April 28, 2026

A letter from our CEO

Dear Stakeholder,

Dear Stakeholder,
2025 was a pivotal year for Agilyx as we moved to implement a strategic repositioning, decrease costs, and place a sharper focus on scalable growth anchored by our profitable European recycling platform.

While the recycling industry has been managing headwinds, the direction of travel is clear—society expects greater resource efficiency, decreased carbon emissions, and less plastic polluting our oceans and waterways, beaches and urban environments. We remain focused on leveraging our talents and capabilities in pursuit of these goals and adapting our business to navigate an evolving landscape.

The EU is taking a leading role in supporting plastic circularity. The Packaging and Packaging Waste Regulation (PPWR) came into force in 2025, and related supporting regulations are now being implemented. These regulations range from country-specific eco-modulation incentives to an EU-wide focus on ensuring imports meet recycling standards, and recognition of the contribution chemical recycling can make to achieve objectives.

Our October 2025 investment into GreenDot was a direct response to the expanding EU market opportunity, establishing a strong presence in mechanical recycling while preserving our option to pursue chemical recycling opportunities as they develop. With close to 100,000 customers in Germany, a profitable and operational infrastructure across Germany, Austria, France, and Italy, GreenDot generated approximately €400 million in revenue and close to €11 million in EBITDA in 2025. GreenDot’s control of over 300,000 tons of plastic waste annually provides us with a profitable core upon which to build as we redirect waste volumes away from incineration and low-value mechanical recycling into higher-quality and higher-margin outlets required by brands seeking to meet their recycled content targets.

Our pivot to Europe has coincided with fundamental changes to our US business. In early 2026, we announced a strategic reorganization of Cyclyx resulting in the transfer of the Houston Circularity Center project to ExxonMobil and LyondellBasell, and unwinding the project in Dallas-Fort Worth. The reorganization of Cyclyx triggered a significant non-cash write-down in our carrying value; however, the IP is retained and continues to have material value to us. The data, waste characterization, and technical services that were being developed by Cyclyx have been reintegrated into Agilyx. Agilyx was amongst the pioneers in applying a deep knowledge of chemistry to plastic recycling and waste management processes. Through the opening of arcLABS, we are pleased to increase our efforts to expand these capabilities to our customers and to share these capabilities with our colleagues at GreenDot. arcLABS addresses a practical challenge that every recycler faces: understanding precisely what their feedstock needs to look like, and how to get there from a complex, real-world waste stream.

In 2025 we also continued to support Styrenyx’s licensee in Japan, Toyo Styrene, which is successfully operating the industry´s first plastic-to-plastic circular depolymerization facility. The Toyo facility is a meaningful proof point for what our technology can achieve in a real production environment. A third-party reviewed Carbon Footprint Study confirmed CO₂ emission reductions of up to 86% relative to conventional fossil-based styrene production. This rigorous, independent verification carries weight with offtake partners, regulators, and the broader market.

Agilyx enters 2026 with a stronger platform, less debt, lower cash burn, greater financial flexibility, and a sharper focus on a growing EU market opportunity. I am grateful to our shareholders, partners, and employees for their continued support and dedication, without which we would not have had the flexibility to adapt our business to better achieve our potential. Together, we are using technology for good and serving an instrumental role in building a circular economy for plastics – turning waste into value.

Ranjeet Bhatia
Chief Executive Officer of Agilyx