Half Year 2026 Agilyx ASA Earnings Call Transcript
Key Points
- Agilyx ASA (AGXXF) increased its ownership in GreenDot Global to 50.1%, consolidating results and driving significant revenue growth to EUR85 million in H1 2026.
- The company successfully exited US project development activities and repaid its senior debt, strengthening its balance sheet and reducing financial risk.
- GreenDot's EPR business provides stable, predictable cash flow with upfront payments, insulating the group from commodity price cyclicality.
- EU regulations, including the PPWR and the plastic waste export ban, are expected to create a structural tailwind for recycled content demand, benefiting Agilyx ASA (AGXXF)'s mechanical and chemical recycling operations.
- The company is well-funded with EUR54.5 million in cash and an extended runway to at least late 2027, supporting its growth strategy.
- GreenDot's mechanical recycling capacity has expanded 2.5 times in less than a year through strategic acquisitions in France, Spain, and Italy, with immediate contributions from some assets.
- The partnership with osapiens to develop an AI-powered EPR compliance software platform offers potential for high-margin, software-like revenue growth.
- Agilyx ASA (AGXXF) reported a net profit of EUR9.7 million for H1 2026, driven by one-off gains from the GreenDot remeasurement and Cyclyx reorganization.
- The company has high visibility on achieving EUR19 million EBITDA at GreenDot in 2026, up from EUR11 million in 2025, with a clear path to EUR50 million by 2028.
- The chemical recycling feedstock production capability is set to reach close to 60,000 tons per annum with the new Austrian plant, providing optionality for future growth.
- Agilyx ASA (AGXXF) reported a consolidated EBITDA loss of EUR1.9 million for H1 2026, reflecting the impact of one-off costs and the partial consolidation of GreenDot.
- The Spanish acquisition, Anviplas, is expected to be dilutive to EBITDA in 2026, requiring investment and only reaching breakeven by year-end.
- The chemical recycling segment saw an increased EBITDA loss of EUR3.2 million, primarily due to a fire at the Italian sorting facility that disrupted operations for seven months.
- A fire at the German plant in Eisfeld disrupted mechanical recycling operations in June, with the site only coming back online in August.
- The group has a net current liability position of around EUR58 million, which is structural to the EPR cycle but may raise concerns about liquidity.
- Agilyx ASA (AGXXF) faces ongoing platform costs of around EUR1.5 million per quarter, which could pressure cash flow if not offset by revenue growth.
- The company's runway is only funded until at least late 2027, and the GreenDot refinancing is targeted for early 2027, creating potential refinancing risk.
- Forplast, a bottle-to-bottle business, is performing slightly behind plan, with a slower-than-projected ramp-up.
- The net profit of EUR9.7 million was largely driven by non-recurring gains, which may not be sustainable in future periods.
- The company's strategic pivot to Europe and exit from US projects may limit diversification and growth opportunities in other markets.
Ladies and gentlemen, we warmly welcome you to the H1 2026 earnings call for the Agilyx ASA. Please note that this call is being recorded and a replay will be available later. Your participation in the call implies your consent to this.
I am pleased to welcome Agilyx's CEO, Ranjeet Bhatia; and CFO, Bertrand Laroche, who will guide us through the presentation in a moment, after which we will move on to the Q&A session. And with no further ado, let's move on to the presentation.
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
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