This article first appeared on GuruFocus .
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Revenue:EUR85 million for H1 2026.
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EBITDA:Loss of EUR1.9 million for the consolidated group.
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Net Profit:EUR9.7 million for the period.
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Cash Position:EUR54.5 million at the end of June.
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GreenDot Revenue (100% basis, full six months):EUR229 million.
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GreenDot EBITDA (100% basis, full six months):EUR8.9 million.
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GreenDot EPR Revenue:EUR189 million.
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Mechanical Recycling Revenue:EUR40 million, up from EUR17 million year-on-year.
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Mechanical Recycling EBITDA:EUR1.9 million gain, compared to a EUR0.9 million loss in the prior year.
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Chemical Recycling EBITDA:Loss of EUR3.2 million, compared to a EUR1.9 million loss in the prior year.
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One-off Gains:EUR30.2 million, including EUR11.4 million from remeasurement of GreenDot interest, EUR12 million from Cyclyx reorganization, and EUR6.8 million from Anviplas acquisition.
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Net Financial Items:EUR15.2 million expense, principally from redeeming the senior bond.
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Total Assets:EUR468 million.
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Interest-Bearing Debt:EUR142.6 million.
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Net Interest-Bearing Debt:EUR88.1 million.
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GreenDot 2026 EBITDA Guidance:Circa EUR19 million, growing from EUR11 million in 2025.
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2028 EBITDA Target:EUR50 million.
Release Date: August 27, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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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.
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The company successfully exited US project development activities and repaid its senior debt, strengthening its balance sheet and reducing financial risk.
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GreenDot's EPR business provides stable, predictable cash flow with upfront payments, insulating the group from commodity price cyclicality.
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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.
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The company is well-funded with EUR54.5 million in cash and an extended runway to at least late 2027, supporting its growth strategy.
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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.
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The partnership with osapiens to develop an AI-powered EPR compliance software platform offers potential for high-margin, software-like revenue growth.
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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.
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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.
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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.
Negative Points
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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.
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The Spanish acquisition, Anviplas, is expected to be dilutive to EBITDA in 2026, requiring investment and only reaching breakeven by year-end.
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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.
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A fire at the German plant in Eisfeld disrupted mechanical recycling operations in June, with the site only coming back online in August.
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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.
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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.
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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.
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Forplast, a bottle-to-bottle business, is performing slightly behind plan, with a slower-than-projected ramp-up.
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The net profit of EUR9.7 million was largely driven by non-recurring gains, which may not be sustainable in future periods.
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The company's strategic pivot to Europe and exit from US projects may limit diversification and growth opportunities in other markets.
Q & A Highlights
Q: Regarding the company's funding runway until late 2027, is this timeline connected to potential significant new investments to meet regulatory-driven demand, and what are the current utilization levels and spare capacity? A: Ranjeet Bhatia (CEO) clarified that Agilyx's cash burn is approximately EUR500,000 per month (EUR1.5 million per quarter), which at the current balance funds the company until late 2027. He noted this burn is expected to decrease as the arcLABS business grows. The GreenDot refinancing, targeted for early 2027, is separate but could allow for dividend payments to Agilyx. The timing of the GreenDot financing is driven by potential growth opportunities, as there is headroom to increase existing credit lines to fund additional infrastructure or acquisitions.
Q: Given the recent acquisitions, will Agilyx continue to assess acquisition opportunities, and are there any geographic areas, such as non-EU Europe (e.g., Norway or the UK), that are off the table? A: Ranjeet Bhatia (CEO) stated that while geographic proximity for synergies is a factor, the primary driver for acquisitions is the EU's PPWR regulations. The company sees significant opportunities around eco-modulation and targets within the EU, making it more probable that future acquisitions will be focused in that region, though he did not rule out other areas entirely.
Q: Can you explain the seasonality and expected trend of the EPR working capital, specifically the EUR88 million in waste and licensing accruals? A: Bertrand Laroche (CFO) confirmed that the working capital in the licensing business is negative all year but has seasonal swings. Receivables tend to be highest early in the year and then decline. The net working capital is roughly stable and consistently negative, reflecting the structural nature of the EPR cycle where licensing fees are billed annually upfront and recycling costs are settled throughout the year.
Q: Why is the loss allowance zero on trade receivables, given that EUR36.6 million is past due, including EUR9.7 million over 90 days? A: Bertrand Laroche (CFO) explained that GreenDot's historical credit losses are negligible, justifying the zero loss allowance. He noted that the policy will be revisited, but there is no current concern regarding the ability to collect on these receivables.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
