Agilyx (AGLX) Noble Capital Markets Virtual Equity Investor Conference summary

Platform and positioning

• Pivoted to Europe in 2025, acquired 45% of GreenDot Global and increased ownership to majority control in 2026; GreenDot has been fully consolidated since late April 2026.

• GreenDot combines EPR waste handling, mechanical recycling across five countries and chemical-recycling feedstock; arcLABS provides U.S.-based R&D, lab services and technology licensing, with 20+ years of expertise and 22 patents.

• Integrated control of waste sourcing and recycling routes supports flexible feedstock allocation and margin capture across mechanical and chemical recycling channels.

• GreenDot's German EPR platform handles 400,000 tons of waste annually, including ~200,000 tons of plastic, and serves ~90,000 customers.

European market and regulation

• EU plastics capacity utilization is 58%; capacity has fallen ~1 million tons amid high energy costs, cheap recycled imports and low virgin-resin prices.

• The PPWR entered legal force in August 2026, setting 2030 packaging recyclability and recycled-content targets; plastic-waste exports to non-OECD countries are banned from November 21, 2026.

• Plastics Europe projects recycled-plastic demand will double by 2030 and double again by 2040; domestic processing rules and import standards are intended to support EU supply and production.

• Management sees rising demand for high-quality recycled output and expects regulatory targets to increase the need for chemical recycling; GreenDot provides feedstock and arcLABS holds conversion technology.

Financial performance and outlook

• GreenDot EPR revenue is projected at EUR 325 million in 2026; its fee-based model is paid before plastic sales and is not tied to commodity plastic prices.

• GreenDot EBITDA was ~EUR 11 million in 2025, with visibility to EUR 19 million in 2026 and a ~EUR 50 million target in 2028; the 2028 target assumes existing assets at full capacity and no further M&A.

• Mechanical recycling is expected to contribute EUR 21 million EBITDA in 2028; 2028 pricing assumptions are 10%-15% higher, with remaining growth mainly from full-capacity operations and internal quality upgrades.

• H1 2026 sales were EUR 85 million and consolidated EBITDA was just under negative EUR 2 million; only two months of GreenDot operations were consolidated. June 30 cash was just under EUR 55 million.

• Consolidated EBITDA profitability is expected in 2026; a EUR 50 million convertible bond and cash flow support funding through at least late 2027, while ~EUR 25 million of CapEx is planned from operating cash flow.