Thank you very much and good morning, and thank you for joining us. I'm Ranjeet Bhatia, Chief Executive of Agilyx, and I'm joined today by my colleague and Agilyx's Chief Financial Officer Bertrand Laroche.

I've personally been a shareholder in this business, in Agilyx, and a director since 2009, Chief Executive since 2024. I also serve as the Chair of GreenDot Global.

We will have a Q&A period at the end of the presentation, as was mentioned. If you have any questions during the presentation, please do feel free to include them in the chat box, and we will try to answer your questions during the Q&A, or of course take audio questions afterwards.

Today we'll step through an overview of Agilyx and highlights from H1, first half, provide an operational review and current market outlook, and Bertrand will lead us through our H1 financials in more detail. This presentation will also be posted on our website after this session, you feel free to download it from there as well.

Firstly, a brief summary of Agilyx. We are listed on the Oslo Stock Exchange, and we have two business units that operate in parallel.

The first is the primary operating platform. We own a majority of GreenDot Global, one of Europe's leading integrated plastic recyclers, and which is fully consolidated into Agilyx from the end of April this year.

GreenDot receives and owns plastic waste and operates mechanical recycling facilities in multiple EU countries. This segment is really what generates our group profitability and today's cash flow.

The second segment is arcLABS, our wholly owned technology and analytics arm in the United States. It has 20-plus years of chemical recycling research and development experience, 22 patents, and it markets lab services that support both our own facilities and third parties.

It's really the R&D arm of our company. This slide is intended to answer a common question, which is: what do we do, and why does owning all of it together present an advantage in the marketplace?

We structured Agilyx to meet the needs of a really rapidly evolving market in plastic recycling, and the strategic and industrial logic is to control high volumes of plastic waste through collection programs, to own the mechanical and the chemical recycling feedstock plants, and thus have the capability to route plastic volumes through the most profitable channels, which is a dynamic decision, which is evolving as the market is moving quickly. In addition, controlling plastic from source to recycled end products enables us to develop into a one-stop shop for brands and retailers, who are already our customers and are now working on pan-European recycling strategies.

The left four columns on this slide are services provided by GreenDot. Moving from left to right, it's a contracted supplier of waste handling in Germany under its extended producer responsibility rules.

It's a significant producer of recycled plastic with mechanical recycling facilities across five European Union countries. It's a supplier of chemical recycling feedstock, and lastly, it's a co-developer of an AI-powered EPR compliance software platform in collaboration with Osapiens, a German software business, to address increasingly complex EU reporting requirements.

Needless to say, it takes years to develop these customer relationships, the brand awareness, the market insights, and of course the operating permits and expertise. The right two columns are the capabilities of our technical platform, arcLABS, which I referred to, again our U.S.-based R&D center, which qualifies feedstock and licenses technology.

I'd say that some of our peers may own one or two of these capabilities, but difficult to find one with the full breadth of Agilyx. Our position across the value chain really gives us operational flexibility and strategic synergies.

Focusing for a moment on the highlights of 2026, the first half of 2026, a central highlight is our increased ownership in GreenDot Global, which Agilyx now owns 50.1% and is consolidating results as of April 20th, and the expansion of that platform through multiple acquisitions that have occurred over the last nine months of our involvement. In H1, Agilyx implemented a strategic restructuring where we exited all of our U.S.

project development activities and obligations and repaid our outstanding senior debt, which had been allocated for that purpose. We're now focused primarily on Europe, where GreenDot is our key asset, and as part of our pivot, we placed 26 million euros of convertible bonds during the period, and we extended our operating runway to at least late 2027.

For H1, we reported 85 million euros in revenue, an EBITDA loss of 1.9 million euros, and a net profit of 9.7 million euros. GreenDot on a standalone basis for the full six months booked 229 million euros in revenue, 8.9 million in EBITDA.

We only consolidated two months of those operations, given the date of the control transaction, but on a pro forma six-month consolidated basis, we would report a solid EBITDA profit. While Agilyx has been through really significant transformation over the last few years, in H1 we really emerged as a stronger company and on solid financial footing.

Focusing on GreenDot operations, the essential business here, as I mentioned, is the EPR, which has 15% market share in Germany and over 30-year operating history. It has near universal brand recognition in the German market, and it licenses its brand and logos across Europe, including in Norway, where I'm currently resident, where it's familiar to many as Grønt Punkt Norge.

In 2026, the EPR business is processing 400,000 tons of recycling volumes, including circa 200,000 tons of waste plastic. If we take into account recent acquisitions, the total input mechanical recycling capacity has increased to 175,000 tons.

On the chemical recycling feedstock side, preparation facility is in construction in Austria, which is on budget and on time for commissioning in Q2 of 2027, and that Austrian plant combined with our plant outside of Milan will bring our chemical recycling feedstock production capability to close to 60,000 tons per annum. Importantly, again I come back to the EPR business.

It's a central part of our financial structure. The EPR segment is paid up front for plastic before plastic is sold.

Revenue that comes in does not necessarily depend on commodity prices in plastic, and we have good visibility early each year on the full year performance. You can see from the slide, the left side of this page, that gross profit has been consistent over five years, and we expect this to continue with moderate growth.

The stable waste volumes and the predictable and stable cash flow of the EPR really helps us insulate GreenDot from the cyclicality of the recycling sector and has enabled or empowered the company to make opportunistic investments to expand its platform. To that end, the mechanical recycling throughput capacity has expanded two and a half times in less than a year by way of acquisitions in France and Spain earlier this year and the addition of an Italian acquisition completed late last year.

Integrating and consolidating these acquisitions into GreenDot's portfolio has been a real focus of the management this last year, and we're seeing immediate contributions from both the Italian and the French mechanical operations. We won't see full potential from these and from the Spanish acquisition until 2027 and onwards, but we are already seeing the benefits of the network.

What's driving this market and why particularly now is there so much catalyst is that EU legislation is really set to transform the industry. The EU's Packaging and Packaging Waste Regulation came into legal force on August 12th of this year, just a couple of weeks ago.

Its mandate requires that recycled content targets kick in in 2030 and that all packaging placed in the European Union must also be recyclable by 2030. Then critically, from November 21st of this year, in three months, the EU will ban plastic waste exports to non-OECD countries, and that means that waste that used to leave Europe will primarily need to be processed inside the EU.

Read together, you get really two effects that work to our benefits: the demand for recycled content is becoming mandatory rather than voluntary, which is a structural tailwind for those of us who can supply product, and the export ban decreases input costs, which will have a positive effect on supplier operating margins. The demand impact of that legislation is pretty significant.

I would say it's not an overstatement to say we expect a wave of demand as a function of the legislation. Plastics Europe projects that the EU will require over 11 million tons of recycled plastic for packaging by 2040.

To meet this demand, the 2.5 million tons currently used for packaging will need to double by 2030 and double again by 2040. Our mechanical recycling capacity will directly benefit from increased demand for high-quality recycled plastic, and we firmly believe that that demand is going to outstrip current capacities, and therefore is also going to accelerate the need for chemical recycling to meet targets.

While we have a strong and operative and profitable mechanical recycling platform, our footprint in chemical recycling also provides us an optionality on that growth by providing feedstock through GreenDot's facilities and conversion technology from our labs, which in combination allows us to really be a player in that sector. We have previously shared some indicative 2026 performance targets for GreenDot, we're very pleased that the company is substantially on track to achieve these expectations.

We've made a small downward adjustment in the mechanical recycling EBITDA forecast due to the acquisition of Anviplas in Spain, which was not in our previous forecast and will require some investment over the balance of the year. We expect Anviplas to break even by year-end, though, and make a positive contribution in 2027.

We have high visibility on circa 19 million euros of EBITDA at GreenDot in 2026, growing from euros 11 million in 2025, very substantial growth. As an Agilyx shareholder recently observed to me, and she was absolutely correct in saying it, that anyone who wants to win in 2030 needs to be a player in 2028.

At GreenDot, we're moving very quickly to consolidate an integrated, fast-growing, and profitable platform, and we're confident that we're tracking to a 2028 target of euros 50 million in EBITDA. Lastly, before I return over to the financial section, I do also want to mention or comment on our projects around digitalization, which are very important to the future of the industry.

As regulation expands across the European Union, companies are under increasing pressure to navigate compliance and complexity. In H1, GreenDot entered into a exclusive relationship with OSapiens, a German AI software unicorn backed by BlackRock and other prominent investors, to develop and market a recycling compliance solution for the EPR market.

The first modules are currently under development. We expect them to start coming to market at the end of 26, and combined with GreenDot's other activities to digitize packaging information, we're very excited about the potential software-like margins and meaningful growth to this segment in deliverable over the coming years.

With that, I'd like to pass the microphone to Bertrand, who will review our financial performance in more detail. Bertrand?

Thank you, Ranjeet. Good afternoon.

Let me take you through the first half of 2026. GreenDot was consolidated only from April 20, these results do not reflect the full six months, and with no GreenDot in the 2025 comparative, no line is like for like.

Consolidated EBITDA was negative 1.9 million euros, positive 2.7 million from GreenDot since late April, against negative 4.6 million from Agilyx, which includes 1.4 million of one-off costs, mainly on the fundraising costs for the convertible issuance. We expect Agilyx platform costs to run at around 1.5 million per quarter going forward.

Net profit for the period was 9.7 million euros, which includes 30.2 million of one-off gain I will come to on slide 17. Cash was 54.5 million at the end of June, against 4.8 million at the year-end.

The increase is principally coming from cash coming on the balance sheet with GreenDot and Cyclyx consolidation, together with the convertible bond proceeds. We also show GreenDot on a 100% basis for the full six months.

GreenDot is tracking well to its target of 19 million euro EBITDA for the full year, with 8.9 million delivered in the first half. Anviplas, the Spanish acquisition that closed at the end of June, is slightly dilutive on EBITDA for this year while we integrate a business acquired out of insolvency.

We expect to reach EBITDA break-even on that asset by the year-end and a positive contribution from 2027. Let's look at GreenDot performance under each segment.

EPR revenues were 189 million euros, with volumes and margins stable year on year despite lower paper recycled prices. Mechanical recycling, revenue up from 17 to 40 million, and EBITDA from 0.9 million loss to a 1.9 million gain, driven by the acquisitions over the last nine months of three groups.

RG Group in France is performing strongly. Forplast is slightly behind plan as a bottle-to-bottle business ramps up more slowly than projected, and in Germany, a fire at our German plant at Eisfeld slightly disrupted operations in June, with the site coming back online from August.

For context, mechanical recycling generated 31 million of revenues in the whole of 2025 and already 40 million in this half alone. Chemical recycling went from a 1.9 million to a 3.2 million EBITDA loss, mainly due to the fire at our Italian sorting facility, which was down around seven months for repairs and permitting.

It restarted in May and is ramping back up. Let's review the bridge from the operating results to the reported profit.

An operating loss of 5.3 million, against which sit 30.2 million of gains. First, 11.4 million from the re-measurement of our previously held 46% interest in GreenDot to fair value.

Then 12 million on the Cyclyx reorganization, where we took the remaining net assets for no consideration, and 6.8 million on Anviplas, bought through a court-supervised sale for a nominal sum, well below the fair value of these assets. None of these three recurs.

Below that, 15.2 million of net financial items, principally the cost of redeeming the senior bond in March, which gives 9.7 million of profit, of which 3.6 goes to the non-controlling interest in GreenDot and 6 million to Agilyx shareholders. The balance sheet has changed significantly since December 2025, essentially due to the GreenDot consolidation.

Total assets are now 468 million euros, and we now carry GreenDot in full, replacing the 41 million equity-accounted investment, with 136.9 million of goodwill and 113.7 million of customer relationships and trade names. Equity includes 64.7 million of non-controlling interest.

The balance sheet shows a net current liability position of around 58 million. That is structural to the EPR cycle rather than a liquidity constraint.

Licensing fees are billed annually upfront, and the associated recycling costs are provided for and settled through the year. Against it, we hold 54.5 million of cash and a undrawn 25 million revolver facility.

On the capital structure, the senior bond was fully redeemed in March, removing its covenant and releasing 34 million of restricted cash from escrow. In its place, we issued 26 million of convertible, of which only 9.7 million was cash, as the February tap was an exchange for senior bonds.

No cash interest is payable on that loan, and it does not mature until June 2028. Interest-bearing debt has increased to 142.6 million, mainly from the consolidation of GreenDot.

At Agilyx level, net debt has declined by around 20 million euros this year, following the redemption of the senior bond and the issue of the new convertible. After netting the consolidated 54.5 million of cash, the group net interest-bearing debt is 88.1 million.

Refinancing of the GreenDot facilities is targeted for early 2027. GreenDot has a undrawn 25 million revolving facility and took in 9.3 million of new equity from both shareholders in June.

Neither Agilyx nor GreenDot has a near-term funding requirement, and Agilyx is funded through at least late 2027. That concludes the financial review.

Thank you, Bertrand. Just to wrap up and to conclude, GreenDot's EPR really anchors the platform.

It provides consistent cash flow and margins while controlling high volumes of plastic waste. EU regulation is catalyzing a wave of regulatory-driven demand.

We're seeing increasing momentum and engagement as brands work to meet pending PPWR requirements. We're moving up the value chain by increasing product quality through investments in higher-quality capacity in our mechanical recycling business to drive EBITDA growth.

Agilyx's conversion technology and technical expertise gives us real optionality to close the loop as that market develops, building on our successful deployment in Japan, where we have credible and proven technology already deployed. We are well funded, as Bertrand mentioned.

We are well funded to meet our objectives with excellent debt refinancing opportunities at GreenDot. I would add finally that the macroeconomic and industry, and at times company-specific headwinds over the last years has been a clear challenge.

We've worked through them. We've navigated those waters, and we've pivoted our strategy to meet the opportunity, and we really emerge today as a transformed company, well positioned to compete and to consolidate our position as an innovator and a market leader in the European recycling sector.

I'm very excited for the balance of the year and be able to report our progress next time we are able to speak about it. I want to thank you for your time today, and we would be happy to take any questions.

Hello, Adam.

Hi there, just checking I'm unmuted. Can you hear me okay?

Yep, great, loud and clear.

Great, thanks. Thanks, Ranjeet and thanks Bertrand.

Two questions, actually kind of one for each of you. In the deck, you've got the phrase fully funded until at least late 2027.

The GreenDot refinancing is early 27. I'm wondering why that date, and my wonder is it's less connected with the finance, more with the strong tailwinds you're seeing from the regulatory change.

Are you thinking that in late 2027 you're going to want to be looking at maybe significant new investment to meet the demand that's out there? Related to that, what sort of utilization levels are you at?

How much spare capacity do you have in just what you have at the moment? Then I'll go with the second question for Bertrand.

It's a little bit more technical, just on the EPR working capital. I think I'm right in saying, looking at the notes, it's the licensing accruals figure, 88 million.

I'm wondering is there any seasonality in that and just looking forward, would we expect that kind of level to kind of be maintained, maybe growing with the EPR business, but not with the rest of the business?

Bertrand, you want to take that, the last part there?

Sure, that's correct. There is some seasonality to it.

The working capital at the licensing business is all year negative, but there is some swings. It tends to start on the early side of the year, receivable tend to be the highest early in the year, then go down.

There is a bit of a seasonal swing over the years, but the net working capital is actually roughly stable and always negative.

Great. Thanks.

Adam, to ask your question about runway and cash and end of 2027, that's our current. There's another question I see from George Powell about cash burn.

Agilyx is about 500,000 a month, one and a half quarter. In our current balance of roughly 10 million, that's sort of end of 2027, assuming no changes.

While in fact, that burn will come down as our arcLABS business builds. We have a series of commercial opportunities that we're pursuing that we expect will potentially mitigate that.

That's why we're using those numbers, just to be conservative and provide transparency on our runway to Agilyx. The financing at GreenDot is not really a function of that, although it could impact that because the refinancing of the bank lines at GreenDot would therefore allow dividends to be paid up to the shareholders, and that's one way that Agilyx would therefore mitigate some of its cash needs.

The decision around growth is really what's driving the timing of the GreenDot financing, in the sense that if there's additional infrastructure that we would like to fund or opportunities we'd like to pursue, that's probably the best way to do that, because there's some headroom to increase those lines to allow for that type of investment.

Yep. Yep.

Okay. Makes sense.

Thanks.

Forsyth, did we answer your question there? Yes, okay.

Sorry, I was on mute. The history of GreenDot doesn't show any significant losses on collection, and that's why the loss allowance is zero.

We will revisit the old policy to compute the loss allowance, but there is no concern for the ability to collect on those receivables.

Great, thanks. Just a slightly more general one, partly actually Ranjeet talking about where he is at the moment.

In terms of the acquisitions we've made, it feels very country-driven and feels very mechanical recycling-driven, and I wonder if we look forward, obviously, I would expect you to be continuing to assess acquisition opportunities as they arise. Is there anywhere you would rule out?

Would you avoid non-EU Europe, such as Norway, or where I am sitting in the UK, or are these areas sort of still on the shopping list, if that's the right way to put it?

That's a good question. Of course, there are multiple reasons to do acquisitions, to find synergies with the group, and geographic proximity could be one of them, where we can share resources and waste sheds.

I would say, though, in general, one of the primary motivators for us has been the PPWR regulations coming into force in the EU, and so we're seeing a lot of opportunity around eco-modulation and targets, which tend to then aggregate us in that region. I would never exclude that, and GreenDot is really looking at all types of opportunities, but I think the better probability is that we'd be looking at assets that are in that geography.

Makes sense. Thanks.

I just thank everyone for joining, and we're looking forward to the next period of time in the company's development. Bertrand and I are always available, happy to meet with you or speak with any of you at any time.

Please feel free to reach out, and we'll make the time to do that. Thank you very much.

Thank you.