Agilyx ASA reported a tripling of its European mechanical recycling capacity to 175,000 tons in the first half of 2026, driven by three acquisitions completed between November 2025 and June 2026. The capacity expansion follows the consolidation of GreenDot, in which Agilyx increased its stake to 50.1% in April 2026, integrating the German recycler’s operations into its platform.
The company’s H1 2026 consolidated revenue reached EUR 85.1 million, while net profit totaled EUR 9.7 million, boosted by EUR 30.2 million in one-time gains. These included an EUR 11.4 million non-cash gain on the remeasurement of GreenDot equity, an EUR 12.0 million gain from the Cyclyx reorganization, and a EUR 6.8 million bargain purchase gain on the Anviplas acquisition. EBITDA remained negative at EUR 1.9 million for the period.
GreenDot, now fully consolidated, reported standalone revenue of EUR 229 million in H1 2026, with its Extended Producer Responsibility (EPR) business generating EUR 189 million. Mechanical recycling revenue more than doubled to EUR 40 million, while EBITDA turned positive at EUR 1.9 million, compared with a EUR 0.9 million loss in the prior-year period. Chemical recycling EBITDA losses widened to EUR 3.2 million.
Agilyx’s balance sheet strengthened, with total assets rising to EUR 468.1 million as of June 30, 2026, up from EUR 84.1 million at year-end 2025. Cash and cash equivalents increased to EUR 54.5 million, while net interest-bearing debt stood at EUR 88.1 million. Available liquidity totaled EUR 79.5 million, including an undrawn EUR 25 million revolving credit facility. Goodwill recognized on acquisitions reached EUR 136.9 million.
The company outlined a 2026 EBITDA target of EUR 19 million for GreenDot, up from EUR 11 million in 2025, with a projected EUR 50 million by 2028. Mechanical recycling EBITDA is forecast to rise from EUR 4.5 million in 2026 to EUR 21 million by 2028, while chemical recycling is expected to return to profitability with EUR 5 million in EBITDA by 2028. Monthly cash burn at the Agilyx platform level is running at approximately EUR 500,000.
Regulatory changes in the EU are supporting the sector’s growth trajectory. The Packaging and Packaging Waste Regulation (PPWR), enacted on August 12, 2026, mandates that all packaging be recyclable by 2030. Additionally, the Waste Shipments Regulation’s ban on plastic waste exports to non-OECD countries, effective from November 21, 2026, is expected to further drive domestic recycling demand. Non-OECD countries currently account for at least 47% of EU plastic waste exports.
Agilyx holds 22 patents for its proprietary chemical recycling technology and operates under a business model that includes arcLABS, Cyclyx, and Forplast. The company has also faced operational disruptions, including fires at its German Eisfeld mechanical recycling plant and the Corsico sorting facility in Italy, which halted operations for about seven months before restarting in May.
