Agilyx (AGLX) Status Update summary

Strategic and operational highlights

• Expanded Cyclyx JV to two US industrial-scale sorting facilities with 300,000 tons/year capacity and $270 million committed capital.

• Launched Plastics JV in Madrid to build EU waste plastic sourcing capability; Styrenix completed a polystyrene recycling plant in Japan.

• Streamlined operations, reducing central overheads by over $6 million/year and executive team from nine to five.

• Increased focus on feedstock supply, positioning as a technology-agnostic supplier to multiple conversion platforms.

• Cyclyx is supplying ExxonMobil and LyondellBasell, with first circularity center in Houston nearing completion.

Market opportunity and positioning

• Global demand for recycled content in packaging projected at 14 million tons/year by 2030, requiring 20 million tons of feedstock.

• Advanced recycling projects only projected to reach 7 million tons/year, creating a significant supply shortfall and premium pricing for recycled plastics.

• Cyclyx's first two facilities to supply 200,000 tons/year, with partners' demand potentially reaching 600,000 tons by 2028.

• EU advanced recycling projects to require 1 million tons/year feedstock by 2030, up from 65,000 tons currently.

• First-mover advantage in industrial feedstock supply, with a $5 billion market opportunity at $250/ton and 10% margin.

Project and financial updates

• Houston circularity center to produce 100,000 tons advanced recycling and 50,000 tons mechanical feedstock; 10-year cost-plus offtake contract with ExxonMobil and LyondellBasell.

• Dallas-Fort Worth center FID'd in late 2024, targeting mechanical completion mid-2026; $67.5 million Agilyx commitment funded by $40 million equity and $50 million green bond.

• Cyclyx leadership strengthened with new CEO, COO, VP Commercial, and Chief Impact Officer; new HQ in The Woodlands, Texas.

• Plastics Limited signed MOU for 60,000 tons/year waste plastic for 2027 delivery; focus remains on Europe.