Agilyx Announces Strategic Reorganization of Cyclyx and Full Redemption of Senior Secured Bonds
OSLO, Norway, February 2, 2026 - Agilyx ASA (OSE: AGLX: OTCQX: AGXXF: ISIN:
NO0010872468: WKN: A2QGQ) ("Agilyx" or the "Company") announces a series of
initiatives to simplify the Company's structure, eliminate near-term
construction and financing risk, and increase strategic flexibility. Following
implementation, Agilyx will have minimal funding requirements and focus on
European platform expansion, synergies across the Group, and improved long-term
value creation.
Key highlights
Cyclyx´s Houston Circularity Center 1 (C1), currently under construction in
Houston, Texas, will be transferred to existing JV partners
The Final Investment Decision at Cyclyx's Dallas-Fort Worth Circularity Center 2
(C2) will be unwound and Agilyx will redeem its USD 50 million senior secured
bond, materially deleveraging Agilyx and strengthening its balance sheet while
reducing cash burn
Agilyx will assume 100% ownership of Cyclyx International, including use of all
data, IP, designs and the commercial platform, expected on or about March 25,
2026
The restructuring will eliminate Agilyx's capex exposure at Cyclyx, remove a
material standalone operating cost base, and improve long-term returns on
capital
Long-term upside from Cyclyx is retained through retention of the 50,000 tons
per annum offtake agreement with ExxonMobil on substantially the same terms as
the existing offtake agreement, with the potential for additional volumes over
time, subject to commercial and regulatory considerations
Agilyx to place greater emphasis on the expansion of GreenDot, its European
plastic recycling platform, expected to generate more than EUR 20 million in
EBITDA in 2026 with ambitions to exceed, through M&A and organic growth, EUR 100
million by 2030
Full control of Cyclyx and ongoing offtake opportunities will allow for greater
synergies between EU and US operations
"This reorganization represents a decisive step in simplifying Agilyx's business
and reducing risk" said Ranjeet Bhatia, CEO of Agilyx. "By transferring Cyclyx
Houston Circularity Center to our partners, acquiring 100% ownership of Cyclyx
International, and retaining long-term offtake contract with ExxonMobil, we are
substantially reducing our capex and opex exposures while significantly
increasing strategic and financial flexibility. These actions preserve the
strategic value of Cyclyx while increasing alignment with our expanding European
platform", Bhatia added.
Senior Bond Redemption and Balance Sheet Implications
Agilyx will use available proceeds in cash distributed from Cyclyx along with
the USD 40 million Agilyx currently holds in escrow to fully redeem the Agilyx
USD 50 million senior secured bond on a make whole basis, which represents a
total repayment of USD 54.1 million. Agilyx intends to issue a call notice to
the Bond Trustee with a Call Option Repayment Date of March 31, 2026. The
repayment of the bond will be conditional upon completion of the reorganization,
expected on or about March 25th.
Cyclyx International will continue to carry a long-term lease for the
Dallas-Fort Worth facility, resulting in an expected lease liability of
approximately USD 32.7 million, subject to final accounting assessment.
Mitigating actions, including subleasing, will be pursued as appropriate.
Outlook
PPWR regulation and recycled-content mandates are expected to drive both
mechanical and advanced recycling feedstock demand ahead of supply toward 2030,
creating structural margin opportunities. Agilyx, through its profitable and
scaling GreenDot platform, is implementing its strategy to supply high-quality
feedstock and is actively discussing with a select group of top-tier financial
partners the funding of future European expansion. This strategy is underpinned
by GreenDot's continued execution in Europe, including the completion of the
Forplast acquisition in early December 2025, current exclusivity on an
additional M&A transaction, and a high-quality pipeline of further assets under
active evaluation and discussion.
Agilyx enters 2026 with a simplified structure, a strengthened balance sheet,
and significantly improved financial flexibility. With Europe as the core
near-term earnings and scale engine and Cyclyx International strategic
flexibility retained, the Group is positioned for value-accretive growth,
improved returns on capital, and fulfillment of long-term feedstock demand.
Webcast details
Agilyx will host a Teams Meeting at 10:00 CET on February 3rd to present the
reorganization and updated strategic priorities.
Join the meeting via:
https://teams.microsoft.com/meet/24959478893727?p=B338zLX90zhlrpfZHC
Meeting ID: 249 594 788 937 27
Passcode: fB6hz9yS
This information is subject to a duty of disclosure pursuant to Section 5-12 of
the Norwegian Securities Trading Act. This information was issued as inside
information pursuant to the EU Market Abuse Regulation, and was published by Ana
Sandersen, Marketing and Corporate Affairs Manager at Agilyx ASA on the date and
time provided.
ABOUT AGILYX
Agilyx ASA is a leading global investment platform supporting the development of
plastic waste feedstock supply to the recycling industry. Through its 44% stake
in GreenDot Global, Europe's largest waste plastic recycling platform,
generating over EUR 400 million in annual revenues, Agilyx has access to large
volumes of post-use plastic and advanced sorting and recycling infrastructure in
Germany, Austria, and Italy, helping supply critical European-sourced feedstock
to the European recycling markets. Through Cyclyx, Agilyx supports processing
of post-use plastic waste into custom-formulated, high-quality feedstock
solutions for global plastic producers. Agilyx markets Styrenyx, its proprietary
advanced recycling technology, to recycle polystyrene waste into recycled
styrene monomers for reuse in new, high-quality products. By enabling the shift
from a linear "make-take-waste" model to a circular economy, Agilyx helps solve
the crisis of plastic waste and supports the global transition to a low-carbon
future.
