Agilyx ASA reported a net profit of EUR 9.7 million in the first half of 2026, supported by EUR 30.2 million in one-time gains, as the company consolidated its European recycling operations through the April 2026 acquisition of GreenDot. Consolidated revenue for the period reached EUR 85.1 million, reflecting partial-period inclusion of GreenDot, which contributed EUR 229 million in standalone revenue with EBITDA of EUR 8.9 million.
The company’s European recycling capacity tripled over the past 12 months, expanding from 70,000 tons in August 2025 to 175,000 tons by mid-2026 through three acquisitions: Forplast in November 2025 (+30,000 tons), RG Group in February 2026 (+30,000 tons), and Anviplas in June 2026 (+35,000 tons). Mechanical recycling revenue more than doubled year-over-year to EUR 40 million, while EBITDA turned positive at EUR 1.9 million, compared with a EUR 0.9 million loss in H1 2025. Chemical recycling EBITDA losses widened to EUR 3.2 million, primarily due to operational disruptions at the Corsico facility in Italy, which remained offline for seven months following a fire.
GreenDot, in which Agilyx holds a 50.1% stake, reported EUR 189 million in Extended Producer Responsibility (EPR) business revenue with EBITDA of EUR 12.4 million, maintaining an annual gross profit range of EUR 44–49 million. The company holds a 16.5% market share in Germany’s EPR sector and operates with a EUR 325 million annual turnover. Agilyx also recognized EUR 11.4 million in non-cash gains from the remeasurement of its GreenDot equity stake and EUR 12 million from the Cyclyx reorganization, alongside EUR 6.8 million in bargain purchase gains from the Anviplas acquisition.
Agilyx’s balance sheet strengthened, with total assets rising to EUR 468.1 million as of June 30, 2026, 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. The company completed a full redemption of USD 50 million in senior secured bonds and expanded its convertible bond issuance to EUR 50 million from EUR 24 million. Available liquidity totaled EUR 79.5 million, including an undrawn EUR 25 million revolving credit facility.
Regulatory milestones are supporting the company’s strategic pivot. The EU’s Packaging and Packaging Waste Regulation entered into force on August 12, 2026, while the Waste Shipments Regulation’s ban on plastic waste exports to non-OECD countries takes effect on November 21, 2026. Agilyx projects European recycled plastic demand for packaging to more than double from 2.5 million tons in 2024 to 5.4 million tons by 2030, and to reach 11.5 million tons by 2040. Current EU recycled plastic output totals 8 million tons, with only 2.5 million tons used for packaging.
GreenDot’s full-year EBITDA target for 2026 is EUR 19 million, with a long-term target of EUR 50 million by 2028, representing a 66% compound annual growth rate from 2025. Mechanical recycling EBITDA is projected to reach EUR 21 million by 2028, up from EUR 4.5 million in 2026, while chemical recycling is expected to return to profitability with EUR 5 million in EBITDA by 2028.
