Agilyx ASA (OB:AGLX) reported a first-half 2026 EBITDA loss of EUR 1.9 million as the company accelerated its European expansion, tripling mechanical recycling capacity through a series of acquisitions. The broader platform, including GreenDot, posted a EUR 4.6 million EBITDA loss for the period, reflecting one-time costs tied to fundraising and restructuring.
Revenue for Agilyx’s H1 2026 totaled EUR 85.1 million, up from EUR 196 million in the same period a year earlier, though segmental performance varied. Extended Producer Responsibility (EPR) revenue declined slightly to EUR 189 million, while mechanical recycling revenue more than doubled to EUR 40 million. GreenDot, in which Agilyx increased its stake to 50.1% in April 2026, reported six-month revenue of EUR 229 million and EBITDA of EUR 8.9 million, contributing EUR 2.7 million during the roughly 10 weeks it was consolidated in H1.
The company’s balance sheet expanded significantly, with total assets rising from EUR 84.1 million at year-end 2025 to EUR 468.1 million as of June 30, 2026. Goodwill recognized totaled EUR 136.9 million, while cash stood at EUR 54.5 million, supported by an undrawn EUR 25 million revolving credit facility. Monthly cash burn at the platform level was approximately EUR 500,000.
Capacity growth was driven by acquisitions, including Forplast (30,000 tons, November 2025), RG Group (30,000 tons, February 2026), and Anviplas (35,000 tons, June 2026), lifting mechanical recycling capacity to 175,000 tons annually from 70,000 tons a year earlier. GreenDot operates six mechanical recycling facilities across five European countries and holds a 16.5% market share in Germany’s EPR system.
Chemical recycling operations, including facilities in Austria and Milan, are targeting close to 60,000 tons of annual capacity, with projections indicating a turnaround from an EUR 5.5 million loss in 2026 to a EUR 5 million profit by 2028. Mechanical recycling is forecast to reach EUR 4.5 million in EBITDA for 2026 and EUR 21 million by 2028, while EPR operations are projected to grow from EUR 21 million in 2026 to EUR 25 million by 2028.
Net profit for the period stood at EUR 6.0 million after accounting for EUR 15.2 million in other net financial items and EUR 3.6 million attributable to non-controlling interests. The result was bolstered by EUR 30.2 million in one-off gains, including an EUR 11.4 million non-cash gain on GreenDot’s remeasurement and a EUR 6.8 million bargain purchase gain on Anviplas. Agilyx’s stock traded at USD 17.80, up 0.28% from the prior close, and roughly 40% above its 52-week low of USD 11.80.
