the significant risks and rewards of the goods in question. Conversion technology offering (Agilyx) The Agilyx Group's conversion technology offering comprises the licensing of its patented conversion technology, analytical and advisory services provided through arcLABS, and the sale of equipment and other goods. License and royalty revenue is recognized when the license is delivered and the rights are transferred to the buyer, at which point the Group has a present right to payment and retains none of the significant risks and rewards. Service revenue is earned principally through arcLABS, the Group's research and analytical facility in Tigard, Oregon, which provides characterization, testing and feasibility services for customers developing advanced recycling processes; services are billed and recognized as the work is performed. Revenue from the sale of goods is recognized at the point in time of delivery, when control of the goods and the risks of ownership transfer to the customer, being physical delivery to the agreed location. Determining the transaction price Agilyx Group's revenue is derived from fixed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those fixed prices. There are no revenue contracts with significant financing components. Allocating amounts to performance obligations For sales contracts there is a fixed unit price for each product sold. Therefore, there is no judgement involved in allocating the contract price to each unit ordered. Where a customer orders more than one product line, Agilyx Group is able to determine the split of the total contract price between each product line by reference to each product’s standalone selling prices (all product lines are capable of being, and are, sold separately). Agilyx Group’s contracts are for the delivery of goods within the next 12 months for which the practical expedient in paragraph 121(a) of IFRS 15 applies, related to the presentation of remaining performance obligations. STOCK-BASED COMPENSATION The Company accounts for stock-based compensation in accordance with IFRS 2 – Share-based payment. The grant-date fair value of equity-settled share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the vesting period of the awards, using the accelerated method. The amount recognized as an expense, commences on the first of the month following the date of the grant and is adjusted to reflect the number of awards for which the related service conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service conditions at the vesting date.
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INCOME TAX Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Agilyx Group operates and generates taxable income. Deferred taxation Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability in the consolidated balance sheet differs from its tax base, except for differences arising on: • The initial recognition of goodwill; • The initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting or taxable profit; and • Investments in subsidiaries and joint arrangements where Agilyx Group is able to control the timing of the reversal of the difference and it is probable that the difference will not reverse in the foreseeable future. Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which the difference can be utilized. The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the deferred tax liabilities/(assets) are settled/(recovered). 16 2026 Half Year Report Deferred tax assets and liabilities are offset when Agilyx Group has a legally enforceable right to offset current tax assets and liabilities, and the deferred tax assets and liabilities relate to taxes levied by the same tax authority on either: • The same taxable group company; or • Different group entities which intend either to settle current tax assets and liabilities on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered. FOREIGN CURRENCY TRANSLATION Certain transactions of the Company and its subsidiaries are denominated in currencies other than their functional currency. Foreign currency exchange gains and losses generated from the settlement and remeasurement of these transactions are recognized in earnings and presented within “Other financial income” in the Company’s Income Statement. CLASSIFICATION OF ASSETS AND LIABILITIES Assets intended for permanent ownership or use in the business are classified as non-current assets. Other assets are classified as current assets. Receivables due within one year are classified as current assets. The classification of current and non-current liabilities is based on the contractual terms of the underlying agreements. GOODWILL Goodwill represents the excess of the cost of a business combination over the Group's interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired. Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued, plus the amount of any non-controlling interests in the acquiree plus, if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree. Goodwill is capitalized as an intangible asset with any impairment in carrying value being charged to the consolidated statement of comprehensive income. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the consolidated statement of comprehensive income on the acquisition date as a bargain purchase gain. INTANGIBLE ASSETS Intangible assets that are acquired separately are recognized at historical cost. Intangible assets are recognized on business combinations if they are separable from the acquired entity or give rise to other contractual/legal rights. The amounts ascribed to such intangibles are arrived at by using appropriate valuation techniques (see section related to critical estimates and judgements below). Intangible assets with a limited economic life are amortized on a systematic basis, based on the useful economic life as described in Note 9. RESEARCH AND DEVELOPMENT EXPENSES Expenditure on internally developed product or technology is capitalized if it can be demonstrated that: • It is technically feasible to develop the product for it to be sold; • Adequate resources are available to complete the development; • There is an intention to complete and sell the product; • The Group is able to sell the product;
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• Sale of the product will generate future economic benefits; and • Expenditure on the project can be measured reliably. Capitalized development costs are amortized over the periods Agilyx Group expects to benefit from selling the products developed. No projects have met this criteria for any of the periods presented. Development expenditure not satisfying the above criteria and expenditure on the research phase of internal projects are recognized in the consolidated income statement as incurred. PROPERTY, PLANT AND EQUIPMENT Fixed assets are recorded in the balance sheet at acquisition cost, less accumulated depreciation and any impairment losses. Depreciation is made from the time assets are put into regular operations and is calculated on straight line basis over the estimated economic asset lifetime. Depreciation rates are set out in Note 10. This period’s depreciation is charged to this year’s operating expenses in the income statement. LEASES Identifying Leases Agilyx Group accounts for a contract, or a portion of a contract, as a lease when it conveys the right to use an asset for a period of time in exchange for consideration. Leases are those contracts that satisfy the following criteria: a) There is an identified asset; b) Agilyx Group obtains substantially all the economic benefits from use of the asset; and c) Agilyx Group has the right to direct use of the asset. 17 2026 Half Year Report Agilyx Group considers whether the supplier has substantive substitution rights. If the supplier does have those rights, the contract is not identified as giving rise to a lease. In determining whether Agilyx Group obtains substantially all the economic benefits from use of the asset, Agilyx Group considers only the economic benefits that arise use of the asset, not those incidental to legal ownership or other potential benefits. In determining whether Agilyx Group has the right to direct use of the asset, Agilyx Group considers whether it directs how and for what purpose the asset is used throughout the period of use. If there are no significant decisions to be made because they are pre- determined due to the nature of the asset, Agilyx Group considers whether it was involved in the design of the asset in a way that predetermines how and for what purpose the asset will be used throughout the period of use. If the contract or portion of a contract does not satisfy these criteria, the Group applies other applicable IFRSs rather than IFRS 16. Initial Measurement All leases are accounted for by recognizing a right-of-use asset and a lease liability except for: • Leases of low value assets; and • Leases with a duration of 12 months or less. Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the group’s incremental borrowing rate on commencement of the lease is used. The incremental borrowing rate is determined with reference to the current external borrowing rates of Agilyx Group, adjusted so as to arrive at the rate of interest that Agilyx Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. On initial recognition, the carrying value of the lease liability also includes: • amounts expected to be payable under any residual value guarantee; • the exercise price of any purchase option granted in favor of the group if it is reasonably certain to assess that option; • any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised. Right of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for: • lease payments made at or before commencement of the lease; • initial direct costs incurred; and • the amount of any provision recognized where the group is contractually required to dismantle, remove or restore the leased asset. Subsequent measurement Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made.
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Right-of-use assets are amortized on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term. IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash flows; its cash generating units ('CGUs'). Impairment charges are included in profit or loss, except to the extent they reverse gains previously recognized in other comprehensive income. FINANCIAL INSTRUMENTS Financial assets Agilyx Group categorizes all of its financial assets as amortized cost, due to the nature and purpose of the assets. These assets arise principally from the provision of goods and services to customers (e.g. accounts receivables) but also incorporate other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and the contractual cash flows are solely payments of principal and interest (principally cash and cash equivalents). 18 2026 Half Year Report They are initially recognized at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortized cost using the effective interest rate method, less provision for impairment, as required. Impairment provisions for current and non-current accounts receivables are recognized based on the simplified approach within IFRS 9 see Note 13 for further commentary on the application of this. Financial liabilities Agilyx Group classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was acquired. Fair value through profit or loss This category comprises warrants and subscription rights which are derivative financial instruments and Subordinated Convertible Bonds for which management applied the accounting policy election in IFRS 9 paragraph 4.3.5 to value the entire instrument at fair value through profit and loss. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated profit and loss. Other than these financial instruments, the Group does not have any liabilities held for trading nor has it designated any financial liabilities as being at fair value through profit or loss. Other financial liabilities - measured at amortized cost These are initially recognized at fair value net of any transaction costs directly attributable to the issue of the instrument. Any interest-bearing liabilities are subsequently measured at amortized cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is . at a constant rate on the balance of the liability carried in the consolidated statement of financial position. Accounts payables and other short-term monetary liabilities, are initially recognized at fair value and subsequently carried at amortized cost using the effective interest method. CREDITORS WITH DEBIT BALANCE Creditors with debit balance represent supplier accounts within accounts payable that are in a net debit position at the reporting date, being amounts owed by the suppliers to Group rather than due to them. As they represent receivables from suppliers, the balances are reclassified from accounts payable and presented within Prepaid expenses and other current assets. RECEIVABLES Accounts receivables are recognized at amortized cost, less any provision for expected credit losses of receivables. See Note 13 for further information on how Agilyx Group applies the simplified model for expected credit losses, as permitted by IFRS 9. CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash, bank deposits and other monetary instruments with a maturity of less than three months at the date of purchase. RESTRICTED CASH Restricted cash represents cash proceeds from the Senior Secured Bond, which was held in an escrow account. The cash was restricted for capital contributions to Cyclyx to build its second CCC plant. See Note 16 for information on the subsequent redemption of the bond and release of the escrow in March 2026.
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19 2026 Half Year Report DEBTORS WITH CREDIT BALANCE Debtors with credit balance represent customer accounts within accounts receivable that are in a net credit position at the reporting date, being amounts owed by the Group to customers rather than due from them. They arise principally within the extended producer responsibility business from credit notes raised where the packaging volumes customers declare for the year are lower than the volumes invoiced and paid during the year and are settled with those customers in subsequent periods. As they represent amounts payable to customers, the balances are reclassified from accounts receivable and presented within Other accrued expenses and current liabilities. PROVISIONS A provision is recognized when the following criteria are met: 1) The entity has a present obligation (legal or constructive) as a result of a past event; and 2) It is probable that an outflow of resources will be required to settle the obligation; and 3) The amount of the obligation can be reliably estimated. The term “probable” is interpreted as being more likely than not, i.e. more than 50%. If the probability is below that threshold, a contingent liability is disclosed, unless the possibility of any transfer of economic benefits in settlement is remote. Provisions and accruals for internal obligations INVENTORIES Inventories are initially recognized at cost, and subsequently at the lower of cost and net realizable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition, including an appropriate allocation of production overheads where applicable. The cost of ordinarily interchangeable items is determined using the weighted average cost method, applied consistently across the Group. Net realizable value represents the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. WASTE AND LICENSING ACCRUALS The waste and licensing accruals relate to the extended producer responsibility activities of the GreenDot group. Under the dual- system model, license fees are charged to customers when sales packaging is placed on the market, while the related obligation to fund the collection, sorting and recycling of that packaging is settled subsequently. The accruals therefore represent estimates for the disposal of quantities for which license fees have been charged to customers, but which have not yet been returned to the collection system by retailers or end consumers, together with amounts due under open disposal contracts and outstanding waste-management invoices. such as deferred maintenance are not permissible according to IAS 37. If the time value of money has a significant impact, provisions are recognized at their present value, using a risk- adjusted market interest rate with a similar maturity. The carrying amount of provisions is reviewed at each reporting date and adjusted to reflect the current best estimate. Provisions are reversed when it is no longer probable that an outflow of economic resources will be required to settle the obligation. PENSIONS Post-employment benefit plans are classified as either defined benefit plans or defined contribution plans, depending on the substance of the plan as derived from its principal terms and conditions. Defined benefit and similar obligations are measured using an actuarial technique, the projected unit credit method. This method takes into account the pensions known and entitlements earned as at the reporting date as well as increases in pensions and salaries expected in the future. Pension obligations are calculated on the basis of actuarial reports. Actuarial gains and losses are recognized in equity through other comprehensive income. Gains or losses on the curtailment or settlement of a defined benefit plan are recognized when the curtailment or settlement occurs.
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20 2026 Half Year Report The warrant agreements included a cashless exercise option, which introduced variability into the number of shares that could be issued. The instruments therefore failed the fixed for fixed requirement in IAS 32 and were classified as a derivative liability. The instruments met the definition of a derivative because their values changed in response to a specified financial instrument price (Agilyx Group stock price), they required no initial net investment and they were to be settled at a future date. Such derivative financial instruments were initially recognized at fair value on the date on which the derivative contract was entered into and are subsequently remeasured at fair value until the warrants were exercised or expired during 2025. See Note 6 for additional information on these instruments and the valuation approach. CASH FLOW The cash flow statement is prepared according to the indirect method. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of interim consolidated financial statements in conformity with IFRS Accounting Standards require management to make certain estimates and judgements about the future that affect the application of Agilyx Group's accounting policies and the reported amounts of assets, liabilities, incomes and expenses. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The obligations are partially funded by reinsurance policies; claims under those policies that meet the definition of plan assets under IAS 19 are measured at fair value and recognized as plan assets. Service costs are recognized in profit or loss and include current and past service costs as well as gains and losses on curtailments. The net defined benefit liability recognized in the statement of financial position is the present value of the defined benefit obligation less the fair value of plan assets at the reporting date. For defined contribution plans, the contributions payable are immediately expensed. INDEPENDENT SUBSCRIPTION RIGHTS - DERIVATIVE LIABILITY Agilyx Corporation granted warrants in connection with various debt and equity issuances that were exercisable into ordinary shares. In connection to the share exchange that was completed January 7, 2020, these warrants were replaced with subscription rights where Agilyx ASA issued 36,925 (3,692,500 after share split 1:100) subscription rights exercisable by notice to the Board of Directors. Upon exercise, a cash contribution of $100 ($1 after share split) shall be paid for the warrants under the 2017 plan in Agilyx Corporation, and $0.01 (0.00 after share split) for all other warrants. The subscription rights were issued by an extraordinary general meeting held August 27, 2020. Although the Company regularly assesses these estimates, actual results could differ from those estimates. Changes in estimates are recorded in the period in which they occur and become known. i. Judgements • Consolidation: whether the Agilyx Group has obtained or lost control over an investee, including the determination that control of Cyclyx International, LLC was obtained on March 25, 2026 and of GreenDot Global S.à r.l. on April 20, 2026 (Notes 4 and 5); • Business combinations: identification of the acquirer, determination of the acquisition date, and identification of the assets acquired and liabilities assumed in respect of GreenDot, Cyclyx International and the Anviplas productive unit (Notes 4, 5 and 7); • Measurement of non-controlling interests: the election, made on a transaction-by-transaction basis, to measure the non- controlling interest arising on the acquisition of GreenDot at its acquisition-date fair value (Note 4); • Equity accounting: whether the Agilyx Group has significant influence over equity accounted investees (Note 12); • Change in functional and presentation currency: the determination that the functional currency of the parent changed from US Dollars to Euro with effect from January 1, 2026, and the related election to translate equity reserves at the closing rate (see beginning of this note for additional commentary); • Revenue recognition: determination of whether the performance obligations under extended producer responsibility license and membership arrangements are satisfied over time or at a point in time (Note 2);
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21 2026 Half Year Report • Assumptions related to the initial recognition of leases and their subsequent accounting, including incremental borrowing rates and the determination of lease term (Note 11); • Stock-based compensation expense (Note 25); • Warrant and stock subscription rights valuation assumptions (Note 6); • Valuation assumptions applied to fair value the Subordinated Convertible Bond (Note 19); • Recoverability of deferred tax assets (Note 17). Fair value measurement Warrant and stock subscription rights, defined benefit plan assets, stock compensation expenses and the Subordinated Convertible Bond all require measurement at, and/or disclosure of, fair value. The fair value measurement of Agilyx Group’s financial and non- financial assets and liabilities utilizes market observable inputs and data as far as possible. Inputs used in determining fair value measurements are categorized into different levels based on how observable the inputs used in the valuation technique utilized are (the ‘fair value hierarchy’): • Level 1: Quoted prices in active markets for identical items (unadjusted) • Level 2: Observable direct or indirect inputs other than Level 1 inputs • Level 3: Unobservable inputs (i.e. not derived from market data). • Determination that valuing the Subordinated Convertible Bond as a single instrument at fair value through profit or loss would provide more useful information to the users of the financial statements (Note 19); • Going concern: the assessment set out above, having regard to the Group's net current liability position at the reporting date. ii. Estimates • Fair values of the identifiable assets acquired and liabilities assumed, and the resulting goodwill or gain on bargain purchase, arising on the acquisitions completed during the period; the acquisition accounting for each remains provisional (Notes 4, 5 and 7); • Fair value of the previously held equity interests remeasured on obtaining control of GreenDot and of Cyclyx International (Notes 4 and 5); • Useful lives attributed to property, plant and equipment and to intangible assets, and the impairment testing of goodwill (Notes 9 and 10); • Recording accounts receivable, and consideration of any potential allowance for expected credit losses (Note 13); • Net realizable value and obsolescence allowances for inventories (Note 14); • Measurement of the defined benefit obligation and fair value of plan asset, including assumptions regarding discount rates, pension increases and life expectancy (Note 21); • Measurement of provisions and contingent liabilities, including the provision recognized in respect of the tax refund received by GreenDot prior to its acquisition (Note 23); The classification of an item into the above levels is based on the lowest level of the inputs used that has a significant effect on the fair value measurement of the item. Transfers of items between levels are recognized in the period they occur. Please refer to the applicable notes as referenced above, for additional information on the fair value measurements applied within these financial statements. NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED JANUARY 1, 2026 The following amendments are effective for the period beginning January 1, 2026: • Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7); and • Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7). • Annual Improvements to IFRS Accounting Standards – Volume 11 These amendments had no material impact on the financial statements of Agilyx Group. NEW STANDARDS INTERPRETATIONS AND AMENDMENTS NOT YET EFFECTIVE There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that Agilyx Group has decided not to adopt early.
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22 2026 Half Year Report The following new standards are effective for the period beginning January 1, 2027: • IFRS 18 Presentation and Disclosure in Financial Statements; and • IFRS 19 Subsidiaries without Public Accountability: Disclosures. • Translation to a Hyperinflationary Presentation Currency (IAS 21 The Effects of Changes in Foreign Exchange Rates) IFRS 20 Regulatory Assets and Regulatory Liabilities is to be applied from January 1, 2029. Agilyx Group is currently assessing the impact of these new accounting standards and amendments. Except for IFRS 18, Agilyx Group does not expect any other standards issued by the IASB, but not yet effective, to have a material impact on Agilyx Group. IFRS 18 Presentation and Disclosure in Financial Statements, which was issued by the IASB in April 2024, supersedes IAS 1 and will result in major consequential amendments to IFRS Accounting Standards including IAS 8 Basis of Preparation of Financial Statements (renamed from Accounting Policies, Changes in Accounting Estimates and Errors). Even though IFRS 18 will not have any effect on the recognition and measurement of items in the consolidated financial statements, it is expected to have a significant effect on the presentation and disclosure of certain items. These changes include categorization and sub- totals in the statement of profit or loss, aggregation/disaggregation and labelling of information, and disclosure of management-defined performance measures.
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23 GEOGRAPHICAL DISTRIBUTION OF REVENUE HY 2025 HY 2026 Germany - 70,356 Italy - 11,439 France - 2,075 APAC 277 65 Other - 1,106 USA 79 19 Total sales by customers location 356 85,060 Product category EPR licensing fees - 68,758 Mechanical recycling - 16,125 Chemical recycling - 93 Conversion technology offering 356 84 Total sales by category 356 85,060 NOTE 2: REVENUES (AMOUNTS IN 000’s €) 2026 Half Year Report SALARY AND SOCIAL COSTS HY 2025 HY 2026 Salaries 2,064 5,572 Social security and payroll tax costs 199 1,047 Share based compensation (Note 25) 208 55 Pension costs (Note 21) - 124 Benefits and other expenses 197 659 Total salaries 2,668 7,458 NOTE 3: SALARY AND SOCIAL COSTS(AMOUNTS IN 000’s €) SENIOR OFFICERS REMUNERATION HY 2026 Salary and bonus Other benefits Share based compensation Total Ranjeet Bhatia, Group CEO 137 - - 137 Bertrand Laroche, CFO 307 14 51 372 Chris Faulkner, CTO 176 15 38 229 Jessica Fletcher, VP of Engineering 122 8 (36) 94 Alex de Geofroy, VP of Information Technology 131 14 3 147 Total remuneration €980 SENIOR OFFICERS REMUNERATION HY 2025 Salary and bonus Other benefits Share based compensation Total Ranjeet Bhatia, Group CEO 114 - - 114 Bertrand Laroche, CFO 149 10 69 227 Chris Faulkner,CTO 122 15 57 195 Jessica Fletcher, VP of Engineering 96 9 19 125 Alex de Geofroy, VP of Information Technology 99 14 6 119 Total remuneration €779 Agilyx ASA is required to provide an occupational pension scheme pursuant to the Act relating to Mandatory Occupational Pensions. The company's pension scheme complies with the requirements under that law.
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24 On 20 April 2026, the Group acquired a controlling interest GreenDot. The Group previously had a 46% interest in GreenDot which was accounted for as an associate using the equity method, after the April transaction it is fully consolidated from that date. Below we step through the timeline of how the initial investment was made and how control was obtained, along with the required disclosures: Initial investment: On October 15, 2025, Agilyx ASA acquired 46% of GreenDot for approximately € 47.3 million funded by both debt and equity. The initial investment significantly strengthened Agilyx’spresence in the European market, creating a global platform for sourcing and supplying feedstock to the advanced recycling industry. GreenDot is headquartered in Germany, at the time of the initial investment it had operations in Austria, France and Italy.The investment in GreenDot was initially measured using the equity method as Agilyx was able to exert significant influence over the entity. Total consideration of € 47.3 million, comprising 14,866,554 Agilyx ASA consideration shares valued at € 25.8 million (based on the quoted share price of NOK 20.1 on the acquisition date, converted at USD/NOK 10.15) and cash of € 20.2 million funded via a subordinated shareholder loan and € 1.3 million of transaction costs. The transaction documentation contemplated that Circular Resources Limited would complete its € 4.5 million commitment in the € 27.5 million subsequent capital round by October 15, 2026,which upon completion would have resulted in a dilution of Agilyx'sinterest from 46.0% to 44.2%. This transaction ultimately did not take place. The equity issued to certain selling shareholders to acquire GreenDot was subject to contractual lock-up arrangements. Under these arrangements, the recipients were restricted from transferring, selling or otherwise disposing of the shares for a period ended on January 10, 2026. Following the expiry of the initial lock-up period, any disposals remained subject to agreed volume and market-based restrictions for a ninety calendar-day period. April 20, 2026 Investment - Change of Control event On April 20, 2026, the Group acquired an additional 4.1% equity interest in GreenDot, increasing its holding from 46% to 50.1% and obtaining control, through majority ownership of equity interest and practical control over the relevant activities of the company via voting rights over key matters including budget setting and appointment and removal of board members. 2026 Half Year Report The Group acquired a controlling interest in GreenDot to build, together with GreenDot's shareholders, the European Union's leading waste-plastic recycling platform. Obtaining control and consolidating GreenDot's results strengthens the partnership between the parties and provides shareholders with greater transparency over the enlarged group's financial performance and position. Consideration of € 4.7 million was paid in cash and funded by a share purchase financing facility, which was repaid in full including interestson May 19, 2026. As a business combination achieved in stages, the previously held 46% interest has been remeasured to its fair value at the date control was obtained in accordance with IFRS 3, and the resulting gain recognized in profit or loss: The fair value of the previously held interest, and of the non-controlling interest, was determined by reference to the price paid for the additional 4.1% interest acquired, which implied a value of €694.10 per share and valued 100% of GreenDot’s equity at € 113.1 million. This represents a Level 2 fair value measurement based on a recent transaction in GreenDot’s own shares. The gain has been recognized within "Gain on change of control of GreenDot GlobalS.a.r.l" in the consolidated income statement. Goodwill has been determined as the excess of the aggregate of the consideration transferred, the fair value of the previously held equity interest and the non-controlling interest (measured at fair value) plus the fair value of the identifiable net liabilities acquired: REMEASUREMENT OF PREVIOUSLY HELD INTEREST Fair value of the previously held 46% equity interest 52,005 Carrying amount of the equity -accounted interest at that date (40,590) Gain on remeasurement recognized in profit or loss 11,415 CONSIDERATION AND GOODWILL Fair value of consideration transferred (additional 4.1% interest) 4,635 Fair value of previously held equity interest (46%) 52,005 Non-controlling interest, at fair value (49.9%) 56,414 Identifiable net liabilities assumed 23,811 Goodwill arising on the acquisition 136,865 NOTE 4: ACQUISITION OF CONTROLLING INTEREST IN GREENDOT GLOBAL S.a.r.l. (AMOUNTS IN 000’s €)
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25 2026 Half Year Report Goodwill of € 136.9 million reflects the assembled workforce and the synergies expected from integrating GreenDot into the Group. Goodwill is not expected to be deductible for tax purposes. The identifiable assets acquired and liabilities assumed, recognized at their fair values at the acquisition date, are set out below: The initial accounting for the business combination is provisional. The fair values of the identifiable assets acquired and liabilities assumed, and the resulting goodwill and non-controlling interest, are based on a preliminary purchase price allocation; in particular, deferred taxes on the fair value adjustments — including on the intangible assets recognized — remain to be finalized and will affect the amount of goodwill. Any adjustment will be recognized within the measurement period, which does not exceed twelve months from the acquisition date. The receivables acquired are all stated at fair value above, with no concerns noted regarding collectability of those amounts. GreenDot contributed revenue of € 85.0 million and an operating profit of € 1.5m to the consolidated results for the period from 20 April 2026 to 30 June 2026. On 10 June 2026, following an extraordinary general meeting, GreenDot Global S.à r.l. issued 13,398 new ordinary shares for cash consideration of € 9,299,503, subscribed pro rata by the Group (€ 4,659,469) and by the non-controlling shareholder (€ 4,640,034) at a price of € 694.10 per share, being the same price per share as that used to determine the fair values on obtaining control. As the subscription was made pro rata, the Group's ownership interest remained unchanged at 50.10%. The Group's own subscription is eliminated on consolidation; the amount subscribed by the non-controlling shareholder has been recognized as an increase in non-controlling interests. Had GreenDot been consolidated from 1 January 2026, the Group's pro-forma revenue for the six months ended 30 June 2026 would have been approximately € 229 million and pro-forma operating loss for the period approximately € 7.9 million Financials prior to controlling interest being obtained - equity method investment in associate For the purpose of applying the equity method, the Group performed a preliminary notional purchase price allocation at the acquisition date, identifying customer relationships of € 23.8 million (10-year useful life), and notional goodwill of € 6.9 million, with the balance attributable to net assets acquired of € 16.7 million. The notional goodwill was not separately recognized but was included in the carrying amount of the investment and was not amortized. The following tables summarize the income statement activity GreenDot as included in their own financial statements prepared in accordance with IFRS Accounting Standards. IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED Cash and cash equivalents 35,367 Accounts receivable 77,664 Inventory 8,984 Prepaid expenses and other current assets 14,491 Property, plant and equipment 31,548 Right of use asset 12,833 Intangible assets – customer relationships 90,100 Intangible assets – trade names and trademarks 23,600 Investment in associate 4,343 Other non-current assets 9,499 Deferred tax assets 4,139 Accounts payable (35,480) Other accrued expenses and current liabilities (124,739) Provisions (16,710) Taxes payables (12,191) Contract Liability (23,620) Lease liability (13,495) Senior facility and other GreenDot debt (74,893) Deferred tax liabilities (9,611) Other non-current liabilities (25,640) Net identifiable assets acquired (23,811) NOTE 4: ACQUISITION OF CONTROLLING INTEREST IN GREENDOTGLOBAL S.a.r.l. (AMOUNTS IN 000’s €)
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26 2026 Half Year Report The Group's equity method share of GreenDot's total comprehensive loss for the half year ended June 30, 2026 of € 0.8 million reflects equity accounting from January 1, 2026 to the change of control date of April 20, 2026, representing the Group's 46% share of GreenDot's results for that period. GreenDot Global For the January 1, 2026 to April 20, 2026 Revenue 144,024 Total comprehensive loss (100%) (1,661) Group's share of total comprehensive loss (764) NOTE 4: ACQUISITION OF CONTROLLING INTEREST IN GREENDOT S.a.r.l. (AMOUNTS IN 000’s €)
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27 2026 Half Year Report Cyclyx International, LLC ("Cyclyx") is a partnership officially formed in the state of Delaware, United States of America on December, 2020. From inception to October 2023, Agilyx Group owned 75% of the entity, with 25% owned by ExxonMobil Chemical Corporation ("EMCC"). The Partnership was formed to develop low-cost pathways to recycle plastics. EMCC contributed operational funds of $8,000,000 while Agilyx Corp contributed technology and know-how that was not revalued due to consolidation within the group accounts. EMCC's cash contribution was recognized 75% to the equity holders of the parent and 25% to the non-controlling interest. In October 2023, Agilyx Group lost control of Cyclyx. Following the loss of control, the Agilyx Group retained a significant influence in Cyclyx and therefore began to equity-account for this investee as an associate from the date control was lost. During Q4 2025, the Group reassessed its involvement in Cyclyx as capital requirements increased significantly. On December 10, 2025, Agilyx determined that it would not participate in future capital calls, announced its decision to its joint venture partners and did not fund a capital call due on December 10. This decision resulted in a significant deterioration in the expected financial position of Cyclyx, and the initiation of discussions among the shareholders regarding restructuring and potential unwind scenarios. Management considered the decision not to fund the capital call, together with the resulting uncertainty around Cyclyx’s ability to continue as originally planned, to represent a clear impairment indicator under IAS 36 as of December 2025. This resulted in the carrying value of the investment being fully impaired at December 31, 2025. On February 2, 2026 the Group announced a series of initiatives to simplify the Group structure, which included changes to the investment in Cyclyx. These initiatives were completed on March 25, 2026. As part of the reorganization: • Cyclyx's Houston Circularity Center was transferred to existing joint venture partners; • The Dallas-Fort Worth Circularity Center was unwound, but the Group became responsible for the long-term lease • The Group assumed 100% ownership of Cyclyx International and its remaining assets and liabilities. There was no material income statement activity in Cyclyx between January 1, 2026 and March 25, 2026 or between March 26, 2026 and June 30, 2026. Prior to the change of control in March, Agilyx contributed € 0.8 million to Cyclyx in January 2026. That balance is shown as a loss in Share of loss in equity accounted associates. The identifiable assets acquired and liabilities assumed, recognized at their fair values at the acquisition date, are set out below: NOTE 5: CYCLYX CHANGE IN CONTROL (AMOUNTS IN 000’s €) IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED (000's EUR) Cash and cash equivalents 12,469 Cash in Escrow account related to security deposit on Circularity Centre lease 3,488 Lease liabilities (3,488) Other accrued expenses and current liabilities (309) Net identifiable assets acquired 12,160 FX (188) Gain on Change of Contro l 11,972 No Goodwill was recognized as a result of this transaction.
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28 2026 Half Year Report Following the events described above, by obtaining a 100% interest in Cyclyx, this represents a business combination achieved in stages, therefore the previously held 50% interest has been remeasured to its fair value at the date control was obtained in accordance with IFRS 3, and the resulting gain recognized in profit or loss: The "Gain on change of control of Cyclyx International LLC" in the consolidated income statement is comprised of the following elements: The fair value of the previously held interest, and the identifiable assets and liabilities acquired, was determined by reference to the value of cash held in bank and escrow accounts (Level 1 inputs) and the lease obligations that became payable following negotiations with the landlords (Level 1 input). The gain arose because the Group obtained the remaining interest in Cyclyx for nil consideration as part of a negotiated unwind of the joint venture. The other partners elected not to continue funding the venture and, in exchange for the transfer of the Houston Circularity Center and the Group assuming the Dallas-Fort Worth lease obligation, the Group acquired the remaining net assets, principally cash and escrow balances, without payment. NOTE 5: CYCLYX CHANGE IN CONTROL(AMOUNTS IN 000’s €) REMEASUREMENT OF PREVIOUSLY HELD INTEREST (000's EUR) Fair value of the 50% interest at the date control was obtained 5,986 Carrying amount of the equity -accounted interest at March 25, 2026 - Gain on remeasurement upon change of control 5,986 5,986 Recognized amounts at the acquisition date Net identifiable assets acquired 11,972 Consideration transferred - Updated Fair Value of Investment in Associate (above) (5,986) Gain on bargain purchase 5,986 5,986 Gain on Change of Contro l 11,972
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All warrants and subscription rights previously granted by the Company in connection with various debt and equity issuances expired, unexercised, on August 7, 2025. No warrants or subscription rights were outstanding at either December 31, 2025 or June 30, 2026, and no warrant liability is recognized at either date. The disclosures below relate to the periods during which the instruments were outstanding. Until their expiry, the ordinary share warrants and subscription rights were financial instruments measured at fair value through profit or loss. Derivative treatment was required under IFRS 9 because the terms of the warrants included a cashless exercise option: their value changed in response to a specified financial instrument price, being the Agilyx Group share price; they required no initial net investment; and they were settled at a future date. While outstanding, all ordinary share warrants and subscription rights were measured using Level 3 inputs on the fair value hierarchy. There were no transfers between the levels of the fair value hierarchy during any of the periods presented. The reconciliation of the opening and closing fair value of the warrant liability, a Level 3 financial instrument, is set out below. The liability was extinguished on expiry of the instruments on August 7, 2025: 29 2026 Half Year Report The change in fair value recognized within "Fair value gain on financial instruments" in the consolidated income statement was € 2.3 million for the six months ended June 30, 2025 and nil for the six months ended June 30, 2026, no warrants having been outstanding during the current period. RECONCILIATION Warrant liability At January 1, 2025 4,893 Translation adjustment 312 Loss on warrant value - presented as fair value gain through profit and loss (5,205) At December 31, 2025 - Gain on warrant value - presented as fair value gain through profit and loss - At June 30, 2026 - NOTE 6: WARRANTS (AMOUNTS IN 000’s €)
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NOTE 7: ACQUISITION OF THE PRODUCTIVE UNIT OF ANVIPLAS, S.L. AND BARGAIN PURCHASE GAIN (AMOUNTS IN 000's €) 30 2026 Half Year Report On 22 June 2026, the Group, through its subsidiary GreenDot Navarcles, S.L.U., acquired the productive unit of Anviplas, S.L. (“Anviplas”), a recycler of LDPE film in Navarcles (Barcelona), Spain, through a court-supervised sale within the company’s Spanish insolvency (concurso) proceedings. The Group obtained control and 100% interest in the business on 22 June 2026, the date on which the Commercial Court approved its offer and the acquisition date for accounting purposes; the sale was formalized by public deed on 6 July 2026. Anviplas, S.L. is an established plastic-film recycling specialist. Founded in 1988, it processes post-commercial and post-industrial films and has an annual recycling capacity of approximately 30,000 tonnes. The acquisition marks the Group's entry into Spain, one of Europe's largest plastics markets, and represents a further step in the Group's strategy to build a leading pan-European platform for high-quality recycled plastics, following GreenDot's integration of the French RG Group earlier in 2026. Together with the Group's existing plants in Germany, Italy and France, it expands the mechanical-recycling network to six facilities with a combined capacity of approximately 175,000 tonnes per year across low-density polyethylene (LDPE), high-density polyethylene (HDPE) and polypropylene (PP) streams. Acquiring the productive unit through a court-supervised process provided a capital-efficient route to scaling recycling capacity, secured the technical expertise of the approximately 70 employees who transferred with the operation, and positions the Group to benefit from increasingly stringent European recycling and recycled-content requirements. Consideration comprised cash of € 0.1 million and the assumption of the certain liabilities attached to the plant and machinery acquired. The identifiable assets acquired and liabilities assumed are recognized at fair value at the acquisition date, measured on a market-participant basis in accordance with IFRS 3 and IFRS 13 and therefore excluding any synergies specific to the Group: RECOGNIZED AMOUNTS AT THE ACQUISITION DATE Property, plant and equipment 11,000 Inventories 909 Secured financing (3,867) Trade and other payables (1,154) Consideration transferred (100) Gain on bargain purchase 6,788 The fair value of the identifiable net assets acquired (€ 6.9 million) exceeded the consideration transferred (€ 0.1 million), resulting in a gain on bargain purchase of € 6.8 million, recognized as "Gain on bargain purchase" in the consolidated income statement. The gain arose because the unit was acquired through a distressed, court-supervised sale in which the insolvency administrator was required to complete the transaction within a short, court-determined timetable and no competing binding offer was received, enabling the Group to acquire the net assets below their fair value. The initial accounting for the business combination is provisional, principally in respect of the fair value of property, plant and equipment and the outstanding balances of the assumed obligations; any adjustment will be recognized within the measurement period, which does not exceed twelve months from the acquisition date. Given the short period between the acquisition date and 30 June 2026, the contribution of the acquired operation to revenue and result for the period is not material.
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NOTE 8: SEGMENT INFORMATION (AMOUNTS IN 000’s €) 31 2026 Half Year Report The Agilyx Group comprises four reportable segments which account for 100% of the Agilyx Group's revenues: - Agilyx - This segment includes the technology licensing business, where the Group licenses its patented conversion technology and sells its patented equipment to industry players to help them take feedstock and turn it into a product. In the period ended June 2026, it also includes ArcLabs and Cyclyx. - Extended Producer Responsibility (EPR)- GreenDot licensing business organizes and implements the collection, sorting and recovery of sales packaging in compliance with applicable law. - Mechanical Recycling (GreenDot)- The mechanical recycling business processes various types of plastics collected from household waste streams and converts them into premium recycled materials for the plastics processing industry. - Chemical Recycling (GreenDot) - The chemical recycling business produces feedstock for chemical recycling plants in Europe. For the period ended June, 30, 2026, all of these segments meet the quantitative thresholds to be a reportable segment. Management has concluded that these segments should be reported separately on the basis that: The Group's reportable segments are strategic business units that offer different products and services. They are managed separately because each business requires different processes, customers and marketing strategies. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision maker has been identified as the management team including the Chief Executive Officer and the Chief Financial Officer. Measurement of operating segment profit or loss, assets and liabilities Segmental performance is measured in accordance with IFRS Accounting Standards. Operating segments are presented using the management approach, where the information presented is on the same basis as the internal reports provided to the CODM. The segmental financial information for 2025 below includes the results of the associate, Cyclyx, which continued to be a reportable operating segment as defined within IFRS 8, despite the loss of control in 2023 as explained in Note 5. 2025 segment assets exclude tax assets and assets used primarily for corporate purposes. Segment liabilities exclude tax, defined benefit and warranty related liabilities. Loans and borrowings are not allocated as these were deemed to serve a group function.
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NOTE 8: SEGMENT INFORMATION (AMOUNTS IN 000’s €) 32 2026 Half Year Report MEASUREMENT OF OPERATING SEGMENT PROFIT OR LOSS, ASSETS, AND LIABILITIES HY 2025 HY 2026 Cyclyx Agilyx Adjustments to remove Cyclyx Total Agilyx Extended Producer Responsibility Mechanic al Recycling Chemical Recycling Total Profit and loss Revenues from external customers 5,140 356 (5,140) 356 84 68,758 16,125 93 85,060 Depreciation and amortization 336 197 (336) 197 2,311 453 233 468 3,465 Segment loss (11,296) (4,780) 11,296 (4,780) (6,867) 3,073 (48) (1,494) (5,335) Result from investment in Cyclyx - (5,648) - (5,648) - - - - - Share of gain/(loss) of equity accounted associates - - - - (1,606) - - - (1,606) Gain on change of control of GreenDot Global - - - - 11,415 - - - 11,415 Gain onchange of control of Cyclyx International LLC - - - - 11,972 - - - 11,972 Gain onbargain purchase of Anviplas - - - - - - 6,788 - 6,788 Fair value gain/ (loss) on financial instruments - - - - (1,870) - - - (1,870) Fair value gain/ (loss) on warrant agreements - 2,344 - 2,344 - - - - - Interest income - - - - 928 - - - 928 Interest expense - (2,674) - (2,674) (12,389) - - - (12,389) Other financial expense, net - 137 - 137 (231) - - - (231) Group net loss before tax and discontinued operations (11,296) (10,621) 11,296 (10,621) 1,352 3,073 6,740 (1,494) 9,672 Balance sheet FY 2025 Non-current asset additions 19,870 30 (19,870) 30 Reportable segment assets 184,108 49,806 (184,108) 49,806 Investment in associate - 103,561 - 103,561 Total group assets 153,367 Reportable segment liabilities 56,826 41,209 (56,826) 41,209 Derivative financial liabilities 2,144 Total group liabilities 43,354 No disaggregation of segment asset and liabilities has been presented for the period ended June 30, 2026 as the chief operating decision maker does not regularly review disaggregated balance sheet information. Revenue by geography is included in Note 2. The Cyclyx segment revenue is primarily derived from the US. The Group has the following major customers, which each accounted for at least 10% of revenues in 2026 or 2025: HY 2025 HY 2026 Segment Customer A 4,735 - Cyclyx Customer B 236 - Agilyx
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33 2026 Half Year Report In December 2019, the Company entered into an agreement to purchase technology under a license contract. The purchase price of the technology was € 3.4 million, and it is being amortized on a straight-line basis over the estimated life of the technology through December 2039. Amortization expense totaled € 0.2 million and € 2.1 million for the year ended 2025 and for the six months ended June 30, 2026, respectively. All amortization is charged through Depreciation and amortization expenses. The main component of the translation adjustment relates to the change in presentation currency. INTANGIBLE ASSETS Intangible assets include the following contracts Licensed technology Trade names and trademarks Customer relations Goodwill Total (i) Cost Balance at January 1, 2025 3,436 - - - 3,436 Translation adjustment (390) - - - (390) Balance at December 31, 2025 3,045 - - - 3,045 Balance at January 1, 2026 3,045 - - - 3,045 Acquisition of GreenDot Global - 23,600 90,100 136,865 250,565 Additions 34 - - - 34 Translation adjustment 91 - - - 91 Balance at June 30, 2026 3,171 23,600 90,100 136,865 253,736 (ii) Accumulated amortization Balance at January 1, 2025 866 - - - 866 Translation adjustment (104) - - - (104) Amortization charge 158 - - - 158 Balance at December 31, 2025 920 - - - 920 Balance at January 1, 2026 920 - - - 920 Translation adjustment 29 - - - 29 Amortization charge 77 303 1,669 - 2,048 Balance at June 30, 2026 1,026 303 1,669 - 2,997 (iii) Net book value Balance at December 31, 2025 2,125 - - - 2,125 Balance at June 30, 2026 2,145 23,297 88,431 136,865 250,738 Economic life 20 years 13 years 9 years N/A NOTE 9: INTANGIBLES(AMOUNTS IN 000’s €)
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34 2026 Half Year Report NOTE 10: PROPERTY, PLANT AND EQUIPMENT(AMOUNTS IN 000’s €) PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment Leasehold improvements Machinery and equipment Buildings Land Total Costs At cost January 1, 2025 609 1,142 - - 1,751 Additions 24 16 - - 40 Translation adjustment (69) (130) - - (199) At cost December 31, 2025 564 1,028 - - 1,592 At cost January 1, 2026 564 1,028 - - 1,592 GreenDot Global acquisition - 21,648 7,786 2,114 31,548 Anviplas acquisition - 11,000 - - 11,000 Additions - 821 - - 821 Translation adjustment 17 31 - - 48 At cost June 30, 2026 581 34,528 7,786 2,114 45,009 Depreciation Accumulated depreciation January 1, 2025 299 634 - - 932 Depreciation for the year 81 138 - - 219 Translation adjustment (37) (77) - - (114) Accumulated depreciation December 31, 2025 343 695 - - 1,038 Accumulated depreciation January 1, 2026 343 695 - - 1,038 Depreciation for the year 39 556 65 - 660 Translation adjustment 11 22 - - 33 Accumulated depreciation June 30, 2026 393 1,273 65 - 1,731 Net book value December 31, 2025 221 333 - - 554 Net book value June 30, 2026 188 33,255 7,721 2,114 43,278 Economic life 4 years 3-20 years 20 years N/A Machinery and equipment include computers, furniture, fixtures and other equipment. Leasehold improvements relates to the lease of facilities in the US which expires in 2029. All tangible assets are depreciated on a straight-line basis over the expected useful life. The main component of the translation adjustment relates to the change in presentation currency.
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NOTE 11: RIGHTS OF USE ASSETS AND LEASE LIABILITIES (AMOUNTS IN 000'S €) 35 2026 Half Year Report The following is a presentation of the undiscounted committed cash flows related to the remaining lease liabilities: The main component of the translation adjustment relates to the change in presentation currency. RIGHT OF USE ASSETS Right of use assets Property Other equipment Vehicles Total At January 1, 2025 883 6 - 889 Amortization (188) (6) - (194) Translation adjustment (93) - - (94) At December 31, 2025 601 - - 601 Acquisition of GreenDot Global 7,384 1,435 4,014 12,833 Amortization (381) (86) (291) (757) Translations adjustment 16 - - 16 At June 30, 2026 7,621 1,350 3,723 12,693 LEASE LIABILITY Lease liabilities at January 1, 2025 790 - - 790 Lease payments (189) - - (189) Interest expense 57 - - 57 Translation adjustment (92) - - (92) Lease liabilities at December 31, 2025 566 - - 566 Acquisition of GreenDot Global 7,848 1,443 4,204 13,495 Lease payments (397) (92) (316) (805) Interest payments 87 11 32 131 Translation adjustment 20 - - 20 Lease liabilities at June 30, 2026 8,124 1,362 3,920 13,407 Useful economic life 3-7 years 5 year 5 years Undiscounted committed cash flows related to the remaining lease liabilities 0-12 months Between 1-2 years Between 2-5 years 5+ years Total As at December 31, 2025 165 170 325 - 661 As at June 30, 2026 3,738 3,775 5,836 124 13,472 Agilyx Group has several leases in the scope of IFRS 16 summarized in the schedules below:
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NOTE 12: SHARES IN SUBSIDIARIES, ASSOCIATES AND RELATED PARTY TRANSACTIONS (AMOUNTS IN 000’s €) 36 2026 Half Year Report Agilyx ASA has the following shares in subsidiaries as of: During 2025, the Group dissolved Agilyx ApS. The entity was fully owned by the Group and had limited activity prior to its closure. The liquidation did not result in any material gain or loss and had no significant impact on the Group’s consolidated financial statements. All Subsidiaries marked as "GreenDot group" above, were acquired as part of the GreenDot transaction. The Group directly owns 50.1% of GreenDot Global S.à r.l., that entity then owns the stated % interest in all other entities that they are invested in. Please see Note 4 for more information on the change of control and the nature of the group acquired. During 2026, the GreenDot North America, Inc is in the process of being wound down. Related Party Transactions: During 2025, Cyclyx had € 14.0 million of product sales to ExxonMobil, a minority holder in Cyclyx. SHARES IN SUBSIDIARIES, ASSOCIATES, AND RELATED PARTY TRANSACTIONS Subsidiary Country of Incorporation and Main Place of business Share Voting rights GreenDot Group Agilyx Corp USA 100% 100% No Agilyx GmbH Switzerland 100% 100% No Cibinvest SAS France 100% 100% Yes Cyclyx International LLC USA 100% 100% No Der Grüne Punkt Duales System Deutschland GmbH Germany 100% 100% Yes Der Grüne Punkt GP GmbH Germany 100% 100% Yes Der Grüne Punkt Holding GmbH & Co. KG Germany 100% 100% Yes digi Cycle GmbH Austria 100% 100% Yes Forplast S.r.l. Italy 80% 80% Yes GreenDot Advance Recycling S.à r.l. Luxembourg 100% 100% Yes GreenDot Advanced Recycling France S.à r.l. France 100% 100% Yes GreenDot Advanced Recycling GmbH Germany 100% 100% Yes GreenDot Advanced Recycling GP GmbH Germany 100% 100% Yes GreenDot Advanced Recycling Holding France SAS France 100% 100% Yes GreenDot Advanced Recycling Holding GmbH & Co. KG Germany 100% 100% Yes GreenDot Consulting B.V. Belgium 100% 100% Yes GreenDot France SAS France 100% 100% Yes GreenDot Italy S.r.l Italy 100% 100% Yes GreenDot Management S.à r.l. Luxembourg 100% 100% Yes GreenDot North America, Inc USA 100% 100% Yes GreenDot Rep GmbH Germany 100% 100% Yes GreenDot Global S.à r.l. Luxembourg 50.1% 50.1% Yes GreenDot Navarcles, SL Spain 100% 100% Yes Plastyx Limited Ireland 60% 60% No RG Group SAS France 100% 100% Yes Synextra Holding S.à r.l. Luxembourg 100% 100% Yes Synextra S.p.A. Italy 100% 100% Yes Systec Plastics Eisfeld GmbH Germany 100% 100% Yes Systec Plastics GmbH Germany 94% 94% Yes RELATED PARTY TRANSACTIONS Related party receivable included in Note 13 FY 2025 HY 2026 Cyclyx International, LLC 52 - Synextra has long-term debt of € 2.8 million financing received from Lafor in September 2023 with a maximum duration of 10 years and with no interest payments. Investment In Associate Information: TriPlast GmbH - as part of obtaining control of GreenDot, the Group now includes 33% investment in TriPlast GmbH, a company that was formed in Austria and conducts its business there. Triplast operates Europe's most modern sorting plant for lightweight packaging. The following tables summarize the financial information of TriPlast as included in their own financial statements prepared in accordance with IFRS Accounting Standards, adjusted for fair value adjustments at acquisition. The table also reconciles the summarized financial information to the carrying amount of the Group's interest in Cyclyx International, LLC and GreenDot Global.
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NOTE 12: SHARES IN SUBSIDIARIES, ASSOCIATES AND RELATED PARTY TRANSACTIONS (AMOUNTS IN 000’s €) 37 2026 Half Year Report TRIPLAST GmbH As at June 30 HY 2026 Ownership interest Associate (33%) Current assets 6,930 Non-current assets 66,381 Liabilities 64,201 Net assets (100%) 9,110 Group's share of net assets (33%) 3,006 For the period April 20, to June 30, 2026 2026 Revenue 3,310 Total comprehensive income (100%) 476 Group's share of total comprehensive loss (33%) 157 NOTE 13: ACCOUNTS RECEIVABLE (AMOUNTS IN 000’s €) Agilyx applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for all accounts receivables. To measure expected credit losses on a collective basis, accounts receivables are grouped based on similar credit risk and aging. The expected loss rates are based on Agilyx' s historical credit losses experienced over the period since adoption of IFRS Accounting Standards. Historically Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Given this context, the impact of any forward-looking factors is not expected to adjust the conclusion that no allowance is required. The aging of the accounts receivable balances are displayed below: ACCOUNTS RECEIVABLE FY 2025 HY 2026 Trade accounts receivable 400 68,874 Related party receivables (Note 12) 52 - Total accounts receivable 452 68,874 Group Accounts Receivable 2025 HY 2026 Non-overdue amounts - 32,234 0-30 days past due 383 16,417 31-60 days past due - 7,908 60-90 days past due 39 2,597 Over 90 days past due 30 9,718 Total accounts receivable 452 68,874 The carrying amount of accounts receivable is measured at amortized cost, which approximates fair value. NOTE 14: INVENTORY (AMOUNTS IN 000’s €) INVENTORY Inventories consists of the following FY 2025 HY 2026 Raw materials - 4,856 Finished goods 4 4,647 Total inventories 4 9,503
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38 2026 Half Year Report NOTE 15: PREPAID EXPENSES AND OTHER CURRENT ASSETS(AMOUNTS IN 000’s €) PREPAID EXPENSES AND OTHER CURRENT ASSETS 2025 HY 2026 Security deposits - 3,274 Loans - 950 Creditors with debit balances - 2,583 Total financial assets, within this category classified as financial assets measured at amortized cost - 6,807 Deferred charges - 1,667 Other 162 4,888 Total prepaid expenses and other current assets 162 13,362 On November 11, 2024, Agilyx ASAentered into a US$ 50million senior secured green bond issue with a tenor of 3 years. The bond carries a fixed quarterly coupon at a rate of 13.5% per annum and was set to mature on November 29, 2027. The fair value of the bond at initial measurement was € 42 million, representing a 2% discount which will be amortized over the term of the bond under the effective interest method. In connection with the bond issuance, directly attributable transaction costs of € 3,521,892 were capitalized to the balance of the bond and were being amortized over the term of the bond under the effective interest method. In February 2026 the Group acquired € 10.9m nominal of its outstanding senior secured bonds in exchange for the issue of subordinated convertible bonds (see Note 19). The bonds so acquired were cancelled, reducing the nominal amount outstanding to € 32.1 million. No cash was paid or received in respect of this exchange. NOTE 16: BONDS PAYABLE On March 31, 2026 the Group redeemed the remaining senior secured bonds in full at a price of 108.12633% of the nominal amount, together with accrued and unpaid interest. The redemption amount of € 34.7 million was settled directly from the pledged escrow account by the escrow agent, and the balance of the escrow account was applied in full. Following these transactions the Group has no senior secured bonds outstanding. The escrow balance of € 34.1 million was applied in full and the residual € 0.6 million was settled from the Group's operating cash. The bond was subject to certain covenants which, if not met, would result in the bond becoming repayable on demand. The first covenant was that the company's liquidity shall not, at any time, be less than € 6,750,000. The second covenant was that the ratio of Market Capitalization to Net Interest-Bearing Debt at any time shall not be less than 3.00:1. The Company was required to comply with these covenants at all times, and such compliance to be measured on June 30 and December 31 each year. In accordance with the terms of the bond agreement, the proceeds from the bond are held in an escrow account which had a balance of € 0 as of June 30, 2026 (€ 34,073,872 December 31, 2025) and is classified as restricted cash on the consolidated balance sheet. The bond was secured by (i) a pledge on the escrow account, (ii) a guarantee from Agilyx, (iii) a pledge over all shares issued in Agilyx, (iv) a pledge over all LLC membership interests in Cyclyx owned by Agilyx, (v) a first priority assignment of any intercompany loans granted to or by Agilyx, (vi) first priority charges over the bank accounts of Agilyx, (vii) assignment over all insurances of each Obligor, and (viii) security over the IP portfolio. The escrow balance was applied in full by the escrow agent in settlement of the redemption on March 31, 2026 and was paid directly to bondholders. No part of the escrow balance passed through the Group's operating bank accounts, and accordingly the settlement is not presented in the statement of cash flows (see Note 31).The security pledges were lifted in full.
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39 2026 Half Year Report As of June 30, 2026, the balance on the bond was € 0 (December 31, 2025: € 40,009,774), with an accrued coupon payment of € 0 (December 31, 2025 € 479,164). Interest income on the restricted cash balance was € 0.3 million for the six months ended June 30, 2026 (year ended December 31, 2025: € 1.7 million). Amounts recognized in profit or loss in respect of the senior secured bonds for the six months ended June 30, 2026 totaled € 8.9 million (year ended December 31, 2025: € 8.2 million). The consideration paid on redemption included a make-whole premium of 8.12633% of the nominal amount. The premium compensates bondholders for interest that would have accrued had the bonds run to maturity; under IFRS 9, it forms part of the consideration paid on extinguishment rather than interest determined using the effective interest method, and the resulting loss is presented within finance costs in the consolidated income statement. NOTE 16: BONDS PAYABLE
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Components of the income tax expense There was no provision for income taxes recorded for the periods ended December 31, 2025 and June 30, 2026, respectively. Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Unrecognized net deferred tax assets totaled € 65.5 million (2025: € 62.1 million) and in Norway € 7.6 million (2025: € 4.5 million). Recognized deferred tax liabilities totaled € 1.4 million. As of June 30, 2026, estimated net operating loss for federal income tax purposes in US of approximately € 190.9 million, portions of which will begin to expire in 2030. Total estimated state net operating loss carryforward in US of approximately € 139.6 million, which will begin to expire in 2031. Agilyx Corp also has estimated federal tax credits for approximately € 2.2 million, which will begin to expire in 2030 and estimated state tax credits of approximately € 0.6 million whose expiration date is not determined. Utilization of some of the federal and state net operating loss and credit carryforwards are subject to annual limitations due to the "change of ownership" provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitations may result in the expiration of net operating losses and credits before utilization. Such an analysis will be prepared before the utilization of the net operating losses and credits. Loss carried forward in Norway as of December 31, 2025, of approximately € 34.3 million has no expiration date. 40 2026 Half Year Report INCOME TAXES FY 2025 HY 2026 Basis for income tax expense (130,793) 9,672 Basis for income tax expense – from continuing operations Result before taxes (130,793) 9,672 State benefit (1) (0) Permanent differences 100,039 (1,043) Changes in temporary differences (10,683) 5,295 Basis for payable taxes in the income statement - from continuing operations (41,437) 13,923 Deferred tax asset Loss carried forward 58,227 61,303 Research and other credits 2,782 2,798 Reserves and Accruals 8 7 Other intangibles 37 - Stock based compensation 341 330 Unrealized gain/loss (57) 253 Lease liability 123 120 Investment in partnership 847 951 Pension - 210 Other - 7 Total deferred tax assets 62,309 65,980 Deferred tax liabilities Fixed assets (29) (32) Prepayments (12) (14) Right of use assets (131) (127) Other intangibles - (1,633) Total deferred tax liabilities (172) (1,806) Net deferred tax assets/liabilities recognised - (1,371) Statutory tax rate 21% 21% Tax rate 0% 0% NOTE 17: INCOME TAXES (AMOUNTS IN 000’s €)
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41 2026 Half Year Report A commitment fee equal to 35% per annum of the applicable margin is payable quarterly on undrawn amounts of the Revolving Facility. Certain continuing Events of Default result in application of the highest contractual margin. Facility A requires cash principal repayment of € 9.5 million on each of December 31, 2025, December 31, 2026 and December 31, 2027, with the remaining balance due on June 30, 2028. The Revolving Facility is repayable at the end of each interest period, subject to rollover, and matures on June 30, 2028. Voluntary prepayments or cancellations under either Facility are generally subject to a 2.5% exit fee. Facility A proceeds were applied toward the consideration for, and costs of, the GreenDot acquisition from the previous owners and to refinance existing target group debt, while the Revolving Facility is available for the Facility Group's general corporate and working capital requirements. The Facilities rank senior and pari passu with each other, except that the Revolving Facility is contractually subordinated in respect of mandatory prepayments. The Facilities are secured by, among other things, pledges over shares in the Facility Group's obligors, first-priority assignments of intercompany loans, first-priority charges over bank accounts, assignments of insurance policies and security over the Facility Group's intellectual property portfolio. The Facilities are guaranteed by each Borrower together with Der Grüne Punkt GP GmbH and GreenDot France SAS. On December 19, 2024, GreenDot Global S.à r.l., through its subsidiary Der Grüne Punkt Holding GmbH & Co. KG (the "Company"), entered into an Amendment & Restatement Agreement in respect of the Company's existing senior facilities agreement (as amended and restated, the "Senior Facilities Agreement"), effective December 30, 2024. For purposes of this note, the "Facility Group" refers to the "Group" as defined in the Senior Facilities Agreement and comprises the Company and its subsidiaries. The Senior Facilities Agreement comprises a € 106 million term loan facility ("Facility A"), borrowed by the Company and, from the Effective Date, Der Grüne Punkt – Duales System Deutschland GmbH, and a € 25 million revolving credit facility (the "Revolving Facility"), borrowed by the Company, Der Grüne Punkt – Duales System Deutschland GmbH, Systec Plastics GmbH and Systec Plastics Eisfeld GmbH. Both Facilities mature on June 30, 2028, with the Revolving Facility available for drawing until May 30, 2028. Facility A was fully drawn on the Closing Date. As of June 30, 2026, gross principal outstanding under Facility A was € 80.6 million and gross principal outstanding under the Revolving Facility was € 0. As of June 30, 2026, € 25 million of the Revolving Facility remained undrawn and available. Borrowings under Facility A and the Revolving Facility bear interest at EURIBOR, subject to a zero floor, plus an applicable margin determined by the Facility Group's Leverage Ratio. The contractual margin ranges from 2.00% to 5.50% per annum for Facility A and from 1.20% to 4.70% per annum for the Revolving Facility. As of June 30, 2026, the applicable margins was 3.00% , resulting in all-in interest rates of 5.198 %. The Facilities are subject to financial covenants tested on a backward-looking basis at June 30 and December 31 of each financial year. At June 30, 2026, the maximum Leverage Ratio, defined as Consolidated Total Net Debt to Consolidated Pro Forma EBITDA, was 5.90:1 and the related Monitoring Ratio was 5.00:1. Exceeding the Monitoring Ratio does not itself constitute an Event of Default, but permits the Agent to require enhanced reporting and the appointment of a restructuring advisor. The Company's actual Leverage Ratio at June 30, 2026 was 2.87:1. At June 30, 2026, the minimum Interest Cover Ratio, defined as Consolidated EBITDA to Net Finance Charges, was 2.00:1, and the Company's actual Interest Cover Ratio was 2.90:1. The minimum Interest Cover Ratio increases to 2.50:1 from December 31, 2026. The Facilities also require minimum Liquidity, defined as available cash plus undrawn committed amounts, of € 6.3 million through June 30, 2028, tested monthly. Liquidity at June 30, 2026 was € 56.4 million. As of June 30, 2026, the Company was in compliance with all financial covenants under the Senior Facilities Agreement. Breaches of the Leverage Ratio and Interest Cover Ratio covenants may be remedied through an equity cure that reduces Consolidated Total Net Debt or increases Consolidated EBITDA, provided the cure amount is received within 15 Business Days after the due date for delivery of the relevant Annual or Quarterly Financial Statements. Equity cures are limited to four over the life of the Facilities and may not be used in consecutive quarters. An EBITDA cure may be used only once over the life of the Facilities and is given effect for the applicable period and the following three successive Relevant Periods. No mandatory prepayment is required from a cure amount, and a timely cure is deemed to remedy the relevant breach. NOTE 18: SENIOR FACILITY AND OTHER GREENDOT DEBT (AMOUNTS IN 000's €)
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42 2026 Half Year Report NOTE 18: SENIOR FACILITY AND OTHER GREENDOT DEBT (AMOUNTS IN 000's €) No mandatory prepayment is required from a cure amount, and a timely cure is deemed to remedy the relevant breach. Committed payments on the Senior Facility are as follows: Year ending December 31 Principal Estimated interest Total 2026 9,540 4,168 13,708 2027 9,540 3,951 13,491 2028 61,480 2,408 63,888 80,560 10,528 91,088 Other GreenDot debt The RG Group has a factoring facility with FactoNet under which eligible trade receivables are assigned to the factor in exchange for financing; € 3.0 million was drawn at June 30, 2026. The facility is secured on the receivables assigned, and availability is a function of eligible receivables rather than a fixed limit. The RG Group also has € 1.2 million of bank loans (including French State (PGE) and BPIFRANCE- backed loans) maturing between August 2026 and August 2032, at fixed rates of approximately 1.2% to 3%. These are secured by pledges over business assets, real-estate mortgages and guarantees from BPIFRANCE and the French State. On 22 June 2026 the Group assumed secured financing arrangements of € 3.9 million at an average interest rate of 6-8% in connection with the acquisition of the productive unit of Anviplas (see Note 7). The arrangements arise from sale-and-leaseback transactions entered into by Anviplas over its plant and machinery which did not qualify as sales under IFRS 15. Accordingly, the related assets continue to be recognized within property, plant and equipment and the proceeds received are accounted for as financial liabilities measured at amortized cost under IFRS 9. No right-of-use asset or lease liability is recognized in respect of these arrangements and they are therefore not included in Note 11. The financing is provided by Société Générale, BPCE, De Lage Landen and Deutsche Leasing, is secured on the related plant and machinery, and is repayable in monthly instalments with final maturities falling between 2028 and March 2030. Current liabilities amount to € 1.5 million and non-current liabilities amount to € 2.3 million. Synextra has long-term debt of € 2.8 million financing received from Lafor in September 2023 with a maximum duration of 10 years and with no interest payments. Forplast has non-current debt of € 0.8 million.
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43 2026 Half Year Report On July 16, 2025, Agilyx entered into a Subordinated Loan facility with various shareholders to secure € 20 million to partially fund the acquisition of GreenDot (see also Note 4). The loan was subordinate to the Green Bonds described in Note 16 and included a commitment fee of 2%, and an initial interest rate of 8.5% that would have increased to 13.5% if the debt was still outstanding on December 1, 2025. Each lender had the right, at any time, to convert all or part of their respective loan balance into equity shares subject to the approval of the Agilyx Board. The loan was drawn down on October 14, 2025 to fund the cash element of the GreenDot equity interest purchase. None of the loan was converted during the period. On November 20, 2025, Agilyx ASA entered into a Subordinated Convertible Bond maturing June 2028, which permits the issuance a series of bonds up to € 40.0 million (excluding PIK Bonds). On November 20, 2025, an initial € 24.3 million of the Subordinated Convertible Bond were issued. € 20 million of this was set off against the subscribers corresponding claims under the Subordinated Loan facility described above, which fully repaid those loans, such that the Subordinated Loan facility was terminated. During the year, there were two conversions made; firstly on January 9 2026 where € 300,000 of debt was converted into 190,797 shares each with a nominal value of NOK 0.02; then on February 5, 2026, € 300,000 was converted into 190,797 shares each with a nominal value of NOK 0.02. On February 6 and February 9, 2026, the Company issued tap issues of € 14.0 million and € 2.0 million par value respectively on the subordinated convertible bonds, in each case at 80% of par value, being an aggregate issue value of € 12.8 million. The subscription amounts were not settled in cash. They were set off against senior secured bonds held by the subscribers, which were transferred to the Group and cancelled (see Note 16). Accordingly, no cash was received in respect of these issues and they are not presented within financing activities in the statement of cash flows. On May 11, 2026, a placement of € 10.0 million par value subordinated convertible bonds was made at 97% of par value, for cash proceeds of € 9.7 million. In connection with the May 2026 placement, the maximum framework of the Subordinated Convertible Bond was increased from € 40.0 million to € 50.0 million (excluding PIK Bonds), following approval by bondholders of the related amendments to the bond terms. The Subordinated Convertible Bond includes multiple derivative features, several of which would NOTE 19: SUBORDINATED DEBT (AMOUNTS IN 000's € EXCEPT PAR VALUES AND SHARES) be separable from the host liability contract, including; a Conversion feature which permits holders to convert at an initial conversion price of € 1.9829 per share, a Conversion Price Reset, a Make Whole Adjustment, an Early Redemption due to a tax event and a Put Option Upon Change of Control Event. Management analyzed the instrument in accordance with IFRS 9 Financial Instruments and determined that it was a Hybrid Financial Instrument, which included a liability feature and multiple embedded derivatives that require separate accounting. Given the complexity and number of features, management determined that to provide the user of the financial statements with the most useful information, they would apply IFRS 9 paragraph 4.3.5 and designate the whole contract as fair value through profit or loss. The Subordinated Convertible Bond is, therefore, measured using Level 3 inputs on the fair value hierarchy. There were no transfers between the levels of the fair value hierarchy during any of the years presented. We utilized a Tsiveriotis-Ferandes (“TF”) model to value the Subordinated Convertible Bond. The TF model is a single factor model implemented in the form of a binomial lattice framework which allows the user to model instruments with both debt and equity-like features. It is a blended discount rate model under which discounting is applied on an equity vs. debt cash flow-weighted basis by separating the total value of the Subordinated convertible Bond into its debt and equity-like components and discounting them at a risk-adjusted risk-free rate. The significant unobservable inputs used in the calculation of the fair value and their interrelationships with fair value are: • Volatility • Credit spread – the underlying drivers being: o The volatility used in the BDT model to calibrate the term loan spread o CMSA The key unobservable Level 3 inputs on the fair value measurement of the Subordinated Convertible Bond are listed below, along with a sensitivity analysis of a reasonably possible change in each significant unobservable input, holding other inputs constant:
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44 2026 Half Year Report The reconciliation of the opening and closing fair value balance of the Subordinated Convertible Bond, which is a Level 3 financial instrument, is provided below (this is applicable for both the Group and Parent only financial statements): Committed payments on the Subordinated Convertible Bond are as follows (provided the conversion feature is not utilized): SUBORDINATED CONVERTIBLE BOND Unobservable Input Fair value (EUR) P&L impact (EUR) Credit Spread Current- 23.53% 48,126 No effect Decreased - 21.53% 49,264 1,138 Volatility Current - 48.29% 48,126 No effect Decreased - 43.29% 47,241 885 CMSA Current – 35% 48,126 No effect Decreased – 32% 50,026 1,900 SUBORDINATED CONVERTIBLE BOND At December 31, 2025 €23,297 Additional subscriptions settled in cash 9,700 Additional subscriptions set-off against senior secured bonds 12,800 Conversions during the period with interest (600) Interest paid-in-kind 2,460 Change in fair value - P&L 1,870 Change in fair value - OCI - Related to change in credit risk (1,401) At June 30, 2026 €48,126 COMMITTED PAYMENTS SUBORDINATED CONVERTIBLE BOND Year ending December 31 2026 - 2027 - 2028 63,458 Total 63,458 NOTE 19: SUBORDINATED DEBT (AMOUNTS IN 000's €) The final amount committed can be settled in cash, or if the stock price is meaningfully above the exercise price, the bondholders have the option to convert into stock, which would reduce any potential cash outflow. NOTE 20: CUSTOMER PREPAYMENT LIABILITY On 9 November 2023, GreenDot, entered into a prepayment and offtake agreement with Frito-Lay Trading Company (Europe) GmbH, a member of the PepsiCo group (the "Agreement"), as part of the agreement a prepayment of € 20.0 million was made. In consideration for the prepayment, GreenDot is required to make fixed annual repayments and provide PepsiCo with preferential access to pyrolysis oil-derived pyrolytic oil under the offtake arrangement. In November 2025, the Agreement was amended to adjust the fixed repayment amount to € 25.4 million and remove the security previously required over plant assets. The fixed repayment amount of € 25.4 million is payable in ten annual instalments of € 2.54 million for the contract years 2028 through 2037, each due within 45 business days after the relevant year-end. The first scheduled payment is due in 2028. In addition, GreenDot is required to pay volume-based rebates determined by reference to pyrolytic oil supplied to PepsiCo's designated resin suppliers. The fixed repayments, product sales and related rebates are separate contractual elements of the arrangement. Unpaid instalments may be settled through specified commercial credits, although PepsiCo may demand cash payment within 45 days. PepsiCo may also terminate the Agreement upon specified events and require a termination payment based on the € 20.0 million prepayment, less a pro-rata credit for repayments already made. Such events include failure to meet specified supply milestones, material breach, insolvency and certain changes of control. The liability is unsecured.
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45 2026 Half Year Report ACTUARIAL ASSUMPTIONS The significant actuarial assumptions used to measure the obligation at the reporting date are set out below (IAS 19.144). The GDG´s defined benefit obligations comprise individual pension commitments and indirect commitments through support funds. The obligations are partially funded by reinsurance policies. Claims under reinsurance policies that meet the criteria for plan assets within the meaning of IAS 19 are recognized as plan assets (IAS 19.8, IAS 19.113). NATURE, CHARACTERISTICS AND RISKS OF THE PLANS The defined benefit pension plans mainly provide retirement, disability and survivors' benefits. The disclosures are intended to explain the nature, characteristics and risks of the defined benefit plans and their effects on the Group's financial position and financial performance (IAS 19.135, IAS 19.139). The structure of the measured pension obligations at 30 June 2026 is presented below. The plans mainly provide for payment of a retirement pension upon reaching the age of 65. In addition, the commitments include disability and survivors' benefits. Depending on the plan, the amount of the benefits is determined either by the actuarial conversion of ongoing annual contributions into a reinsurance policy or by the respective individual contractual benefit commitments. NOTE 21: PENSIONS AND SIMILAR OBLIGATIONS(AMOUNTS IN 000’s €) PENSION BENEFICIARIES Active pensions beneficiaries 130 Vested former pension beneficiaries 280 Pension recipients 57 Total 467 ACCOUNTING AND MEASUREMENT The defined benefit obligations are measured using the projected unit credit method (IAS 19.67). Current service cost is recognized in personnel expenses. Net interest on the net defined benefit liability or asset is reported in the financial result (IAS 19.120, IAS 19.123). Actuarial gains and losses and other remeasurements are recognized immediately in other comprehensive income and are not reclassified to profit or loss in subsequent periods (IAS 19.120, IAS 19.127). Value Discount rate 4.46% Annual pension increase 1.50% Biometric assumptions G Employee turnover Not assumed Salary trend Not assumed DEFINED BENEFIT OBLIGATION AT 31 DECEMBER 2025 The present value of the defined benefit obligations is attributable to the following plans: Duales System Deutschland GmbH – support fund 12,597 Duales System Deutschland GmbH – managing director commitments 159 Der Grüne Punkt Holding GmbH & Co. KG – support fund 4,897 Der Grüne Punkt Holding GmbH & Co. KG – managing director commitments 2,235 Obligations before movements in the period 19,888 At 30 June 2026, the Group recognized a financial liability of € 20.0 million. No fixed contractual repayment is scheduled within twelve months of the reporting date. NOTE 20: CUSTOMER PREPAYMENT
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46 2026 Half Year Report BASIS OF THE DISCLOSURES The defined benefit obligation at 30 June 2026 has been determined by updating the most recent actuarial valuation of the plans, prepared by an independent qualified actuary, for current service cost, interest and benefit payments during the period and for changes in the principal actuarial assumptions where material. The discount rate applied is consistent with market conditions at the reporting date (IAS 19.144–145, IAS 34.B9). RISKS The pension plans expose the Group in particular to actuarial risks. These include interest rate risk, longevity risk and the risk that pension benefits develop differently from the measurement assumptions. Reinsured commitments are also exposed to risks arising from the performance and fulfilment of the underlying insurance contracts. NOTE 21: PENSIONS AND SIMILAR OBLIGATIONS(AMOUNTS IN 000’s €) Obligations before movements in the period 19,888 Current service cost 129 Interest expense 441 Present value of defined benefit obligations at 30 June 2026 20,458 AMOUNTS RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION The amount recognized in the statement of financial position in respect of the Group's defined benefit plans is as follows (IAS 19.140(a)): Present value of defined benefit obligations 20,458 Fair value of plan assets (20,313) Net defined benefit liability 145 The plan assets consist entirely of qualifying insurance policies that are designated to fund the respective defined benefit obligations. The fair value of these insurance policies, determined on the basis of their asset value at the reporting date, amounted to € 20.3 million. Of the movements in the period, current service cost of € 129,000 is recognized within personnel expenses and interest expense of € 441,000 within the financial result. MOVEMENT IN THE DEFINED BENEFIT OBLIGATION The movement in the present value of the defined benefit obligation during the period is set out below (IAS 19.140(a), IAS 19.141):
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47 2026 Half Year Report CONTRACT LIABILITY Balance as of January 1, 2025 164 Translation adjustment (13) Billings deferred 711 Revenue recognized (854) Ending balance as of December 31, 2025 7 Transaction adjustment 0 Acquisitions of green Dor Global 23,620 Billings deferred 71 Revenue recognized (5,973) Ending balance as of June 30, 2026 17,726 NOTE 24: CONTRACT LIABILITY (AMOUNTS IN 000’S €) The Company’s Contract liability balances at December 31, 2025 and June 30, 2026 was € 7,000 and € 17.7 million, respectively. These balances represents billings in excess of revenues recognized on GDG's licensing business where customers are billed upfront and services and revenue is provided and recognized ratably over a twelve-month period. The Company has classified this amount as current as it expects to recognize the revenues over the next twelve months. An accounting roll forward for the periods presented are as follows: NOTE 23: PROVISIONS The provision of € 16.71 million relates to a tax refund received by GreenDot prior to its acquisition by the Group. The refund was received in cash and recorded within the Group’s cash balance, with a corresponding liability of the same amount recognised against the refund received. The entitlement to and retention of the refund is subject to an ongoing tax audit and, depending on its outcome and related contractual arrangements, the amount may become repayable to the tax authority or payable to another party. These matters are expected to be resolved within the next 12 months. Management has assumed the full nominal amount may become payable, as this is the most likely outcome at this stage, and has not discounted the provision as the effect is immaterial. The provision was assumed as part of the liabilities acquired in the GreenDot acquisition and has not moved from the acquisition date to June 30, 2026. NOTE 22: ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES(AMOUNTS IN 000’s €) ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES FY 2025 HY 2026 Payroll and related accruals 461 2,661 Waste and licensing accruals - 87,995 Interest - 1,051 Debtors with credit balance - 7,908 Total financial liabilities, within this category classified as financial liabilities measured at amortized cost 461 99,616 Other 500 6,332 Totalaccrued expenses and other current liabilities 961 105,948
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NOTE 25: STOCK OPTION PLAN The options outstanding have a range of exercise prices from € 0.05 to € 3.04 The following information is relevant in the determination of the fair value of options granted during the period under the equity share based remuneration schemes operated by the Group. There were no options granted for the six months ended June 30, 2026. 48 2026 Half Year Report STOCK OPTION ACTIVITY Stock option activity Number of shares (000's) Weighted average exercise price (EUR) Weighted average contractual term (years) Aggregate intrinsic value (000's EUR) Balance at January 1, 2025 11,352 1.49 6.28 11,857 Share authorized Options granted 95 2.27 Options modified 36 0.78 Options forfeited/expired (144) 2.54 Balance at December 31, 2025 11,339 1.32 5.28 10,808 Share authorized Options granted - Options exercised - Options cancelled (3,102) 1.50 Options forfeited/expired (192) 2.59 Balance at June 30, 2026 8,045 1.27 4.84 8,625 Options vested and expected to vest at June 30, 2026 8,045 1.27 4.84 8,625 Options exercisable 7,129 1.11 4.33 8,624 EQUITY SHARES All employees Key management personnel FY 2025 HY 2026 FY 2025 HY 2026 Equity-settled Option pricing model used Black-Scholes Black-Scholes Black-Scholes Black-Scholes Share price at grant date (weighted average) €2.57 - €2.57 - Exercise price (weighted average) €2.57 - €2.57 - Contractual life (weighted average) 9 0 9 0 Expected volatility (weighted average) 30% 0% 30% 0% Expected dividend growth rate 0% 0% 0% 0% Risk free interest rate (weighted average) 2.88% 0.00% 2.88% 0.00%
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NOTE 26: SHAREHOLDERS AS AT JUNE 30, 2026 AND SHARES HELD BY THE CEO AND BOARD MEMBERS (NUMBER OF SHARES in000’s) 49 2026 Half Year Report Ordinary shares include 125,862k shares at par value NOK 0.02, all issued and fully paid except for 8k shares held in treasury. As at January 1, 2026, there were 125,480k Ordinary Shares. Within the statement of changes in equity the share capital column provides a reconciliation of the par value of the Ordinary shares for the six months ended June 30, 2026. The table above presents the period end balance in total. The movements can be computed using the share capital column and adjusting for the NOK exchange rate at the relevant transaction dates. The total number of authorized shares was 167.7 million and 173.8 million at December 31, 2025, and June 30, 2026, respectively. As at June 30, 2026 Saffron Hill Ventures 42,562 33.8 % Skandinaviska Enskilda Banken 24,917 19.8 % UBS 9,949 7.9 % Six Sis AG 8,239 6.5 % CACEIS Bank Spain 6,934 5.5 % Merrill Lynch 4,620 3.7 % DMB Markets 4,592 3.6 % The Bank of New York Mellon 4,405 3.5 % Societe Generale 3,371 2.7 % JP Morgan 2,650 2.1 % Citibank 2,340 1.9 % Clearstream Bankings 2,289 1.8 % Goldman Sachs International 1,996 1.6 % MP Pension 1,412 1.1 % Others 5,584 4.4 % Total 125,862 100.0 %
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NOTE 27: NON-CONTROLLING INTERESTS (AMOUNTS IN 000' €) 50 2026 Half Year Report FOR THE PERIOD APRIL 20, 2026 TO JUNE 30, 2026 2026 Revenues 84,976 Direct costs of revenues (73,323) Gross Margin 11,653 Salaries and related costs (5,168) Depreciation and amortization (1,620) Professional fees (536) Insurance (258) Office expenses (782) Travel and meals (280) Other operating expenses (1,478) Total operating expenses (10,121) Operating profit 1,532 Other income and expenses Gain on bargain purchase 6,788 Interest income 610 Finance costs (1,568) Other financial expense (60) Net other income and expenses 5,769 Profit before tax 7,301 Income tax expense - Profit for the period 7,301 Profit allocated to NCI 3,643 Other comprehensive income allocated to NCI - Total comprehensive income allocated to NCI 3,643 AS AT JUNE 30 2026 Assets Property, plant and equipment 56,202 Intangible assets 250,599 Trade receivables and other assets 119,930 Cash and cash equivalents 44,872 Liabilities Trade payables and other liabilities (232,579) Loans and other borrowings (92,617) Provisions (16,710) Accumulated non -controlling interests 64,719 Agilyx Group is exposed through its operations to the following financial risks: • Credit risk; • Liquidity risk; • Foreign currency risk; • Interest rate risk. In common with all other businesses, Agilyx Group is exposed to risks that arise from its use of financial instruments. This note describes Agilyx Group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. The Group's exposure to financial instrument risks changed substantially during the period. On March 25, 2026 the Group obtained 100% ownership of Cyclyx International, LLC (Note 5); on April 20, 2026, it obtained control of GreenDot Global S.à r.l. and began consolidating its results and financial position (Note 4); and on June 22, 2026, GreenDot acquired the productive unit of Anviplas, S.L. (Note 7). Total financial assets increased from € 39.3 million to € 130.2 million and total financial liabilities from € 64.4million to € 310.7 million. The principal changes in the nature of the Group's exposures are: NOTE 28: FINANCIAL INSTRUMENTS – RISK MANAGEMENT (AMOUNTS IN 000’s €) The GreenDot investment (as explained in more detail on Note 4), is a 50.1% owned subsidiary of the Company, and hence has a material non-controlling interests (NCI). The NCI of all other subsidiaries that are not 100% owned by the group are considered to be immaterial. Summarized financial information in relation to GreenDot, before intra-group eliminations, is presented below together with amounts attributable to NCI:
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NOTE 28: FINANCIAL INSTRUMENTS – RISK MANAGEMENT (AMOUNTS IN 000’s €) 51 2026 Half Year Report Credit risk. Accounts receivable increased from € 0.5 million to € 68.9 million, substantially all arising in the GreenDot group and relating principally to extended producer responsibility licensing customers in Germany, France, Italy and Austria. The Group's credit risk is therefore concentrated in a customer base and in jurisdictions to which it had no exposure in the comparative period. Certain GreenDot entities mitigate credit risk through factoring arrangements (Note 18) which did not exist previously. Liquidity and financing risk. The senior secured bonds were redeemed in full on March 31, 2026 (Note 16), removing the associated liquidity and market capitalization covenants and releasing the pledged escrow account, which reduced restricted cash from € 34.1 million to nil. The Group now bears the Senior Facilities Agreement of the GreenDot group (Note 18), subject to Leverage Ratio and Interest Cover Ratio covenants tested semi-annually, together with the regulatory security deposit requirements under Section 18(4) VerpackG described below. Subordinated convertible debt increased from € 23.3 million to € 48.1 million and the maximum framework was increased from € 40.0 million to € 50.0 million (Note 19). Cash and cash equivalents increased from € 4.8 million to € 54.5 million. Interest rate risk. In the comparative period the Group's principal borrowing was the senior secured bond, which carried a fixed coupon of 13.5%. Following its redemption the Group's most significant borrowing is Facility A under the Senior Facilities Agreement, which bears interest at EURIBOR, subject to a zero floor, plus a margin of between 2.00% and 5.50% determined by the Facility Group's Leverage Ratio. The Group is accordingly exposed to floating interest rate risk which it did not bear in the comparative period. Foreign currency risk. With effect from January 1, 2026 the Group changed its functional and presentation currency from US dollars to euro (Note 1). Following the acquisition of GreenDot, the substantial majority of the Group's revenue, costs, assets and liabilities are denominated in euro, whereas in the comparative period they were predominantly denominated in US dollars. The Group's objectives, policies and processes for managing these risks, and the methods used to measure them, are unchanged from the previous period except as described in this note. (i) Principal financial instruments, by category The principal financial instruments used by Agilyx Group are those listed in the table below, PRINCIPAL FINANCIAL INSTRUMENTS December 31, 2025 June 30, 2026 Account receivable 452 68,874 Prepaid expenses and other current assets - 6,807 Restricted cash 34,074 - Cash and cash equivalents 4,787 54,469 Total financial assets 39,312 130,150 Accounts payable 103 35,066 Other accrued expenses and current liabilities 461 99,616 Bond payable, net of discount 40,010 - Senior facility and other GreenDot debt - 94,490 Customer prepayment liability - 20,000 Lease liabilities 566 13,407 Financial liabilities at amortized cost 41,140 262,578 Subordinatedconvertibledebt 23,297 48,126 Total financial liabilities 64,437 310,704 (ii) Financial instruments not measured at fair value Financial instruments not measured at fair value includes all the instruments listed in the table above (except the warrants and Subordinated convertible debt).Due to the short-term nature of Accounts receivable, Prepaid expenses and other current assets, Cash and cash equivalents, Restricted cash, Accounts payable and Other accrued expenses and current liabilities, amounts, the amortized cost is considered to approximate fair value. The Bond payable, Senior facility and GreenDot debt, Customer prepayment liability and Lease liabilities all carry market rates of interest, for these amounts the amortized cost is also considered to approximate fair value. (iii) Financial instruments measured at fair value The only financial instruments measured at fair value through profit and loss are the Subordinated convertible debt described in Note 19 and the Warrants and Subscription rights, described in more detail in Note 6 (none of which were outstanding at the two period ends presented here). all of which are measured at amortized cost, plus the Warrant/Subscription rights and Subordinated Convertible Bonds, which are measured at fair value through the profit and loss:
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NOTE 28: FINANCIAL INSTRUMENTS – RISK MANAGEMENT (AMOUNTS IN 000’s €) 52 2026 Half Year Report The current policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. To achieve this aim, it seeks to maintain cash balances (or agreed facilities) to meet expected requirements for a period of at least 45 days. The Group also seeks to reduce liquidity risk by fixing interest rates (and hence cash flows) on its long-term borrowings. The Group's borrowings comprise fixed rate instruments (the subordinated convertible bonds, the Customer prepayment liability and the Anviplas secured financings) and floating rate instruments (Facility A and the Revolving Facility under the Senior Facilities Agreement, which bear interest at EURIBOR subject to a zero floor plus an applicable margin). At June 30, 2026, € 80.6 million of borrowings bore interest at floating rates. An increase of 100 basis points in EURIBOR, with all other variables held constant, would increase annual finance costs by approximately € 806k. The Board regularly receives cash flow projections as well as information regarding cash balances. At the end of the financial year, these projections indicated that the Group expected to have sufficient liquid resources to meet its obligations under all reasonably expected circumstances. The budgets are set by management and agreed by the board in advance, enabling the Agilyx Group's cash requirements to be anticipated. Liquidity Risk - Financing Risk, Capital Management Bank loans in the German business are subject to covenants. There is a fundamental risk here that the banks may call in the liabilities or demand fees if these obligations are breached. As a result of the negotiations concluded with the GreenDot financing banks, it was possible to suspend the agreed covenants for 2025. In addition, new, more comfortable conditions were agreed for the following years, which the management is convinced it will be able to meet. The risks associated with covenant compliance are monitored as part of the Group's broader capital management framework. Further information regarding the Group's capital management objectives and policies is provided in the Capital Disclosures section below. The Senior Facility (Note 18) is subject to financial covenants under the related financing agreements. These covenants are assessed semi-annually and include requirements relating to leverage ratios and interest cover ratios. Following the covenant waiver obtained for 2025, revised covenant thresholds were agreed with the financing banks for future reporting periods. Management regularly monitors compliance with these requirements through forecasts and budget reviews and expects the Group to remain compliant with the applicable covenants. As at the reporting date, management was not aware of any facts or circumstances indicating that the Group may have difficulty complying with the revised covenant requirements. (iv) General objectives, policies and processes The Board has overall responsibility for the determination of Agilyx Group's risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Agilyx Group finance function. The Board receives monthly reports from the V.P. and Corporate Controller through which it reviews the effectiveness of the processes put in place and the appropriateness of the objectives and policies it sets. The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group's competitiveness and flexibility. Further details regarding these policies are set out below: Credit Risk Credit risk is the risk of financial loss to Agilyx Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Agilyx Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices. Furthermore, selected entities within the Group mitigate credit default risk through the use of factoring arrangements. As noted in Note 1 and 13, historically Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Credit risk also arises from cash and cash equivalents and deposits with banks and financial institutions. Agilyx Group only deals with highly reputable banks and financial institutions. At times, Agilyx Group does hold funds with certain banks that are beyond federally insured levels, however, management regularly monitor the banking relationships to minimize any risk that may arise in this respect. Liquidity risk Liquidity risk arises from Agilyx Group's management of working capital and the finance charges and principal repayments on its debt instruments. It is the risk that Agilyx Group will encounter difficulty in meeting its financial obligations as they fall due.
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53 NOTE 28: FINANCIAL INSTRUMENTS – RISK MANAGEMENT (AMOUNTS IN 000’s €) See Note 11, 16. 18, and 19 for undiscounted contractual cash flow information in relation to the lease liabilities, bond payable, Senior facility and other GreenDot debt, and subordinated convertible debt. Foreign Currency Risk Foreign exchange risk arises where the Group or its subsidiaries enter into transactions, or hold balances, denominated in a currency other than their functional currency. Following the change in functional and presentation currency to euro with effect from January 1, 2026 and the consolidation of the GreenDot group, the substantial majority of the Group's assets, liabilities, revenue and costs are denominated in euro and are not exposed to translation or transaction risk. The Group's principal remaining non-euro exposures are the US dollar balances held by Agilyx Corp and Cyclyx International, LLC, and Norwegian krone amounts arising in the parent company, including its share capital. Management does not currently hedge these exposures. Capital Disclosures Agilyx Group's managed capital includes equity and debt. The objectives for Agilyx Group when maintaining capital are: • to safeguard the entity's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, including ensuring compliance with covenants on borrowing facilities, and • to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. Agilyx Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares, or sell assets to reduce debt. Due to recent market uncertainty, the Group's strategy is to preserve a strong cash base and ensure compliance with any covenants attached to the bank and borrowing facilities. Contractual Maturities of Financial Liabilities Due between 0-12 months Due between 1-2 years Due after 2 years more Total As at December 31, 2025 Accounts payable 103 - - 103 Other accrued expenses and current liabilities 461 - - 461 Customer prepayment liability - - - - 564 - - 564 As at June 30, 2026 Accounts payable 35,066 - - 35,066 Other accrued expenses and current liabilities 99,616 - - 99,616 Customer prepayment liability - - 25,400 25,400 Balance at June 30, 2026 134,682 - 25,400 160,082 Liquidity Risk – Regulatory Funding Requirements - GreenDot group Pursuant to Section 18 (4) VerpackG, the federal states can demand appropriate, insolvency-proof collateral in the event that a dual system or a third party commissioned by it does not, not fully or not properly fulfil obligations under the VerpackG and the public waste management authorities or the competent authorities incur additional costs or financial losses as a result. To date, twelve federal states have issued final notices to set security deposits in accordance with section 18 (4) VerpackG; in one federal state, DSD is currently in the hearing process and a further three federal states have not yet issued a final notice. Legal proceedings are underway against one decision, which has been suspended. It is expected that the proceedings will be concluded in the near future. The management assumes that the security deposits could result in additional financing requirements for DSD in the single-digit millions. To cover these possible security deposits, DSD has secured its financing requirements with appropriate financial instruments. In the event of termination by a financier or if the financing framework granted is exceeded, alternative or additional security must be provided. The following table sets out the contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities: 2026 Half Year Report
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54 2026 Half Year Report Since Agilyx Group incurred a loss from continuing operations in the period ended June 30, 2025, the convertible bond, outstanding warrants and stock options would have an anti-dilutive impact on the Earnings per Share calculation, therefore the Diluted Earnings per Share was equal to the Basic Earnings per share. For the period ended June 30, 2026, the Subordinated Convertible Bond and the out of the money stock options were anti-dilutive and therefore excluded from the Diluted Earnings per Share calculation. NOTE 29: EARNINGS PER SHARE (AMOUNTS IN 000's € EXCEPT EARNINGS PER SHARE) Net Earnings Per Share: Net earnings per share is computed under the provisions of IAS 33, Earnings Per Share. Basic earnings per share is computed by dividing net earnings or loss by the weighted average number of common shares outstanding during the period. The following table sets forth the reconciliation of the numerator and denominator used in the computation of basic net earnings or loss per common share for the periods presented below: Earnings Per Share June 30, 2025 June 30, 2026 Numerator Gain / (Loss) for the period attributable to common stockholders (10,515) 6,029 Denominator Weighted average number of shares – basic 110,044 125,814 Dilutive effects of: Add: Share Options - 4,334 Add: Convertible debt - - Weighted average number of shares – diluted 110,044 130,148 Profit / (Loss) per share – basic (0.10) 0.05 Profit / (Loss) per share – diluted (0.10) 0.05 Termination of Dallas-Fort Worth lease: Subsequent to June 30, 2026, the Group entered into an agreement to terminate the long-term lease for the Dallas-Fort Worth facility, which had previously been intended to house the second Cyclyx Circularity Center. As previously disclosed in the Group's 2025 Annual Report, lease liabilities of approximately € 28.7 million were associated with the facility before the restructuring of Cyclyx. Following mitigation actions during the first half of 2026, the lease liability recognized at June 30, 2026 has been netted against the security deposit resulting in nil balance. Under the termination agreement, the security deposit was forfeited in full settlement of Cyclyx's remaining obligations under the lease. The termination required no additional cash payment by the Group and eliminated any further obligations under the lease. NOTE 30: SUBSEQUENT EVENTS
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2026 Half Year Report55 The following transactions did not involve the use of cash or cash equivalents and are therefore excluded from the statement of cash flows above, in accordance with IAS 7: Exchange of senior secured bonds for subordinated convertible bonds: In February 2026 the Group acquired € 10.9 million nominal of its own senior secured bonds in consideration for the issue of € 16.0 million par value of subordinated convertible bonds, recognised at their issue value of € 12.8m. The bonds acquired were cancelled. No cash was received on the issue of Feb tap convertible bonds and no cash was paid in respect of the senior secured bonds acquired. See Notes 16 and 19. Application of restricted cash on redemption of the Bond Payable: The remaining Bond Payable, net of discount were redeemed on March 31, 2026 using the pledged escrow account. The redemption amount was paid directly to bondholders by the escrow agent and at no point passed through a Group operating bank account. Restricted cash of € 34.1 million was applied in this way. As restricted cash is not a component of cash and cash equivalents, neither the release of the escrow nor the corresponding settlement of the bonds is presented in the statement of cash flows. See Note 16. To fund the purchase of 4.1% of GreenDot, a Share purchase financing facility was entered into with the former shareholders (non-cash transaction). This liability was settled in cash on May 19, 2026 and is presented as a cash flow in investing section of the consolidated statement of cash flows. See also Note 4. NOTE 31: NON-CASH INVESTING AND FINANCING TRANSACTIONS
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