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"mtpnn1": {
"value": "Agilyx ASA is a Norwegian company, located in Oslo, Norway and the parent and ul\ue002mate parent company in the Agilyx Group. The Agilyx Group headquarters are located in Portsmouth, New Hampshire and Tigard, Oregon (USA) with satellite o\ufb03ces located in Switzerland and Denmark.
Agilyx ASA was incorporated on November 22, 2019 as a shelf company and there was no ac\ue002vity in 2019. Agilyx ASA became the parent of the Agilyx Group through a reorganiza\ue002on in early January 2020. The Group was reorganized such that the shareholders of Agilyx Corpora\ue002on contributed their shares in Agilyx Corpora\ue002on for shares in Agilyx ASA resul\ue002ng in Agilyx Corpora\ue002on becoming a 100% owned subsidiary of Agilyx ASA. The transac\ue002on was accounted for as an inverse acquisi\ue002on using con\ue002nuity on Agilyx Corpora\ue002on book values in the consolidated Group statements. However, the underlying business of the Agilyx Group has been in existence since 2004. The Agilyx Group has developed comprehensive systems, proven technologies and a unique chemistry knowledge base to give post-use plas\ue002cs new purpose. We have the proprietary technology for iden\ue002fying, managing and preprocessing waste into feedstock. Our integrated solu\ue002ons can take waste polymers and produce discreet monomers that can be fully recycled back into virgin-equivalent products. Agilyx is commi\ue001ed to using innova\ue002ve technology for good and helping solve the immense global problem of plas\ue002c waste.
These \ufb01nancial statements have been prepared in accordance with IFRS Accoun\ue002ng Standards as issued by the Interna\ue002onal Accoun\ue002ng Standards Board as adopted by the European Union (collec\ue002vely IFRS Accoun\ue002ng Standards).
The US Dollar is the presenta\ue002on currency of the Agilyx Group. All foreign opera\ue002ons use local currency as their func\ue002onal currency.
The consolidated \ufb01nancial statements have been prepared on a historical cost basis, except for warrants and subordinated conver\ue002ble bonds, which have been measured at fair value (see Note 14 and 20).
The parent accounts are separate \ufb01nancial statements prepared in accordance with IFRS Accoun\ue002ng Standards.
The consolidated \ufb01nancial statements of the Agilyx Group for the \ufb01scal year 2025 were approved by the Board of Directors
on April 27, 2026. The \ufb01nancial statements have been prepared under the assump\ue002on of going concern. This assump\ue002on is based on cash \ufb02ow forecasts for the year 2026 and the Group\u2019s long-term strategic forecasts. At December 31, 2025, the Group held unrestricted cash of $5.6 million and restricted cash of $40.0 million held in escrow under the Secured Green Bond. The Group incurred a total comprehensive loss of $148.2 million and used $8.3 million of cash in opera\ue002ng ac\ue002vi\ue002es. Principal borrowings comprised a $50.0 million Secured Green Bond maturing November 2027 and a EUR 23.3 million subordinated conver\ue002ble bond maturing June 2028.
Subsequent to the balance sheet date, the Group completed a series of ac\ue002ons that materially strengthened its liquidity posi\ue002on: 1. Comple\ue002on of the Cyclyx restructuring in March 2026, through which the Group assumed 100% ownership of Cyclyx Interna\ue002onal and its remaining cash of $14.3 million and lease liabili\ue002es of approximately $32.9 million; 2. Redemp\ue002on of the $50.0 million Secured Green Bond on March 31, 2026 for $54.1 million on a make-whole basis, releasing the $40.0 million restricted cash escrow and elimina\ue002ng $6.75 million of annual coupon payments; 3. Two subordinated conver\ue002ble bond tap issuances in February 2026 totalling EUR 15.8 million, providing net cash proceeds of approximately $14.9 million. As a result of these ac\ue002ons, the Group held in excess of $15 million of unrestricted cash at March 31, 2026, which based on the Board-approved FY2026 budget provides liquidity runway through the fourth quarter of 2027. PRINCIPLES OF CONSOLIDATION The consolidated \ufb01nancial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corpora\ue002on, Agilyx GmbH and Plastyx Limited. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corpora\ue002on held a 50% interest in Regenyx LLP, which was accounted for under the equity method un\ue002l it was dissolved in December 2024. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As of December 31, 2025, Agilyx Corpora\ue002on held a 50% interest in Cyclyx Interna\ue002onal, LLC accounted for under the equity method. i. Subsidiaries Subsidiaries are en\ue002\ue002es controlled by Agilyx Group. Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power over the investee. Speci\ufb01cally, Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., exis\ue002ng rights that give it the current ability to direct the relevant ac\ue002vi\ue002es of the investee); \u2022 Exposure, or rights, to variable returns from its involvement with the investee; and \u2022 The ability to use its power over the investee to a\ufb00ect its returns. Generally, there is a presump\ue002on that a majority of vo\ue002ng rights results in control. To support this presump\ue002on and when Agilyx Group has less than a majority of the vo\ue002ng or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee; \u2022 Rights arising from other contractual arrangements; \u2022 Agilyx Group\u2019s vo\ue002ng rights and poten\ue002al vo\ue002ng rights. Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolida\ue002on of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences un\ue002l the date on which control ceases. All intra-group assets and liabili\ue002es, equity, income, expenses and cash \ufb02ows rela\ue002ng to transac\ue002ons between members of Agilyx Group are eliminated in full on consolida\ue002on.
iii. Loss of control When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabili\ue002es of the subsidiary, and any NCI and other components of equity. Any resul\ue002ng gain or loss is recognized in pro\ufb01t or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost.
Associates are those en\ue002\ue002es where Agilyx Group has signi\ufb01cant in\ufb02uence (but not control or joint control) over the \ufb01nancial and opera\ue002ng policy decisions of balance sheet at cost, including transac\ue002on costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisi\ue002on, post-tax pro\ufb01ts and losses and other comprehensive income is recognized in the consolidated statement of pro\ufb01t and loss (except for losses in excess of the carrying amount of Agilyx Group\u2019s interest in associate, unless there is an obliga\ue002on to make good those losses). Pro\ufb01ts and losses arising on transac\ue002ons between Agilyx Group and its associates are recognized only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the associate\u2019s pro\ufb01ts and losses resul\ue002ng from these transac\ue002ons is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group\u2019s share of the iden\ue002\ufb01able assets, liabili\ue002es and con\ue002ngent liabili\ue002es acquired is capitalized and included in the carrying amount of the associate. Where there is objec\ue002ve evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same
way as other non-\ufb01nancial assets. REVENUE Performance Obliga\ue002ons and \ue002ming of revenue recogni\ue002on Agilyx Group\u2019s revenues can be divided into four main streams, as analyzed numerically in Note 3: Project development Revenues related to project developments are recognized over the contract period using percentage of comple\ue002on as the method for measuring the revenue. This is because the projects created have no alterna\ue002ve use for Agilyx Group and the contracts require payment to be received for the \ue002me and e\ufb00ort spent by the group on progressing the contracts in the event of the customer cancelling the contract prior to comple\ue002on for any reason other than the group\u2019s failure to perform its obliga\ue002ons under the contract. On par\ue002ally complete design contracts, Agilyx Group recognizes revenue based on stage of comple\ue002on of the project which is es\ue002mated by comparing the number of hours actually spent on the project with the total number of hours expected to complete the project (i.e. an input based method). This is considered a faithful depic\ue002on of the transfer of services as the contracts are ini\ue002ally priced on the basis of an\ue002cipated hours to complete the projects and therefore also represents the amount to which the group would be en\ue002tled based on its performance to date. License, service and royalty fees License revenues are recognized when the license is delivered and the rights are transferred to the buyer. The rights relate to Agilyx Group\u2019s patented conversion technology which helps customers to take feedstock and turn it into a product. Once the rights are transferred to the buyer Agilyx Group usually has a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue002on. Services are billed and recognized on a monthly basis as the work is performed. Sales of goods Revenues from the sale of goods are recognized at the point in \ue002me of the delivery, when control of the goods and risk of ownership has transferred to the customer. There is limited judgement needed in iden\ue002fying the point control passes: once physical delivery of the products to the agreed loca\ue002on has occurred, the Agilyx Group no longer has physical possession, usually will have a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue002on. Determining the transac\ue002on price Agilyx Group\u2019s revenue is derived from \ufb01xed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those \ufb01xed prices. There are no revenue contracts with signi\ufb01cant \ufb01nancing components. Alloca\ue002ng amounts to performance obliga\ue002ons For sales contracts there is a \ufb01xed unit price for each product sold. Therefore, there is no judgement involved in alloca\ue002ng the contract price to each unit ordered. Where a customer orders more than one product line, Agilyx Group is able to determine the split of the total contract price between each product line by reference to each product\u2019s standalone selling prices (all product lines are capable of being, and are, sold separately). Agilyx Group\u2019s contracts are for the delivery of goods within the next 12 months for which the prac\ue002cal expedient in paragraph 121(a) of IFRS 15 applies, related to the presenta\ue002on of remaining performance obliga\ue002ons.
RESEARCH AND DEVELOPMENT EXPENSES Expenditure on internally developed product or technology is capitalized if it can be demonstrated that: \u2022 It is technically feasible to develop the product for it to be sold; \u2022 Adequate resources are available to complete the development; \u2022 There is an inten\ue002on to complete and sell the product; \u2022 The Group is able to sell the product; \u2022 Sale of the product will generate future economic bene\ufb01ts; and \u2022 Expenditure on the project can be measured reliably. Capitalized development costs are amor\ue002zed over the periods Agilyx Group expects to bene\ufb01t from selling the products developed. No projects have met this criteria for any of the periods presented. Development expenditure not sa\ue002sfying the above criteria and expenditure on the research phase of internal projects are recognized in the consolidated income statement as incurred.
INCOME TAX Current income tax Current income tax assets and liabili\ue002es are measured at the amount expected to be recovered from or paid to the taxa\ue002on authori\ue002es. The tax rates and tax laws used to compute the amount are those that are enacted or substan\ue002vely enacted at the repor\ue002ng date in the countries where the Agilyx Group operates and generates taxable income.
Deferred taxa\ue002on Deferred tax assets and liabili\ue002es are recognized where the carrying amount of an asset or liability in the consolidated balance sheet di\ufb00ers from its tax base, except for di\ufb00erences arising on: \u2022 The ini\ue002al recogni\ue002on of goodwill; \u2022 The ini\ue002al recogni\ue002on of an asset or liability in a transac\ue002on which is not a business combina\ue002on and at the \ue002me of the transac\ue002on a\ufb00ects neither accoun\ue002ng or taxable pro\ufb01t; and \u2022 Investments in subsidiaries and joint arrangements where Agilyx Group is able to control the \ue002ming of the reversal of the di\ufb00erence and it is probable that the di\ufb00erence will not reverse in the foreseeable future. Recogni\ue002on of deferred tax assets is restricted to those instances where it is probable that taxable pro\ufb01t will be available against which the di\ufb00erence can be u\ue002lized. The amount of the asset or liability is determined using tax rates that have been enacted or substan\ue002vely enacted by the repor\ue002ng date and are expected to apply when the deferred tax liabili\ue002es/ (assets) are se\ue001led/(recovered). Deferred tax assets and liabili\ue002es are o\ufb00set when Agilyx Group has a legally enforceable right to o\ufb00set current tax assets and liabili\ue002es and the deferred tax assets and liabili\ue002es relate to taxes levied by the same tax authority on either: \u2022 The same taxable group company; or \u2022 Di\ufb00erent group en\ue002\ue002es which intend either to se\ue001le current tax assets and liabili\ue002es on a net basis, or to realize the assets and se\ue001le the liabili\ue002es simultaneously, in each future period in which signi\ufb01cant amounts of deferred tax assets or liabili\ue002es are expected to be se\ue001led or recovered.
STOCK-BASED COMPENSATION The Company accounts for stock-based compensa\ue002on in accordance with IFRS 2 \u2013 Share-based payment. The grant-date fair value of equity-se\ue001led share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the ves\ue002ng period of the awards, using the accelerated method. The amount recognized as an expense, commences on the \ufb01rst of the month following the date of the grant and is adjusted to re\ufb02ect the number of awards for which the related service condi\ue002ons are expected to be met, such that the amount ul\ue002mately recognized is based on the number of awards that meet the related service condi\ue002ons at the ves\ue002ng date.
FOREIGN CURRENCY TRANSLATION Certain transac\ue002ons of the Company and its subsidiaries are denominated in currencies other than their func\ue002onal currency. Foreign currency exchange gains and losses generated from the se\ue001lement and remeasurement of these transac\ue002ons are recognized in earnings and presented within \u201cOther \ufb01nancial income\u201d in the Company\u2019s Income Statement.
CLASSIFICATION OF ASSETS AND LIABILITIES Assets intended for permanent ownership or use in the business are classi\ufb01ed as non-current assets. Other assets are classi\ufb01ed as current assets. Receivables due within one year are classi\ufb01ed as current assets. The classi\ufb01ca\ue002on of current and non-current liabili\ue002es is based on the contractual terms of the underlying agreements. FINANCIAL INSTRUMENTS Financial assets Agilyx Group categorizes all of its \ufb01nancial assets as amor\ue002zed cost, due to the nature and purpose of the assets. These assets arise principally from the provision of goods and services to customers (e.g. accounts receivables), but also incorporate other types of \ufb01nancial assets where the objec\ue002ve is to hold these assets in order to collect contractual cash \ufb02ows and the contractual cash \ufb02ows are solely payments of principal and interest (principally cash and cash equivalents). They are ini\ue002ally recognized at fair value plus transac\ue002on costs that are directly a\ue001ributable to their acquisi\ue002on or issue, and are subsequently carried at amor\ue002zed cost using the e\ufb00ec\ue002ve interest rate method, less provision for impairment, as required. Impairment provisions for current and non-current trade receivables are recognized based on the simpli\ufb01ed approach within IFRS 9 see note 10 for further commentary on the applica\ue002on of this. Agilyx Group\u2019s \ufb01nancial assets measured at amor\ue002zed cost comprise accounts receivables, restricted cash and cash and cash equivalents in the consolidated balance sheet.
Financial liabili\ue002es Agilyx Group classi\ufb01es its \ufb01nancial liabili\ue002es into one of two categories, depending on the purpose for which the liability
was acquired. Fair value through pro\ufb01t or loss This category comprises warrants and subscrip\ue002on rights which are deriva\ue002ve \ufb01nancial instruments and Subordinated Conver\ue002ble Bonds for which management applied the accoun\ue002ng policy elec\ue002on in IFRS 9 paragraph 4.3.5 to value the en\ue002re instrument at fair value through pro\ufb01t and loss. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated pro\ufb01t and loss. Other than these \ufb01nancial instruments, the Group does not have any liabili\ue002es held for trading nor has it designated any \ufb01nancial liabili\ue002es as being at fair value through pro\ufb01t or loss.
Other \ufb01nancial liabili\ue002es - measured at amor\ue002zed cost Other \ufb01nancial liabili\ue002es include bond payable, accounts payable, payables to Group companies and lease liabili\ue002es. These are ini\ue002ally recognized at fair value net of any transac\ue002on costs directly a\ue001ributable to the issue of the instrument. Any interest bearing liabili\ue002es are subsequently measured at amor\ue002zed cost using the e\ufb00ec\ue002ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue002on. Accounts payables and other short-term monetary liabili\ue002es, are ini\ue002ally recognized at fair value and subsequently carried at amor\ue002zed cost using the e\ufb00ec\ue002ve interest method.
INTANGIBLE ASSETS Intangible assets that are acquired separately are recognized at historical cost. Intangible assets acquired in a business combina\ue002on are recognized at historical cost when the criteria for balance sheet recogni\ue002on have been met. Intangible assets with a limited economic life are amor\ue002zed on a systema\ue002c basis, based on the useful economic life as described in Note 6. Intangible assets are wri\ue001en down to the recoverable amount if the expected economic bene\ufb01ts do not exceed the carrying amount and any remaining development costs.
PROPERTY, PLANT AND EQUIPMENT Fixed assets are recorded in the balance sheet at acquisi\ue002on cost, less accumulated deprecia\ue002on and any impairment losses. Deprecia\ue002on is made from the \ue002me assets are put into regular opera\ue002ons and is calculated on straight line basis over the es\ue002mated economic asset life\ue002me. Deprecia\ue002on rates are set out in Note 7. This period\u2019s deprecia\ue002on is charged to this year\u2019s opera\ue002ng expenses in the income statement.
SUBSIDIARIES Investments in subsidiaries are valued at cost in the separate \ufb01nancial statements. The investments are valued at cost less any impairment losses. Impairment losses are reversed if the reason for the impairment loss disappears in a later period.
LEASES Iden\ue002fying leases Agilyx Group accounts for a contract, or a por\ue002on of a contract, as a lease when it conveys the right to use an asset for a period of \ue002me in exchange for considera\ue002on. Leases are those contracts that sa\ue002sfy the following criteria: a. There is an iden\ue002\ufb01ed asset; b. Agilyx Group obtains substan\ue002ally all the economic bene\ufb01ts from use of the asset; and c. Agilyx Group has the right to direct use of the asset. Agilyx Group considers whether the supplier has substan\ue002ve subs\ue002tu\ue002on rights. If the supplier does have those rights, the contract is not iden\ue002\ufb01ed as giving rise to a lease. In determining whether Agilyx Group obtains substan\ue002ally all the economic bene\ufb01ts from use of the asset, Agilyx Group considers only the economic bene\ufb01ts that arise use of the asset, not those incidental to legal ownership or other poten\ue002al bene\ufb01ts. In determining whether Agilyx Group has the right to direct use of the asset, Agilyx Group considers whether it directs how and for what purpose the asset is used throughout the period of use. If there are no signi\ufb01cant decisions to be made because they are pre-determined due to the nature of the asset, Agilyx Group considers whether it was involved in the design of the asset in a way that predetermines how and for what purpose the asset will be used throughout the period of use. If the contract or por\ue002on of a contract does not sa\ue002sfy these criteria, the Group applies other applicable IFRSs rather than IFRS 16.
Ini\ue002al measurement All leases are accounted for by recognizing a right-of-use asset and a lease liability except for \u2022 Leases of low value assets; and \u2022 Leases with a dura\ue002on of 12 months or less. Lease liabili\ue002es are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the group\u2019s incremental borrowing rate on commencement of the lease is used. The incremental borrowing rate is determined with reference to the current external borrowing rates of Agilyx Group, adjusted so as to arrive at the rate of interest that Agilyx Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use
asset in a similar economic environment. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. On ini\ue002al recogni\ue002on, the carrying value of the lease liability also includes: \u2022 amounts expected to be payable under any residual value guarantee; \u2022 the exercise price of any purchase op\ue002on granted in favor of the group if it is reasonable certain to assess that op\ue002on; \u2022 any penal\ue002es payable for termina\ue002ng the lease, if the term of the lease has been es\ue002mated on the basis of termina\ue002on op\ue002on being exercised. Right of use assets are ini\ue002ally measured at the amount of the lease liability, reduced for any lease incen\ue002ves received, and increased for: \u2022 lease payments made at or before commencement of the lease; \u2022 ini\ue002al direct costs incurred; and \u2022 the amount of any provision recognized where the group is contractually required to dismantle, remove or restore the leased asset. Subsequent measurement Subsequent to ini\ue002al measurement lease liabili\ue002es increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of- use assets are amor\ue002zed on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue001en down accordingly. See Note 9, for speci\ufb01c analysis performed on the investment in Regenyx and note 17 for the impairment in Cyclyx during 2025. Where it is not possible to es\ue002mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue002\ufb01able cash \ufb02ows; its cash genera\ue002ng units (CGUs). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amor\ue002zed cost, less any provision for expected credit losses of receivables. See Note 10 for further informa\ue002on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue001ed by IFRS 9.
CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash, bank deposits and other monetary instruments with a maturity of less than three months at the date of purchase.
RESTRICTED CASH Restricted cash represents cash proceeds from the bond, which was held in an escrow account. The cash was restricted for capital contribu\ue002ons to Cyclyx to build its second CCC plant. See Note 24 for informa\ue002on on the subsequent redemp\ue002on of the bond and release of the escrow in March 2026. INVENTORIES Inventories are ini\ue002ally recognized at cost, and subsequently at the lower of cost and net realizable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present loca\ue002on and condi\ue002on. First in \ufb01rst out is used to determine the cost of ordinarily interchangeable items.
INDEPENDENT SUBSCRIPTION RIGHTS - DERIVATIVE LIABILITY Agilyx Corpora\ue002on has granted warrants in connec\ue002on with various debt and equity issuances that were exercisable into ordinary shares. In connec\ue002on to the share exchange that was completed January 7, 2020, these warrants were replaced with subscrip\ue002on rights where Agilyx ASA issued 36,925 (3,692,500 a\ufb05er share split 1:100) subscrip\ue002on rights exercisable by no\ue002ce to the Board of Directors. Upon exercise, a cash contribu\ue002on of $100 ($1 a\ufb05er share split) shall be paid for the warrants under the 2017 plan in Agilyx Corpora\ue002on, and $0.01 (0.00 a\ufb05er share split) for all other warrants. The subscrip\ue002on rights were issued by an extraordinary general mee\ue002ng held August 27, 2020. The warrant agreements included a cashless exercise op\ue002on, which introduced variability into the number of shares that could be issued. The instruments therefore failed the \ufb01xed for \ufb01xed requirement in IAS 32 and were classi\ufb01ed as a deriva\ue002ve liability. The instruments met the de\ufb01ni\ue002on of a deriva\ue002ve because their values changed in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue002al net investment and they were to be se\ue001led at a future date. Such deriva\ue002ve \ufb01nancial instruments were ini\ue002ally recognized at fair value on the date on which the deriva\ue002ve contract was entered into and are subsequently remeasured at fair value un\ue002l the warrants were exercised or expired during 2025. See Note 14 for addi\ue002onal informa\ue002on on these instruments and the valua\ue002on approach. CASH FLOW The cash \ufb02ow statement is prepared according to the indirect method.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The prepara\ue002on of audited consolidated \ufb01nancial statements in conformity with IFRS Accoun\ue002ng Standards require management to make certain es\ue002mates and judgements about the future that a\ufb00ect the applica\ue002on of Agilyx Group\u2019s accoun\ue002ng policies and the reported amounts of assets, liabili\ue002es, incomes and expenses. Es\ue002mates and judgements are con\ue002nually evaluated based on historical experience and other factors, including expecta\ue002ons of future events that are believed to be reasonable under the circumstances. Although the Company regularly assesses these es\ue002mates, actual results could di\ufb00er from those es\ue002mates. Changes in es\ue002mates are recorded in the period in which they occur and become known. i. Judgments: \u2022 Equity accoun\ue002ng: whether the Agilyx Group has signi\ufb01cant in\ufb02uence over equity accounted investees (Notes 9 and 17); \u2022 Consolida\ue002on: Whether the Agilyx Group has control over an
investee, and whether control has been lost (Notes 17). \u2022 Determina\ue002on that valuing the Subordinated Conver\ue002ble Bond as a single instrument at FVTPL, would provide more useful informa\ue002on to the users of the \ufb01nancial statement (Note 20). ii. Es\ue002mates: \u2022 Es\ue002ma\ue002ng the amounts due for the ini\ue002al funding period provision related to the Regenyx investment (Note 9); \u2022 Assump\ue002ons and es\ue002mates related to the impairment of the investment in Regenyx, including future cash \ufb02ows (Note 9); \u2022 Recording accounts receivable, and considera\ue002on of any poten\ue002al allowance for expected credit losses (Note 10); \u2022 Useful lives a\ue001ributed to property plant and equipment and intangible assets (Notes 6 and 7); \u2022 Revenue recognized in accordance with the stage of comple\ue002on method (see accoun\ue002ng policy above and Note 3); \u2022 Stock-based compensa\ue002on expense (Note 15); \u2022 Warrant and stock subscrip\ue002on rights, valua\ue002on assump\ue002ons (Note 14); \u2022 Assump\ue002ons related to the ini\ue002al recogni\ue002on of leases and the subsequent accoun\ue002ng for these agreements, including incremental borrowing rates and determina\ue002on of lease term applied when compu\ue002ng lease liabili\ue002es (see Leases accoun\ue002ng policy above and Note 8). \u2022 Assump\ue002on related to the fair value of Cyclyx on the date that Agilyx lost control - this is the ini\ue002al basis for the carrying amount of the equity method investment in Cyclyx, e\ufb00ec\ue002ve a\ufb05er October 25, 2023; Valua\ue002on assump\ue002ons applied to fair value the Subordinated Conver\ue002ble Bond (Note 20); \u2022 Assump\ue002ons and es\ue002mates related to the fair value of the Agilyx Group\u2019s interest in GreenDot following the acquisi\ue002on of a 46% interest (Notes 17); \u2022 Valua\ue002ons assump\ue002ons related to Cyclyx and Agilyx Corp impairment analysis (Note 17). Fair value measurement Warrant and stock subscrip\ue002on rights, stock compensa\ue002on expenses and the Subordinated Conver\ue002ble Bond, all require measurement at, and/or disclosure of, fair value. The fair value measurement of Agilyx Group\u2019s \ufb01nancial and non- \ufb01nancial assets and liabili\ue002es u\ue002lizes market observable inputs and data as far as possible. Inputs used in determining fair value measurements are categorized into di\ufb00erent levels based on how observable the inputs used in the valua\ue002on technique u\ue002lized are (the \u2018fair value hierarchy\u2019): \u2022 Level 1: Quoted prices in ac\ue002ve markets for iden\ue002cal items (unadjusted); \u2022 Level 2: Observable direct or indirect inputs other than Level 1 inputs; \u2022 Level 3: Unobservable inputs (i.e. not derived from market data). The classi\ufb01ca\ue002on of an item into the above levels is based on the lowest level of the inputs used that has a signi\ufb01cant e\ufb00ect on the fair value measurement of the item. Transfers of items between levels are recognized in the period they occur. Please refer to the applicable notes as referenced above, for addi\ue002onal informa\ue002on on the fair value measurements applied within these \ufb01nancial statements.
NEW STANDARDS INTERPRETATIONS AND AMENDMENTS ADOPTED JANUARY 1, 2025 The following amendments are e\ufb00ec\ue002ve for the period beginning January 1, 2025: \u2022 IAS 21, The E\ufb00ects of Changes in Foreign Exchange Rates (Amendment \u2013 Lack of Exchangeability). These amendments had no impact on the year-end \ufb01nancial statements of Agilyx Group. NEW STANDARDS INTERPRETATIONS AND AMENDMENTS NOT YET EFFECTIVE There are a number of standards, amendments to standards, and interpreta\ue002ons which have been issued by the IASB that are e\ufb00ec\ue002ve in future accoun\ue002ng periods that Agilyx Group has decided not to adopt early. The following amendments are e\ufb00ec\ue002ve for the period beginning January 1, 2026: \u2022 Amendments to the Classi\ufb01ca\ue002on and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7); and \u2022 Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7). The following new standards are e\ufb00ec\ue002ve for the period beginning January 1, 2027: \u2022 IFRS 18 Presenta\ue002on and Disclosure in Financial Statements; and \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures. Agilyx Group is currently assessing the impact of these new accoun\ue002ng standards and amendments. Except for IFRS 18, Agilyx Group does not expect any other standards issued by the IASB, but not yet e\ufb00ec\ue002ve, to have a material impact on Agilyx Group. IFRS 18 Presenta\ue002on and Disclosure in Financial Statements, which was issued by the IASB in April 2024, supersedes IAS 1 and will result in major consequen\ue002al amendments to IFRS Accoun\ue002ng Standards including IAS 8 Basis of Prepara\ue002on of Financial Statements (renamed from Accoun\ue002ng Policies, Changes in Accoun\ue002ng Es\ue002mates and Errors). Even though IFRS 18 will not have any e\ufb00ect on the recogni\ue002on and measurement of items in the consolidated \ufb01nancial statements, it is expected to have a signi\ufb01cant e\ufb00ect on the presenta\ue002on and disclosure of certain items. These changes include categoriza\ue002on and sub-totals in the statement of pro\ufb01t or loss, aggrega\ue002on/disaggrega\ue002on and labelling of informa\ue002on, and disclosure of management-de\ufb01ned performance measures.
The Agilyx Group comprises two reportable segments which account for 100% of the Agilyx Group\u2019s revenues: a. Agilyx - This segment licenses its patented conversion technology and sells its patented equipment to industry players, whether they are exis\ue002ng strategic companies or newer entrepreneurial enterprises, to help them take feedstock and turn it into a product. We provide our partners with valuable know-how and robust technology that allows them to become part of the circular economy. Assets are located in both New Hampshire and Oregon, USA. b. Cyclyx - This segment is focused on ge\ue005ng the right feed for the conversion technology that a given customer is using. The aim is to do this while maximizing availability and lowering cost. The Cyclyx approach is an industry-wide answer, serving the en\ue002re market regardless of which conversion technology a company is using. Assets are located in both New Hampshire, Texas and Oregon, USA. Factors that management used to iden\ue002fy the reportable segments Both of these segments meet the quan\ue002ta\ue002ve thresholds to be a reportable segment. Management has concluded that these segments should be reported separately on the basis that: \u2022 Both segments are separate legal en\ue002\ue002es (see also Note 17), that o\ufb00er di\ufb00ering products and services; \u2022 They are managed separately and each have their own Chief Execu\ue002ve O\ufb03cer and board of directors; \u2022 They are managed separately because each business requires di\ufb00erent technology and marke\ue002ng strategies; \u2022 Both prepare discrete \ufb01nancial informa\ue002on for the board and Chief Opera\ue002ng Decision Makers (CODM) to use in making decisions about resource alloca\ue002on and assess performance; \u2022 The Chief Opera\ue002ng Decision Maker of the consolidated Agilyx Group, is the Chief Execu\ue002ve O\ufb03cer, Ranjeet Bha\ue002a. He is on the board of both segments and therefore reviews the results of the opera\ue002ng segments and uses that informa\ue002on to make decisions which a\ufb00ect the resources allocated to each segment individually, as well as on a consolidated basis. Note 2: Segment informa\ue002on Measurement of opera\ue002ng segment pro\ufb01t or loss, assets and liabili\ue002es Segmental performance is measured in accordance with IFRS Accoun\ue002ng Standards. Opera\ue002ng segments are presented using the management approach, where the informa\ue002on presented is on the same basis as the internal reports provided to the CODM. The segmental \ufb01nancial informa\ue002on below includes the full annual results of the associate, Cyclyx, which con\ue002nues to be a reportable opera\ue002ng segment as de\ufb01ned within IFRS 8, despite the loss of control in 2023 as explained in Note 17. In order to reconcile the totals below to the \ufb01nancial statements, certain adjustments have been included in the table to re\ufb02ect the fact that Cyclyx is no longer consolidated. See note 17 for more informa\ue002on regarding Cyclyx\u2019s 2025 ac\ue002vity and impairment. Segment assets exclude tax assets and assets used primarily for corporate purposes. Segment liabili\ue002es exclude tax, de\ufb01ned bene\ufb01t and warranty related liabili\ue002es. Loans and borrowings are not allocated as these are deemed to serve a group func\ue002on.
MEASUREMENT OF OPERATING SEGMENT PROFIT OR LOSS, ASSETS, AND LIABILITIES 2024 2025 Cyclyx Agilyx Adjustments to remove Cyclyx Total Cyclyx Agilyx Adjustments to remove Cyclyx Total Pro\ufb01t and loss Revenues from external customers 11,234,108 1,009,813 (11,234,108) 1,009,813 16,574,621 1,214,525 (16,574,621) 1,214,525 Deprecia\ue002on and amor\ue002za\ue002on 1,034,487 776,566 (1,034,487) 776,566 808,032 432,991 (808,032) 432,991 Segment loss (19,778,219) (10,463,050) 19,778,219 (10,463,050) (32,263,828) (13,307,473) 32,263,828 (13,307,473) Impairment of investment in Regenyx (2024) and Cyclyx (2025) - (49,382) - (49,382) - (26,667,289) - (26,667,289) Impairment of Regenyx receivable - (664,400) - (664,400) - - - - Impairment of Cyclyx assets - - - - (179,348,804) - 179,348,804 - Share of loss of equity accounted associates - (8,769,502) - (8,769,502) - (107,242,952) - (107,242,952) Fair value gain (loss) on warrant agreements - (1,798,901) - (1,798,901) - 5,890,552 - 5,890,552 Interest income 2,818,856 722,277 (2,818,856) 722,277 1,978,420 2,063,439 (1,978,420) 2,063,439 Interest expense (18,766) (795,174) 18,766 (795,174) (15,953) (8,220,082) 15,953 (8,220,082) Other \ufb01nancial expense, net (16,020) (221,340) 16,020 (221,340) (26,687) (532,697) 26,687 (532,697) Group net loss before tax and discon\ue002nued opera\ue002ons (16,994,149) (22,039,472) 16,994,149 (22,039,472) (209,676,852) (148,016,502) 209,676,852 (148,016,502) Balance sheet Non-current asset addi\ue002ons 42,041,636 45,925 (42,041,636) 45,925 36,083,122 46,937 (36,083,122) 46,937 Reportable segment assets 197,243,585 66,049,131 (197,243,585) 66,049,131 19,270,226 50,214,184 (19,270,226) 50,214,184 Investment in associate - 126,733,436 - 126,733,436 - 48,546,064 - 48,546,064 Total group assets 192,782,567 98,760,248 Reportable segment liabili\ue002es 38,558,567 47,887,796 (38,558,567) 47,887,796 65,867,161 76,239,338 (65,867,161) 76,239,338 Deriva\ue002ve \ufb01nancial liabili\ue002es 5,092,107 - Total group liabili\ue002es 52,979,903 76,239,338 Cash \ufb02ow Net cash from opera\ue002ons (5,968,354) (9,969,025) 5,968,354 (9,969,025) (39,687,250) (8,324,620) 39,687,250 (8,324,620) Net cash from investments (40,215,492) (22,595,307) 40,215,492 (22,595,307) (36,083,122) (26,333,270) 36,083,122 (26,333,270) Net cash from \ufb01nancing 105,619,746 42,172,633 (105,619,746) 42,172,633 4,700,000 22,141,372 (4,700,000) 22,141,372 Revenue by geography - Revenue by geography is included in Note 3. The Cyclyx segment revenue is primarily derived from the US. Non-current assets by geography - All non-current assets reside in the US.
The Group has the following major customers, which each accounted for at least 10% of revenues in 2025 or 2024: MAJOR CUSTOMERS 2024 2025 Segment Customer A 9,904,066 16,013,982 Cyclyx Customer B 994,813 415,079 Agilyx Note 3: Geographical distribu\ue002on of revenues
GEOGRAPHICAL DISTRIBUTION OF REVENUES Group Loca\ue002on/category 2024 2025 Europe - 544,402 USA 15,000 255,044 APAC 994,813 415,079 Total sales by customers loca\ue002on 1,009,813 1,214,525 Product category Project development 105,297 678,510 Services 872,749 82,520 License, membership and royalty fees - 247,442 Sale of goods 31,767 206,053 Total sales by category 1,009,813 1,214,525
No sales was recognized in the parent company, Agilyx ASA, in 2024 and 2025. Project development income is recognized over \ue002me, all other revenue streams are recognized at a point in \ue002me. The Company\u2019s contract liability balances at December 31, 2024 and 2025 was $170,268 and $8,528, respec\ue002vely. These balances represents billings in excess of revenue recognized on project related ac\ue002vi\ue002es that are recognized on a percent complete basis and product shipments billed in advance. The Company has classi\ufb01ed this amount as current as it expects to recognize the revenues over the next twelve months. An accoun\ue002ng roll forward for the periods presented are as follows: CONTRACT LIABILITY Balance as of January 1, 2024 - Billings deferred 1,172,030 Revenue recognized (1,001,762) Ending balance as of December 31, 2024 170,268 Billings deferred 804,232 Revenue recognized (965,972) Ending balance as of December 31, 2025 8,528
Note 21: Contract liability
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-303": {
"value": "Agilyx ASA is a Norwegian company, located in Oslo, Norway and the parent and ul\ue002mate parent company in the Agilyx Group. The Agilyx Group headquarters are located in Portsmouth, New Hampshire and Tigard, Oregon (USA) with satellite o\ufb03ces located in Switzerland and Denmark.
Agilyx ASA was incorporated on November 22, 2019 as a shelf company and there was no ac\ue002vity in 2019. Agilyx ASA became the parent of the Agilyx Group through a reorganiza\ue002on in early January 2020. The Group was reorganized such that the shareholders of Agilyx Corpora\ue002on contributed their shares in Agilyx Corpora\ue002on for shares in Agilyx ASA resul\ue002ng in Agilyx Corpora\ue002on becoming a 100% owned subsidiary of Agilyx ASA. The transac\ue002on was accounted for as an inverse acquisi\ue002on using con\ue002nuity on Agilyx Corpora\ue002on book values in the consolidated Group statements. However, the underlying business of the Agilyx Group has been in existence since 2004. The Agilyx Group has developed comprehensive systems, proven technologies and a unique chemistry knowledge base to give post-use plas\ue002cs new purpose. We have the proprietary technology for iden\ue002fying, managing and preprocessing waste into feedstock. Our integrated solu\ue002ons can take waste polymers and produce discreet monomers that can be fully recycled back into virgin-equivalent products. Agilyx is commi\ue001ed to using innova\ue002ve technology for good and helping solve the immense global problem of plas\ue002c waste.
These \ufb01nancial statements have been prepared in accordance with IFRS Accoun\ue002ng Standards as issued by the Interna\ue002onal Accoun\ue002ng Standards Board as adopted by the European Union (collec\ue002vely IFRS Accoun\ue002ng Standards).
The US Dollar is the presenta\ue002on currency of the Agilyx Group. All foreign opera\ue002ons use local currency as their func\ue002onal currency.
The consolidated \ufb01nancial statements have been prepared on a historical cost basis, except for warrants and subordinated conver\ue002ble bonds, which have been measured at fair value (see Note 14 and 20).
The parent accounts are separate \ufb01nancial statements prepared in accordance with IFRS Accoun\ue002ng Standards.
The consolidated \ufb01nancial statements of the Agilyx Group for the \ufb01scal year 2025 were approved by the Board of Directors
on April 27, 2026. The \ufb01nancial statements have been prepared under the assump\ue002on of going concern. This assump\ue002on is based on cash \ufb02ow forecasts for the year 2026 and the Group\u2019s long-term strategic forecasts. At December 31, 2025, the Group held unrestricted cash of $5.6 million and restricted cash of $40.0 million held in escrow under the Secured Green Bond. The Group incurred a total comprehensive loss of $148.2 million and used $8.3 million of cash in opera\ue002ng ac\ue002vi\ue002es. Principal borrowings comprised a $50.0 million Secured Green Bond maturing November 2027 and a EUR 23.3 million subordinated conver\ue002ble bond maturing June 2028.
Subsequent to the balance sheet date, the Group completed a series of ac\ue002ons that materially strengthened its liquidity posi\ue002on: 1. Comple\ue002on of the Cyclyx restructuring in March 2026, through which the Group assumed 100% ownership of Cyclyx Interna\ue002onal and its remaining cash of $14.3 million and lease liabili\ue002es of approximately $32.9 million; 2. Redemp\ue002on of the $50.0 million Secured Green Bond on March 31, 2026 for $54.1 million on a make-whole basis, releasing the $40.0 million restricted cash escrow and elimina\ue002ng $6.75 million of annual coupon payments; 3. Two subordinated conver\ue002ble bond tap issuances in February 2026 totalling EUR 15.8 million, providing net cash proceeds of approximately $14.9 million. As a result of these ac\ue002ons, the Group held in excess of $15 million of unrestricted cash at March 31, 2026, which based on the Board-approved FY2026 budget provides liquidity runway through the fourth quarter of 2027. PRINCIPLES OF CONSOLIDATION The consolidated \ufb01nancial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corpora\ue002on, Agilyx GmbH and Plastyx Limited. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corpora\ue002on held a 50% interest in Regenyx LLP, which was accounted for under the equity method un\ue002l it was dissolved in December 2024. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As of December 31, 2025, Agilyx Corpora\ue002on held a 50% interest in Cyclyx Interna\ue002onal, LLC accounted for under the equity method. i. Subsidiaries Subsidiaries are en\ue002\ue002es controlled by Agilyx Group. Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power over the investee. Speci\ufb01cally, Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., exis\ue002ng rights that give it the current ability to direct the relevant ac\ue002vi\ue002es of the investee); \u2022 Exposure, or rights, to variable returns from its involvement with the investee; and \u2022 The ability to use its power over the investee to a\ufb00ect its returns. Generally, there is a presump\ue002on that a majority of vo\ue002ng rights results in control. To support this presump\ue002on and when Agilyx Group has less than a majority of the vo\ue002ng or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee; \u2022 Rights arising from other contractual arrangements; \u2022 Agilyx Group\u2019s vo\ue002ng rights and poten\ue002al vo\ue002ng rights. Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolida\ue002on of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences un\ue002l the date on which control ceases. All intra-group assets and liabili\ue002es, equity, income, expenses and cash \ufb02ows rela\ue002ng to transac\ue002ons between members of Agilyx Group are eliminated in full on consolida\ue002on.
iii. Loss of control When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabili\ue002es of the subsidiary, and any NCI and other components of equity. Any resul\ue002ng gain or loss is recognized in pro\ufb01t or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost.
Associates are those en\ue002\ue002es where Agilyx Group has signi\ufb01cant in\ufb02uence (but not control or joint control) over the \ufb01nancial and opera\ue002ng policy decisions of balance sheet at cost, including transac\ue002on costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisi\ue002on, post-tax pro\ufb01ts and losses and other comprehensive income is recognized in the consolidated statement of pro\ufb01t and loss (except for losses in excess of the carrying amount of Agilyx Group\u2019s interest in associate, unless there is an obliga\ue002on to make good those losses). Pro\ufb01ts and losses arising on transac\ue002ons between Agilyx Group and its associates are recognized only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the associate\u2019s pro\ufb01ts and losses resul\ue002ng from these transac\ue002ons is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group\u2019s share of the iden\ue002\ufb01able assets, liabili\ue002es and con\ue002ngent liabili\ue002es acquired is capitalized and included in the carrying amount of the associate. Where there is objec\ue002ve evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same
way as other non-\ufb01nancial assets. REVENUE Performance Obliga\ue002ons and \ue002ming of revenue recogni\ue002on Agilyx Group\u2019s revenues can be divided into four main streams, as analyzed numerically in Note 3: Project development Revenues related to project developments are recognized over the contract period using percentage of comple\ue002on as the method for measuring the revenue. This is because the projects created have no alterna\ue002ve use for Agilyx Group and the contracts require payment to be received for the \ue002me and e\ufb00ort spent by the group on progressing the contracts in the event of the customer cancelling the contract prior to comple\ue002on for any reason other than the group\u2019s failure to perform its obliga\ue002ons under the contract. On par\ue002ally complete design contracts, Agilyx Group recognizes revenue based on stage of comple\ue002on of the project which is es\ue002mated by comparing the number of hours actually spent on the project with the total number of hours expected to complete the project (i.e. an input based method). This is considered a faithful depic\ue002on of the transfer of services as the contracts are ini\ue002ally priced on the basis of an\ue002cipated hours to complete the projects and therefore also represents the amount to which the group would be en\ue002tled based on its performance to date. License, service and royalty fees License revenues are recognized when the license is delivered and the rights are transferred to the buyer. The rights relate to Agilyx Group\u2019s patented conversion technology which helps customers to take feedstock and turn it into a product. Once the rights are transferred to the buyer Agilyx Group usually has a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue002on. Services are billed and recognized on a monthly basis as the work is performed. Sales of goods Revenues from the sale of goods are recognized at the point in \ue002me of the delivery, when control of the goods and risk of ownership has transferred to the customer. There is limited judgement needed in iden\ue002fying the point control passes: once physical delivery of the products to the agreed loca\ue002on has occurred, the Agilyx Group no longer has physical possession, usually will have a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue002on. Determining the transac\ue002on price Agilyx Group\u2019s revenue is derived from \ufb01xed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those \ufb01xed prices. There are no revenue contracts with signi\ufb01cant \ufb01nancing components. Alloca\ue002ng amounts to performance obliga\ue002ons For sales contracts there is a \ufb01xed unit price for each product sold. Therefore, there is no judgement involved in alloca\ue002ng the contract price to each unit ordered. Where a customer orders more than one product line, Agilyx Group is able to determine the split of the total contract price between each product line by reference to each product\u2019s standalone selling prices (all product lines are capable of being, and are, sold separately). Agilyx Group\u2019s contracts are for the delivery of goods within the next 12 months for which the prac\ue002cal expedient in paragraph 121(a) of IFRS 15 applies, related to the presenta\ue002on of remaining performance obliga\ue002ons.
RESEARCH AND DEVELOPMENT EXPENSES Expenditure on internally developed product or technology is capitalized if it can be demonstrated that: \u2022 It is technically feasible to develop the product for it to be sold; \u2022 Adequate resources are available to complete the development; \u2022 There is an inten\ue002on to complete and sell the product; \u2022 The Group is able to sell the product; \u2022 Sale of the product will generate future economic bene\ufb01ts; and \u2022 Expenditure on the project can be measured reliably. Capitalized development costs are amor\ue002zed over the periods Agilyx Group expects to bene\ufb01t from selling the products developed. No projects have met this criteria for any of the periods presented. Development expenditure not sa\ue002sfying the above criteria and expenditure on the research phase of internal projects are recognized in the consolidated income statement as incurred.
INCOME TAX Current income tax Current income tax assets and liabili\ue002es are measured at the amount expected to be recovered from or paid to the taxa\ue002on authori\ue002es. The tax rates and tax laws used to compute the amount are those that are enacted or substan\ue002vely enacted at the repor\ue002ng date in the countries where the Agilyx Group operates and generates taxable income.
Deferred taxa\ue002on Deferred tax assets and liabili\ue002es are recognized where the carrying amount of an asset or liability in the consolidated balance sheet di\ufb00ers from its tax base, except for di\ufb00erences arising on: \u2022 The ini\ue002al recogni\ue002on of goodwill; \u2022 The ini\ue002al recogni\ue002on of an asset or liability in a transac\ue002on which is not a business combina\ue002on and at the \ue002me of the transac\ue002on a\ufb00ects neither accoun\ue002ng or taxable pro\ufb01t; and \u2022 Investments in subsidiaries and joint arrangements where Agilyx Group is able to control the \ue002ming of the reversal of the di\ufb00erence and it is probable that the di\ufb00erence will not reverse in the foreseeable future. Recogni\ue002on of deferred tax assets is restricted to those instances where it is probable that taxable pro\ufb01t will be available against which the di\ufb00erence can be u\ue002lized. The amount of the asset or liability is determined using tax rates that have been enacted or substan\ue002vely enacted by the repor\ue002ng date and are expected to apply when the deferred tax liabili\ue002es/ (assets) are se\ue001led/(recovered). Deferred tax assets and liabili\ue002es are o\ufb00set when Agilyx Group has a legally enforceable right to o\ufb00set current tax assets and liabili\ue002es and the deferred tax assets and liabili\ue002es relate to taxes levied by the same tax authority on either: \u2022 The same taxable group company; or \u2022 Di\ufb00erent group en\ue002\ue002es which intend either to se\ue001le current tax assets and liabili\ue002es on a net basis, or to realize the assets and se\ue001le the liabili\ue002es simultaneously, in each future period in which signi\ufb01cant amounts of deferred tax assets or liabili\ue002es are expected to be se\ue001led or recovered.
STOCK-BASED COMPENSATION The Company accounts for stock-based compensa\ue002on in accordance with IFRS 2 \u2013 Share-based payment. The grant-date fair value of equity-se\ue001led share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the ves\ue002ng period of the awards, using the accelerated method. The amount recognized as an expense, commences on the \ufb01rst of the month following the date of the grant and is adjusted to re\ufb02ect the number of awards for which the related service condi\ue002ons are expected to be met, such that the amount ul\ue002mately recognized is based on the number of awards that meet the related service condi\ue002ons at the ves\ue002ng date.
FOREIGN CURRENCY TRANSLATION Certain transac\ue002ons of the Company and its subsidiaries are denominated in currencies other than their func\ue002onal currency. Foreign currency exchange gains and losses generated from the se\ue001lement and remeasurement of these transac\ue002ons are recognized in earnings and presented within \u201cOther \ufb01nancial income\u201d in the Company\u2019s Income Statement.
CLASSIFICATION OF ASSETS AND LIABILITIES Assets intended for permanent ownership or use in the business are classi\ufb01ed as non-current assets. Other assets are classi\ufb01ed as current assets. Receivables due within one year are classi\ufb01ed as current assets. The classi\ufb01ca\ue002on of current and non-current liabili\ue002es is based on the contractual terms of the underlying agreements. FINANCIAL INSTRUMENTS Financial assets Agilyx Group categorizes all of its \ufb01nancial assets as amor\ue002zed cost, due to the nature and purpose of the assets. These assets arise principally from the provision of goods and services to customers (e.g. accounts receivables), but also incorporate other types of \ufb01nancial assets where the objec\ue002ve is to hold these assets in order to collect contractual cash \ufb02ows and the contractual cash \ufb02ows are solely payments of principal and interest (principally cash and cash equivalents). They are ini\ue002ally recognized at fair value plus transac\ue002on costs that are directly a\ue001ributable to their acquisi\ue002on or issue, and are subsequently carried at amor\ue002zed cost using the e\ufb00ec\ue002ve interest rate method, less provision for impairment, as required. Impairment provisions for current and non-current trade receivables are recognized based on the simpli\ufb01ed approach within IFRS 9 see note 10 for further commentary on the applica\ue002on of this. Agilyx Group\u2019s \ufb01nancial assets measured at amor\ue002zed cost comprise accounts receivables, restricted cash and cash and cash equivalents in the consolidated balance sheet.
Financial liabili\ue002es Agilyx Group classi\ufb01es its \ufb01nancial liabili\ue002es into one of two categories, depending on the purpose for which the liability
was acquired. Fair value through pro\ufb01t or loss This category comprises warrants and subscrip\ue002on rights which are deriva\ue002ve \ufb01nancial instruments and Subordinated Conver\ue002ble Bonds for which management applied the accoun\ue002ng policy elec\ue002on in IFRS 9 paragraph 4.3.5 to value the en\ue002re instrument at fair value through pro\ufb01t and loss. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated pro\ufb01t and loss. Other than these \ufb01nancial instruments, the Group does not have any liabili\ue002es held for trading nor has it designated any \ufb01nancial liabili\ue002es as being at fair value through pro\ufb01t or loss.
Other \ufb01nancial liabili\ue002es - measured at amor\ue002zed cost Other \ufb01nancial liabili\ue002es include bond payable, accounts payable, payables to Group companies and lease liabili\ue002es. These are ini\ue002ally recognized at fair value net of any transac\ue002on costs directly a\ue001ributable to the issue of the instrument. Any interest bearing liabili\ue002es are subsequently measured at amor\ue002zed cost using the e\ufb00ec\ue002ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue002on. Accounts payables and other short-term monetary liabili\ue002es, are ini\ue002ally recognized at fair value and subsequently carried at amor\ue002zed cost using the e\ufb00ec\ue002ve interest method.
INTANGIBLE ASSETS Intangible assets that are acquired separately are recognized at historical cost. Intangible assets acquired in a business combina\ue002on are recognized at historical cost when the criteria for balance sheet recogni\ue002on have been met. Intangible assets with a limited economic life are amor\ue002zed on a systema\ue002c basis, based on the useful economic life as described in Note 6. Intangible assets are wri\ue001en down to the recoverable amount if the expected economic bene\ufb01ts do not exceed the carrying amount and any remaining development costs.
PROPERTY, PLANT AND EQUIPMENT Fixed assets are recorded in the balance sheet at acquisi\ue002on cost, less accumulated deprecia\ue002on and any impairment losses. Deprecia\ue002on is made from the \ue002me assets are put into regular opera\ue002ons and is calculated on straight line basis over the es\ue002mated economic asset life\ue002me. Deprecia\ue002on rates are set out in Note 7. This period\u2019s deprecia\ue002on is charged to this year\u2019s opera\ue002ng expenses in the income statement.
SUBSIDIARIES Investments in subsidiaries are valued at cost in the separate \ufb01nancial statements. The investments are valued at cost less any impairment losses. Impairment losses are reversed if the reason for the impairment loss disappears in a later period.
LEASES Iden\ue002fying leases Agilyx Group accounts for a contract, or a por\ue002on of a contract, as a lease when it conveys the right to use an asset for a period of \ue002me in exchange for considera\ue002on. Leases are those contracts that sa\ue002sfy the following criteria: a. There is an iden\ue002\ufb01ed asset; b. Agilyx Group obtains substan\ue002ally all the economic bene\ufb01ts from use of the asset; and c. Agilyx Group has the right to direct use of the asset. Agilyx Group considers whether the supplier has substan\ue002ve subs\ue002tu\ue002on rights. If the supplier does have those rights, the contract is not iden\ue002\ufb01ed as giving rise to a lease. In determining whether Agilyx Group obtains substan\ue002ally all the economic bene\ufb01ts from use of the asset, Agilyx Group considers only the economic bene\ufb01ts that arise use of the asset, not those incidental to legal ownership or other poten\ue002al bene\ufb01ts. In determining whether Agilyx Group has the right to direct use of the asset, Agilyx Group considers whether it directs how and for what purpose the asset is used throughout the period of use. If there are no signi\ufb01cant decisions to be made because they are pre-determined due to the nature of the asset, Agilyx Group considers whether it was involved in the design of the asset in a way that predetermines how and for what purpose the asset will be used throughout the period of use. If the contract or por\ue002on of a contract does not sa\ue002sfy these criteria, the Group applies other applicable IFRSs rather than IFRS 16.
Ini\ue002al measurement All leases are accounted for by recognizing a right-of-use asset and a lease liability except for \u2022 Leases of low value assets; and \u2022 Leases with a dura\ue002on of 12 months or less. Lease liabili\ue002es are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the group\u2019s incremental borrowing rate on commencement of the lease is used. The incremental borrowing rate is determined with reference to the current external borrowing rates of Agilyx Group, adjusted so as to arrive at the rate of interest that Agilyx Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use
asset in a similar economic environment. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. On ini\ue002al recogni\ue002on, the carrying value of the lease liability also includes: \u2022 amounts expected to be payable under any residual value guarantee; \u2022 the exercise price of any purchase op\ue002on granted in favor of the group if it is reasonable certain to assess that op\ue002on; \u2022 any penal\ue002es payable for termina\ue002ng the lease, if the term of the lease has been es\ue002mated on the basis of termina\ue002on op\ue002on being exercised. Right of use assets are ini\ue002ally measured at the amount of the lease liability, reduced for any lease incen\ue002ves received, and increased for: \u2022 lease payments made at or before commencement of the lease; \u2022 ini\ue002al direct costs incurred; and \u2022 the amount of any provision recognized where the group is contractually required to dismantle, remove or restore the leased asset. Subsequent measurement Subsequent to ini\ue002al measurement lease liabili\ue002es increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of- use assets are amor\ue002zed on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue001en down accordingly. See Note 9, for speci\ufb01c analysis performed on the investment in Regenyx and note 17 for the impairment in Cyclyx during 2025. Where it is not possible to es\ue002mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue002\ufb01able cash \ufb02ows; its cash genera\ue002ng units (CGUs). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amor\ue002zed cost, less any provision for expected credit losses of receivables. See Note 10 for further informa\ue002on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue001ed by IFRS 9.
CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash, bank deposits and other monetary instruments with a maturity of less than three months at the date of purchase.
RESTRICTED CASH Restricted cash represents cash proceeds from the bond, which was held in an escrow account. The cash was restricted for capital contribu\ue002ons to Cyclyx to build its second CCC plant. See Note 24 for informa\ue002on on the subsequent redemp\ue002on of the bond and release of the escrow in March 2026. INVENTORIES Inventories are ini\ue002ally recognized at cost, and subsequently at the lower of cost and net realizable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present loca\ue002on and condi\ue002on. First in \ufb01rst out is used to determine the cost of ordinarily interchangeable items.
INDEPENDENT SUBSCRIPTION RIGHTS - DERIVATIVE LIABILITY Agilyx Corpora\ue002on has granted warrants in connec\ue002on with various debt and equity issuances that were exercisable into ordinary shares. In connec\ue002on to the share exchange that was completed January 7, 2020, these warrants were replaced with subscrip\ue002on rights where Agilyx ASA issued 36,925 (3,692,500 a\ufb05er share split 1:100) subscrip\ue002on rights exercisable by no\ue002ce to the Board of Directors. Upon exercise, a cash contribu\ue002on of $100 ($1 a\ufb05er share split) shall be paid for the warrants under the 2017 plan in Agilyx Corpora\ue002on, and $0.01 (0.00 a\ufb05er share split) for all other warrants. The subscrip\ue002on rights were issued by an extraordinary general mee\ue002ng held August 27, 2020. The warrant agreements included a cashless exercise op\ue002on, which introduced variability into the number of shares that could be issued. The instruments therefore failed the \ufb01xed for \ufb01xed requirement in IAS 32 and were classi\ufb01ed as a deriva\ue002ve liability. The instruments met the de\ufb01ni\ue002on of a deriva\ue002ve because their values changed in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue002al net investment and they were to be se\ue001led at a future date. Such deriva\ue002ve \ufb01nancial instruments were ini\ue002ally recognized at fair value on the date on which the deriva\ue002ve contract was entered into and are subsequently remeasured at fair value un\ue002l the warrants were exercised or expired during 2025. See Note 14 for addi\ue002onal informa\ue002on on these instruments and the valua\ue002on approach. CASH FLOW The cash \ufb02ow statement is prepared according to the indirect method.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The prepara\ue002on of audited consolidated \ufb01nancial statements in conformity with IFRS Accoun\ue002ng Standards require management to make certain es\ue002mates and judgements about the future that a\ufb00ect the applica\ue002on of Agilyx Group\u2019s accoun\ue002ng policies and the reported amounts of assets, liabili\ue002es, incomes and expenses. Es\ue002mates and judgements are con\ue002nually evaluated based on historical experience and other factors, including expecta\ue002ons of future events that are believed to be reasonable under the circumstances. Although the Company regularly assesses these es\ue002mates, actual results could di\ufb00er from those es\ue002mates. Changes in es\ue002mates are recorded in the period in which they occur and become known. i. Judgments: \u2022 Equity accoun\ue002ng: whether the Agilyx Group has signi\ufb01cant in\ufb02uence over equity accounted investees (Notes 9 and 17); \u2022 Consolida\ue002on: Whether the Agilyx Group has control over an
investee, and whether control has been lost (Notes 17). \u2022 Determina\ue002on that valuing the Subordinated Conver\ue002ble Bond as a single instrument at FVTPL, would provide more useful informa\ue002on to the users of the \ufb01nancial statement (Note 20). ii. Es\ue002mates: \u2022 Es\ue002ma\ue002ng the amounts due for the ini\ue002al funding period provision related to the Regenyx investment (Note 9); \u2022 Assump\ue002ons and es\ue002mates related to the impairment of the investment in Regenyx, including future cash \ufb02ows (Note 9); \u2022 Recording accounts receivable, and considera\ue002on of any poten\ue002al allowance for expected credit losses (Note 10); \u2022 Useful lives a\ue001ributed to property plant and equipment and intangible assets (Notes 6 and 7); \u2022 Revenue recognized in accordance with the stage of comple\ue002on method (see accoun\ue002ng policy above and Note 3); \u2022 Stock-based compensa\ue002on expense (Note 15); \u2022 Warrant and stock subscrip\ue002on rights, valua\ue002on assump\ue002ons (Note 14); \u2022 Assump\ue002ons related to the ini\ue002al recogni\ue002on of leases and the subsequent accoun\ue002ng for these agreements, including incremental borrowing rates and determina\ue002on of lease term applied when compu\ue002ng lease liabili\ue002es (see Leases accoun\ue002ng policy above and Note 8). \u2022 Assump\ue002on related to the fair value of Cyclyx on the date that Agilyx lost control - this is the ini\ue002al basis for the carrying amount of the equity method investment in Cyclyx, e\ufb00ec\ue002ve a\ufb05er October 25, 2023; Valua\ue002on assump\ue002ons applied to fair value the Subordinated Conver\ue002ble Bond (Note 20); \u2022 Assump\ue002ons and es\ue002mates related to the fair value of the Agilyx Group\u2019s interest in GreenDot following the acquisi\ue002on of a 46% interest (Notes 17); \u2022 Valua\ue002ons assump\ue002ons related to Cyclyx and Agilyx Corp impairment analysis (Note 17). Fair value measurement Warrant and stock subscrip\ue002on rights, stock compensa\ue002on expenses and the Subordinated Conver\ue002ble Bond, all require measurement at, and/or disclosure of, fair value. The fair value measurement of Agilyx Group\u2019s \ufb01nancial and non- \ufb01nancial assets and liabili\ue002es u\ue002lizes market observable inputs and data as far as possible. Inputs used in determining fair value measurements are categorized into di\ufb00erent levels based on how observable the inputs used in the valua\ue002on technique u\ue002lized are (the \u2018fair value hierarchy\u2019): \u2022 Level 1: Quoted prices in ac\ue002ve markets for iden\ue002cal items (unadjusted); \u2022 Level 2: Observable direct or indirect inputs other than Level 1 inputs; \u2022 Level 3: Unobservable inputs (i.e. not derived from market data). The classi\ufb01ca\ue002on of an item into the above levels is based on the lowest level of the inputs used that has a signi\ufb01cant e\ufb00ect on the fair value measurement of the item. Transfers of items between levels are recognized in the period they occur. Please refer to the applicable notes as referenced above, for addi\ue002onal informa\ue002on on the fair value measurements applied within these \ufb01nancial statements.
NEW STANDARDS INTERPRETATIONS AND AMENDMENTS ADOPTED JANUARY 1, 2025 The following amendments are e\ufb00ec\ue002ve for the period beginning January 1, 2025: \u2022 IAS 21, The E\ufb00ects of Changes in Foreign Exchange Rates (Amendment \u2013 Lack of Exchangeability). These amendments had no impact on the year-end \ufb01nancial statements of Agilyx Group. NEW STANDARDS INTERPRETATIONS AND AMENDMENTS NOT YET EFFECTIVE There are a number of standards, amendments to standards, and interpreta\ue002ons which have been issued by the IASB that are e\ufb00ec\ue002ve in future accoun\ue002ng periods that Agilyx Group has decided not to adopt early. The following amendments are e\ufb00ec\ue002ve for the period beginning January 1, 2026: \u2022 Amendments to the Classi\ufb01ca\ue002on and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7); and \u2022 Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7). The following new standards are e\ufb00ec\ue002ve for the period beginning January 1, 2027: \u2022 IFRS 18 Presenta\ue002on and Disclosure in Financial Statements; and \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures. Agilyx Group is currently assessing the impact of these new accoun\ue002ng standards and amendments. Except for IFRS 18, Agilyx Group does not expect any other standards issued by the IASB, but not yet e\ufb00ec\ue002ve, to have a material impact on Agilyx Group. IFRS 18 Presenta\ue002on and Disclosure in Financial Statements, which was issued by the IASB in April 2024, supersedes IAS 1 and will result in major consequen\ue002al amendments to IFRS Accoun\ue002ng Standards including IAS 8 Basis of Prepara\ue002on of Financial Statements (renamed from Accoun\ue002ng Policies, Changes in Accoun\ue002ng Es\ue002mates and Errors). Even though IFRS 18 will not have any e\ufb00ect on the recogni\ue002on and measurement of items in the consolidated \ufb01nancial statements, it is expected to have a signi\ufb01cant e\ufb00ect on the presenta\ue002on and disclosure of certain items. These changes include categoriza\ue002on and sub-totals in the statement of pro\ufb01t or loss, aggrega\ue002on/disaggrega\ue002on and labelling of informa\ue002on, and disclosure of management-de\ufb01ned performance measures.
The Agilyx Group comprises two reportable segments which account for 100% of the Agilyx Group\u2019s revenues: a. Agilyx - This segment licenses its patented conversion technology and sells its patented equipment to industry players, whether they are exis\ue002ng strategic companies or newer entrepreneurial enterprises, to help them take feedstock and turn it into a product. We provide our partners with valuable know-how and robust technology that allows them to become part of the circular economy. Assets are located in both New Hampshire and Oregon, USA. b. Cyclyx - This segment is focused on ge\ue005ng the right feed for the conversion technology that a given customer is using. The aim is to do this while maximizing availability and lowering cost. The Cyclyx approach is an industry-wide answer, serving the en\ue002re market regardless of which conversion technology a company is using. Assets are located in both New Hampshire, Texas and Oregon, USA. Factors that management used to iden\ue002fy the reportable segments Both of these segments meet the quan\ue002ta\ue002ve thresholds to be a reportable segment. Management has concluded that these segments should be reported separately on the basis that: \u2022 Both segments are separate legal en\ue002\ue002es (see also Note 17), that o\ufb00er di\ufb00ering products and services; \u2022 They are managed separately and each have their own Chief Execu\ue002ve O\ufb03cer and board of directors; \u2022 They are managed separately because each business requires di\ufb00erent technology and marke\ue002ng strategies; \u2022 Both prepare discrete \ufb01nancial informa\ue002on for the board and Chief Opera\ue002ng Decision Makers (CODM) to use in making decisions about resource alloca\ue002on and assess performance; \u2022 The Chief Opera\ue002ng Decision Maker of the consolidated Agilyx Group, is the Chief Execu\ue002ve O\ufb03cer, Ranjeet Bha\ue002a. He is on the board of both segments and therefore reviews the results of the opera\ue002ng segments and uses that informa\ue002on to make decisions which a\ufb00ect the resources allocated to each segment individually, as well as on a consolidated basis. Note 2: Segment informa\ue002on Measurement of opera\ue002ng segment pro\ufb01t or loss, assets and liabili\ue002es Segmental performance is measured in accordance with IFRS Accoun\ue002ng Standards. Opera\ue002ng segments are presented using the management approach, where the informa\ue002on presented is on the same basis as the internal reports provided to the CODM. The segmental \ufb01nancial informa\ue002on below includes the full annual results of the associate, Cyclyx, which con\ue002nues to be a reportable opera\ue002ng segment as de\ufb01ned within IFRS 8, despite the loss of control in 2023 as explained in Note 17. In order to reconcile the totals below to the \ufb01nancial statements, certain adjustments have been included in the table to re\ufb02ect the fact that Cyclyx is no longer consolidated. See note 17 for more informa\ue002on regarding Cyclyx\u2019s 2025 ac\ue002vity and impairment. Segment assets exclude tax assets and assets used primarily for corporate purposes. Segment liabili\ue002es exclude tax, de\ufb01ned bene\ufb01t and warranty related liabili\ue002es. Loans and borrowings are not allocated as these are deemed to serve a group func\ue002on.
MEASUREMENT OF OPERATING SEGMENT PROFIT OR LOSS, ASSETS, AND LIABILITIES 2024 2025 Cyclyx Agilyx Adjustments to remove Cyclyx Total Cyclyx Agilyx Adjustments to remove Cyclyx Total Pro\ufb01t and loss Revenues from external customers 11,234,108 1,009,813 (11,234,108) 1,009,813 16,574,621 1,214,525 (16,574,621) 1,214,525 Deprecia\ue002on and amor\ue002za\ue002on 1,034,487 776,566 (1,034,487) 776,566 808,032 432,991 (808,032) 432,991 Segment loss (19,778,219) (10,463,050) 19,778,219 (10,463,050) (32,263,828) (13,307,473) 32,263,828 (13,307,473) Impairment of investment in Regenyx (2024) and Cyclyx (2025) - (49,382) - (49,382) - (26,667,289) - (26,667,289) Impairment of Regenyx receivable - (664,400) - (664,400) - - - - Impairment of Cyclyx assets - - - - (179,348,804) - 179,348,804 - Share of loss of equity accounted associates - (8,769,502) - (8,769,502) - (107,242,952) - (107,242,952) Fair value gain (loss) on warrant agreements - (1,798,901) - (1,798,901) - 5,890,552 - 5,890,552 Interest income 2,818,856 722,277 (2,818,856) 722,277 1,978,420 2,063,439 (1,978,420) 2,063,439 Interest expense (18,766) (795,174) 18,766 (795,174) (15,953) (8,220,082) 15,953 (8,220,082) Other \ufb01nancial expense, net (16,020) (221,340) 16,020 (221,340) (26,687) (532,697) 26,687 (532,697) Group net loss before tax and discon\ue002nued opera\ue002ons (16,994,149) (22,039,472) 16,994,149 (22,039,472) (209,676,852) (148,016,502) 209,676,852 (148,016,502) Balance sheet Non-current asset addi\ue002ons 42,041,636 45,925 (42,041,636) 45,925 36,083,122 46,937 (36,083,122) 46,937 Reportable segment assets 197,243,585 66,049,131 (197,243,585) 66,049,131 19,270,226 50,214,184 (19,270,226) 50,214,184 Investment in associate - 126,733,436 - 126,733,436 - 48,546,064 - 48,546,064 Total group assets 192,782,567 98,760,248 Reportable segment liabili\ue002es 38,558,567 47,887,796 (38,558,567) 47,887,796 65,867,161 76,239,338 (65,867,161) 76,239,338 Deriva\ue002ve \ufb01nancial liabili\ue002es 5,092,107 - Total group liabili\ue002es 52,979,903 76,239,338 Cash \ufb02ow Net cash from opera\ue002ons (5,968,354) (9,969,025) 5,968,354 (9,969,025) (39,687,250) (8,324,620) 39,687,250 (8,324,620) Net cash from investments (40,215,492) (22,595,307) 40,215,492 (22,595,307) (36,083,122) (26,333,270) 36,083,122 (26,333,270) Net cash from \ufb01nancing 105,619,746 42,172,633 (105,619,746) 42,172,633 4,700,000 22,141,372 (4,700,000) 22,141,372 Revenue by geography - Revenue by geography is included in Note 3. The Cyclyx segment revenue is primarily derived from the US. Non-current assets by geography - All non-current assets reside in the US.
The Group has the following major customers, which each accounted for at least 10% of revenues in 2025 or 2024: MAJOR CUSTOMERS 2024 2025 Segment Customer A 9,904,066 16,013,982 Cyclyx Customer B 994,813 415,079 Agilyx Note 3: Geographical distribu\ue002on of revenues
GEOGRAPHICAL DISTRIBUTION OF REVENUES Group Loca\ue002on/category 2024 2025 Europe - 544,402 USA 15,000 255,044 APAC 994,813 415,079 Total sales by customers loca\ue002on 1,009,813 1,214,525 Product category Project development 105,297 678,510 Services 872,749 82,520 License, membership and royalty fees - 247,442 Sale of goods 31,767 206,053 Total sales by category 1,009,813 1,214,525
No sales was recognized in the parent company, Agilyx ASA, in 2024 and 2025. Project development income is recognized over \ue002me, all other revenue streams are recognized at a point in \ue002me. The Company\u2019s contract liability balances at December 31, 2024 and 2025 was $170,268 and $8,528, respec\ue002vely. These balances represents billings in excess of revenue recognized on project related ac\ue002vi\ue002es that are recognized on a percent complete basis and product shipments billed in advance. The Company has classi\ufb01ed this amount as current as it expects to recognize the revenues over the next twelve months. An accoun\ue002ng roll forward for the periods presented are as follows: CONTRACT LIABILITY Balance as of January 1, 2024 - Billings deferred 1,172,030 Revenue recognized (1,001,762) Ending balance as of December 31, 2024 170,268 Billings deferred 804,232 Revenue recognized (965,972) Ending balance as of December 31, 2025 8,528
Note 21: Contract liability
",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"reg-ix-304": {
"value": "Agilyx ASA is a Norwegian company, located in Oslo, Norway and the parent and ul\ue002mate parent company in the Agilyx Group. The Agilyx Group headquarters are located in Portsmouth, New Hampshire and Tigard, Oregon (USA) with satellite o\ufb03ces located in Switzerland and Denmark.
Agilyx ASA was incorporated on November 22, 2019 as a shelf company and there was no ac\ue002vity in 2019. Agilyx ASA became the parent of the Agilyx Group through a reorganiza\ue002on in early January 2020. The Group was reorganized such that the shareholders of Agilyx Corpora\ue002on contributed their shares in Agilyx Corpora\ue002on for shares in Agilyx ASA resul\ue002ng in Agilyx Corpora\ue002on becoming a 100% owned subsidiary of Agilyx ASA. The transac\ue002on was accounted for as an inverse acquisi\ue002on using con\ue002nuity on Agilyx Corpora\ue002on book values in the consolidated Group statements. However, the underlying business of the Agilyx Group has been in existence since 2004. The Agilyx Group has developed comprehensive systems, proven technologies and a unique chemistry knowledge base to give post-use plas\ue002cs new purpose. We have the proprietary technology for iden\ue002fying, managing and preprocessing waste into feedstock. Our integrated solu\ue002ons can take waste polymers and produce discreet monomers that can be fully recycled back into virgin-equivalent products. Agilyx is commi\ue001ed to using innova\ue002ve technology for good and helping solve the immense global problem of plas\ue002c waste.
These \ufb01nancial statements have been prepared in accordance with IFRS Accoun\ue002ng Standards as issued by the Interna\ue002onal Accoun\ue002ng Standards Board as adopted by the European Union (collec\ue002vely IFRS Accoun\ue002ng Standards).
The US Dollar is the presenta\ue002on currency of the Agilyx Group. All foreign opera\ue002ons use local currency as their func\ue002onal currency.
The consolidated \ufb01nancial statements have been prepared on a historical cost basis, except for warrants and subordinated conver\ue002ble bonds, which have been measured at fair value (see Note 14 and 20).
",
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"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"reg-ix-306": {
"value": "Agilyx ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"reg-ix-305": {
"value": "Agilyx ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"reg-ix-307": {
"value": "Norwegian company",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"reg-ix-308": {
"value": "Oslo, Norway",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"reg-ix-309": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"reg-ix-310": {
"value": "The Agilyx Group headquarters are located in Portsmouth, New Hampshire and Tigard, Oregon (USA) with satellite o\ufb03ces located in Switzerland and Denmark. ",
"dimensions": {
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"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"reg-ix-311": {
"value": "The Agilyx Group has developed comprehensive systems, proven technologies and a unique chemistry knowledge base to give post-use plas\ue002cs new purpose. We have the proprietary technology for iden\ue002fying, managing and preprocessing waste into feedstock. Our integrated solu\ue002ons can take waste polymers and produce discreet monomers that can be fully recycled back into virgin-equivalent products. Agilyx is commi\ue001ed to using innova\ue002ve technology for good and helping solve the immense global problem of plas\ue002c waste. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"reg-ix-312": {
"value": "These \ufb01nancial statements have been prepared in accordance with IFRS Accoun\ue002ng Standards as issued by the Interna\ue002onal Accoun\ue002ng Standards Board as adopted by the European Union (collec\ue002vely IFRS Accoun\ue002ng Standards).
",
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"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "The US Dollar is the presenta\ue002on currency of the Agilyx Group. All foreign opera\ue002ons use local currency as their func\ue002onal currency.
ries Subsidiaries are en\ue002\ue002es controlled by Agilyx Group. Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power over the investee. Speci\ufb01cally, Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., exis\ue002ng rights that give it the current ability to direct the relevant ac\ue002vi\ue002es of the investee); \u2022 Exposure, or rights, to variable returns from its involvement with the investee; and \u2022 The ability to use its power over the investee to a\ufb00ect its returns. Generally, there is a presump\ue002on that a majority of vo\ue002ng rights results in control. To support this presump\ue002on and when Agilyx Group has less than a majority of the vo\ue002ng or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee; \u2022 Rights arising from other contractual arrangements; \u2022 Agilyx Group\u2019s vo\ue002ng rights and poten\ue002al vo\ue002ng rights. Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolida\ue002on of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences un\ue002l the date on which control ceases. All intra-group assets and liabili\ue002es, equity, income, expenses and cash \ufb02ows rela\ue002ng to transac\ue002ons between members of Agilyx Group are eliminated in full on consolida\ue002on.
iii. Loss of control When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabili\ue002es of the subsidiary, and any NCI and other components of equity. Any resul\ue002ng gain or loss is recognized in pro\ufb01t or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost.
Associates are those en\ue002\ue002es where Agilyx Group has signi\ufb01cant in\ufb02uence (but not control or joint control) over the \ufb01nancial and opera\ue002ng policy decisions of balance sheet at cost, including transac\ue002on costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisi\ue002on, post-tax pro\ufb01ts and losses and other comprehensive income is recognized in the consolidated statement of pro\ufb01t and loss (except for losses in excess of the carrying amount of Agilyx Group\u2019s interest in associate, unless there is an obliga\ue002on to make good those losses). Pro\ufb01ts and losses arising on transac\ue002ons between Agilyx Group and its associates are recognized only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the associate\u2019s pro\ufb01ts and losses resul\ue002ng from these transac\ue002ons is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group\u2019s share of the iden\ue002\ufb01able assets, liabili\ue002es and con\ue002ngent liabili\ue002es acquired is capitalized and included in the carrying amount of the associate. Where there is objec\ue002ve evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same
way as other non-\ufb01naREVENUE Performance Obliga\ue002ons and \ue002ming of revenue recogni\ue002on Agilyx Group\u2019s revenues can be divided into four main streams, as analyzed numerically in Note 3: Project development Revenues related to project developments are recognized over the contract period using percentage of comple\ue002on as the method for measuring the revenue. This is because the projects created have no alterna\ue002ve use for Agilyx Group and the contracts require payment to be received for the \ue002me and e\ufb00ort spent by the group on progressing the contracts in the event of the customer cancelling the contract prior to comple\ue002on for any reason other than the group\u2019s failure to perform its obliga\ue002ons under the contract. On par\ue002ally complete design contracts, Agilyx Group recognizes revenue based on stage of comple\ue002on of the project which is es\ue002mated by comparing the number of hours actually spent on the project with the total number of hours expected to complete the project (i.e. an input based method). This is considered a faithful depic\ue002on of the transfer of services as the contracts are ini\ue002ally priced on the basis of an\ue002cipated hours to complete the projects and therefore also represents the amount to which the group would be en\ue002tled based on its performance to date. License, service and royalty fees License revenues are recognized when the license is delivered and the rights are transferred to the buyer. The rights relate to Agilyx Group\u2019s patented conversion technology which helps customers to take feedstock and turn it into a product. Once the rights are transferred to the buyer Agilyx Group usually has a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue002on. Services are billed and recognized on a monthly basis as the work is performed. Sales of goods Revenues from the sale of goods are recognized at the point in \ue002me of the delivery, when control of the goods and risk of ownership has transferred to the customer. There is limited judgement needed in iden\ue002fying the point control passes: once physical delivery of the products to the agreed loca\ue002on has occurred, the Agilyx Group no longer has physical possession, usually will have a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue002on. Determining the transac\ue002on price Agilyx Group\u2019s revenue is derived from \ufb01xed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those \ufb01xed prices. There are no revenue contracts with signi\ufb01cant \ufb01nancing components. Alloca\ue002ng amounts to performance obliga\ue002ons For sales contracts there is a \ufb01xed unit price for each product sold. Therefore, there is no judgement involved in alloca\ue002ng the contract price to each unit ordered. Where a customer orders more than one product line, Agilyx Group is able to determine the split of the total contract price between each product line by reference to each product\u2019s standalone selling prices (all product lines are capable of being, and are, sold separately). Agilyx Group\u2019s contracts are for the delivery of goods within the next 12 months for which the prac\ue002cal expedient in paragraph 121(a) of IFRS 15 applies, related to the presenta\ue002on of remaining performance obliga\ue002ons.
RESEARCH AND DEVELOPMENT EXPENSES Expenditure on internally developed product or technology is capitalized if it can be demonstrated that: \u2022 It is technically feasible to develop the product for it to be sold; \u2022 Adequate resources are available to complete the development; \u2022 There is an inten\ue002on to complete and sell the product; \u2022 The Group is able to sell the product; \u2022 Sale of the product will generate future economic bene\ufb01ts; and \u2022 Expenditure on the project can be measured reliably. Capitalized development costs are amor\ue002zed over the periods Agilyx Group expects to bene\ufb01t from selling the products developed. No projects have met this criteria for any of the periods presented. Development expenditure not sa\ue002sfying the above criteria and expenditure on the research phase of internal projects are recognized in the consolidated income statement as incurred.
INCOME TAX Current income tax Current income tax assets and liabili\ue002es are measured at the amount expected to be recovered from or paid to the taxa\ue002on authori\ue002es. The tax rates and tax laws used to compute the amount are those that are enacted or substan\ue002vely enacted at the repor\ue002ng date in the countries where the Agilyx Group operates and generates taxable income.
Deferred taxa\ue002on Deferred tax assets and liabili\ue002es are recognized where the carrying amount of an asset or liability in the consolidated balance sheet di\ufb00ers from its tax base, except for di\ufb00erences arising on: \u2022 The ini\ue002al recogni\ue002on of goodwill; \u2022 The ini\ue002al recogni\ue002on of an asset or liability in a transac\ue002on which is not a business combina\ue002on and at the \ue002me of the transac\ue002on a\ufb00ects neither accoun\ue002ng or taxable pro\ufb01t; and \u2022 Investments in subsidiaries and joint arrangements where Agilyx Group is able to control the \ue002ming of the reversal of the di\ufb00erence and it is probable that the di\ufb00erence will not reverse in the foreseeable future. Recogni\ue002on of deferred tax assets is restricted to those instances where it is probable that taxable pro\ufb01t will be available against which the di\ufb00erence can be u\ue002lized. The amount of the asset or liability is determined using tax rates that have been enacted or substan\ue002vely enacted by the repor\ue002ng date and are expected to apply when the deferred tax liabili\ue002es/ (assets) are se\ue001led/(recovered). Deferred tax assets and liabili\ue002es are o\ufb00set when Agilyx Group has a legally enforceable right to o\ufb00set current tax assets and liabili\ue002es and the deferred tax assets and liabili\ue002es relate to taxes levied by the same tax authority on either: \u2022 The same taxable group company; or \u2022 Di\ufb00erent group en\ue002\ue002es which intend either to se\ue001le current tax assets and liabili\ue002es on a net basis, or to realize the assets and se\ue001le the liabili\ue002es simultaneously, in each future period in which signi\ufb01cant amounts of deferred tax assets or liabili\ue002es are expected to be se\ue001led or recovered.
STOCK-BASED COMPENSATION The Company accounts for stock-based compensa\ue002on in accordance with IFRS 2 \u2013 Share-based payment. The grant-date fair value of equity-se\ue001led share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the ves\ue002ng period of the awards, using the accelerated method. The amount recognized as an expense, commences on the \ufb01rst of the month following the date of the grant and is adjusted to re\ufb02ect the number of awards for which the related service condi\ue002ons are expected to be met, such that the amount ul\ue002mately recognized is based on the number of awards that meet the related service condi\ue002ons at the ves\ue002ng date.
FOREIGN CURRENCY TRANSLATION Certain transac\ue002ons of the Company and its subsidiaries are denominated in currencies other than their func\ue002onal currency. Foreign currency exchange gains and losses generated from the se\ue001lement and remeasurement of these transac\ue002ons are recognized in earnings and presented within \u201cOther \ufb01nancial income\u201d in the Company\u2019s Income Statement.
FINANCIAL INSTRUMENTS Financial assets Agilyx Group categorizes all of its \ufb01nancial assets as amor\ue002zed cost, due to the nature and purpose of the assets. These assets arise principally from the provision of goods and services to customers (e.g. accounts receivables), but also incorporate other types of \ufb01nancial assets where the objec\ue002ve is to hold these assets in order to collect contractual cash \ufb02ows and the contractual cash \ufb02ows are solely payments of principal and interest (principally cash and cash equivalents). They are ini\ue002ally recognized at fair value plus transac\ue002on costs that are directly a\ue001ributable to their acquisi\ue002on or issue, and are subsequently carried at amor\ue002zed cost using the e\ufb00ec\ue002ve interest rate method, less provision for impairment, as required. Impairment provisions for current and non-current trade receivables are recognized based on the simpli\ufb01ed approach within IFRS 9 see note 10 for further commentary on the applica\ue002on of this. Agilyx Group\u2019s \ufb01nancial assets measured at amor\ue002zed cost comprise accounts receivables, restricted cash and cash and cash equivalents in the consolidated balance sheet.
Financial liabili\ue002es Agilyx Group classi\ufb01es its \ufb01nancial liabili\ue002es into one of two categories, depending on the purpose for which the liability
was acquired. Note 1: Material accoun\ue002ng policies
Fair value through pro\ufb01t or loss This category comprises warrants and subscrip\ue002on rights which are deriva\ue002ve \ufb01nancial instruments and Subordinated Conver\ue002ble Bonds for which management applied the accoun\ue002ng policy elec\ue002on in IFRS 9 paragraph 4.3.5 to value the en\ue002re instrument at fair value through pro\ufb01t and loss. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated pro\ufb01t and loss. Other than these \ufb01nancial instruments, the Group does not have any liabili\ue002es held for trading nor has it designated any \ufb01nancial liabili\ue002es as being at fair value through pro\ufb01t or loss.
Other \ufb01nancial liabili\ue002es - measured at amor\ue002zed cost Other \ufb01nancial liabili\ue002es include bond payable, accounts payable, payables to Group companies and lease liabili\ue002es. These are ini\ue002ally recognized at fair value net of any transac\ue002on costs directly a\ue001ributable to the issue of the instrument. Any interest bearing liabili\ue002es are subsequently measured at amor\ue002zed cost using the e\ufb00ec\ue002ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue002on. Accounts payables and other short-term monetary liabili\ue002es, are ini\ue002ally recognized at fair value and subsequently carried at amor\ue002zed cost using the e\ufb00ec\ue002ve interest method.
INTANGIBLE ASSETS Intangible assets that are acquired separately are recognized at historical cost. Intangible assets acquired in a business combina\ue002on are recognized at historical cost when the criteria for balance sheet recogni\ue002on have been met. Intangible assets with a limited economic life are amor\ue002zed on a systema\ue002c basis, based on the useful economic life as described in Note 6. Intangible assets are wri\ue001en down to the recoverable amount if the expected economic bene\ufb01ts do not exceed the carrying amount and any remaining development costs.
PROPERTY, PLANT AND EQUIPMENT Fixed assets are recorded in the balance sheet at acquisi\ue002on cost, less accumulated deprecia\ue002on and any impairment losses. Deprecia\ue002on is made from the \ue002me assets are put into regular opera\ue002ons and is calculated on straight line basis over the es\ue002mated economic asset life\ue002me. Deprecia\ue002on rates are set out in Note 7. This period\u2019s deprecia\ue002on is charged to this year\u2019s opera\ue002ng expenses in the income statement.
SUBSIDIARIES Investments in subsidiaries are valued at cost in the separate \ufb01nancial statements. The investments are valued at cost less any impairment losses. Impairment losses are reversed if the reason for the impairment loss disappears in a later period.
LEASES Iden\ue002fying leases Agilyx Group accounts for a contract, or a por\ue002on of a contract, as a lease when it conveys the right to use an asset for a period of \ue002me in exchange for considera\ue002on. Leases are those contracts that sa\ue002sfy the following criteria: a. There is an iden\ue002\ufb01ed asset; b. Agilyx Group obtains substan\ue002ally all the economic bene\ufb01ts from use of the asset; and c. Agilyx Group has the right to direct use of the asset. Agilyx Group considers whether the supplier has substan\ue002ve subs\ue002tu\ue002on rights. If the supplier does have those rights, the contract is not iden\ue002\ufb01ed as giving rise to a lease. In determining whether Agilyx Group obtains substan\ue002ally all the economic bene\ufb01ts from use of the asset, Agilyx Group considers only the economic bene\ufb01ts that arise use of the asset, not those incidental to legal ownership or other poten\ue002al bene\ufb01ts. In determining whether Agilyx Group has the right to direct use of the asset, Agilyx Group considers whether it directs how and for what purpose the asset is used throughout the period of use. If there are no signi\ufb01cant decisions to be made because they are pre-determined due to the nature of the asset, Agilyx Group considers whether it was involved in the design of the asset in a way that predetermines how and for what purpose the asset will be used throughout the period of use. If the contract or por\ue002on of a contract does not sa\ue002sfy these criteria, the Group applies other applicable IFRSs rather than IFRS 16.
Note 1: Material accoun\ue002ng policies
2025 Annual Report 59 Ini\ue002al measurement All leases are accounted for by recognizing a right-of-use asset and a lease liability except for \u2022 Leases of low value assets; and \u2022 Leases with a dura\ue002on of 12 months or less. Lease liabili\ue002es are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the group\u2019s incremental borrowing rate on commencement of the lease is used. The incremental borrowing rate is determined with reference to the current external borrowing rates of Agilyx Group, adjusted so as to arrive at the rate of interest that Agilyx Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use
asset in a similar economic en\u2022 lease payments made at or before commencement of the lease; \u2022 ini\ue002al direct costs incurred; and \u2022 the amount of any provision recognized where the group is contractually required to dismantle, remove or restore the leased asset. Subsequent measurement Subsequent to ini\ue002al measurement lease liabili\ue002es increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of- use assets are amor\ue002zed on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue001en down accordingly. See Note 9, for speci\ufb01c analysis performed on the investment in Regenyx and note 17 for the impairment in Cyclyx during 2025. Where it is not possible to es\ue002mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue002\ufb01able cash \ufb02ows; its cash genera\ue002ng units (CGUs). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amor\ue002zed cost, less any provision for expected credit losses of receivables. See Note 10 for further informa\ue002on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue001ed by IFRS 9.
CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash, bank deposits and other monetary instruments with a maturity of less than three months at the date of purchase.
S Inventories are ini\ue002ally recognized at cost, and subsequently at the lower of cost and net realizable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present loca\ue002on and condi\ue002on. First in \ufb01rst out is used to determine the cost of ordinarily interchangeable items.
CASH FLOW The cash \ufb02ow statement is prepared according to the indirect method.
measurement Warrant and stock subscrip\ue002on rights, stock compensa\ue002on expenses and the Subordinated Conver\ue002ble Bond, all require measurement at, and/or disclosure of, fair value. The fair value measurement of Agilyx Group\u2019s \ufb01nancial and non- \ufb01nancial assets and liabili\ue002es u\ue002lizes market observable inputs and data as far as possible. Inputs used in determining fair value measurements are categorized into di\ufb00erent levels based on how observable the inputs used in the valua\ue002on technique u\ue002lized are (the \u2018fair value hierarchy\u2019): \u2022 Level 1: Quoted prices in ac\ue002ve markets for iden\ue002cal items (unadjusted); \u2022 Level 2: Observable direct or indirect inputs other than Level 1 inputs; \u2022 Level 3: Unobservable inputs (i.e. not derived from market data). The classi\ufb01ca\ue002on of an item into the above levels is based on the lowest level of the inputs used that has a signi\ufb01cant e\ufb00ect on the fair value measurement of the item. Transfers of items between levels are recognized in the period they occur. Please refer to the applicable notes as referenced above, for addi\ue002onal informa\ue002on on the fair value measurements applied within these \ufb01nancial statements.
Net earnings per share is computed under the provisions of IAS 33, Earnings Per Share. Basic earnings per share is computed by dividing net earnings or loss by the weighted average number of common shares outstanding during the period.
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"value": "The US Dollar is the presenta\ue002on currency of the Agilyx Group. All foreign opera\ue002ons use local currency as their func\ue002onal currency.
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"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-314": {
"value": "The consolidated \ufb01nancial statements have been prepared on a historical cost basis, except for warrants and subordinated conver\ue002ble bonds, which have been measured at fair value (see Note 14 and 20).
The parent accounts are separate \ufb01nancial statements prepared in accordance with IFRS Accoun\ue002ng Standards.
The consolidated \ufb01nancia",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-315": {
"value": "The consolidated \ufb01nancial statements of the Agilyx Group for the \ufb01scal year 2025 were approved by the Board of Directors
on April 27, 2026The \ufb01nancial statements have been prepared under the assump\ue002on of going concern. This assump\ue002on is based on cash \ufb02ow forecasts for the year 2026 and the Group\u2019s long-term strategic forecasts. At December 31, 2025, the Group held unrestricted cash of $5.6 million and restricted cash of $40.0 million held in escrow under the Secured Green Bond. The Group incurred a total comprehensive loss of $148.2 million and used $8.3 million of cash in opera\ue002ng ac\ue002vi\ue002es. Principal borrowings comprised a $50.0 million Secured Green Bond maturing November 2027 and a EUR 23.3 million subordinated conver\ue002ble bond maturing June 2028.
Subsequent to the balance sheet date, the Group completed a series of ac\ue002ons that materially strengthened its liquidity posi\ue002on: 1. Comple\ue002on of the Cyclyx restructuring in March 2026, through which the Group assumed 100% ownership of Cyclyx Interna\ue002onal and its remaining cash of $14.3 million and lease liabili\ue002es of approximately $32.9 million; 2. Redemp\ue002on of the $50.0 million Secured Green Bond on March 31, 2026 for $54.1 million on a make-whole basis, releasing the $40.0 million restricted cash escrow and elimina\ue002ng $6.75 million of annual coupon payments; 3. Two subordinated conver\ue002ble bond tap issuances in February 2026 totalling EUR 15.8 million, providing net cash proceeds of approximately $14.9 million. As a result of these ac\ue002ons, the Group held in excess of $15 million of unrestricted cash at March 31, 2026, which based on the Board-approved FY2026 budget provides liquidity runway through the fourth quarter of 2027. The \ufb01nancial statements have been prepared under the assump\ue002on of going concern. This assump\ue002on is based on cash \ufb02ow forecasts for the year 2026 and the Group\u2019s long-term strategic forecasts. At December 31, 2025, the Group held unrestricted cash of $5.6 million and restricted cash of $40.0 million held in escrow under the Secured Green Bond. The Group incurred a total comprehensive loss of $148.2 million and used $8.3 million of cash in opera\ue002ng ac\ue002vi\ue002es. Principal borrowings comprised a $50.0 million Secured Green Bond maturing November 2027 and a EUR 23.3 million subordinated conver\ue002ble bond maturing June 2028.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-317": {
"value": "PRINCIPLES OF CONSOLIDATION The consolidated \ufb01nancial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corpora\ue002on, Agilyx GmbH and Plastyx Limited. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corpora\ue002on held a 50% interest in Regenyx LLP, which was accounted for under the equity method un\ue002l it was dissolved in December 2024. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As of December 31, 2025, Agilyx Corpora\ue002on held a 50% interest in Cyclyx Interna\ue002onal, LLC accounted for under the equity method. i. Subsidiaries Subsidiaries are en\ue002\ue002es controlled by Agilyx Group. Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power over the investee. Speci\ufb01cally, Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., exis\ue002ng rights that give it the current ability to direct the relevant ac\ue002vi\ue002es of the investee); \u2022 Exposure, or rights, to variable returns from its involvement with the investee; and \u2022 The ability to use its power over the investee to a\ufb00ect its returns. Generally, there is a presump\ue002on that a majority of vo\ue002ng rights results in control. To support this presump\ue002on and when Agilyx Group has less than a majority of the vo\ue002ng or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee; \u2022 Rights arising from other contractual arrangements; \u2022 Agilyx Group\u2019s vo\ue002ng rights and poten\ue002al vo\ue002ng rights. Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolida\ue002on of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences un\ue002l the date on which control ceases. All intra-group assets and liabili\ue002es, equity, income, expenses and cash \ufb02ows rela\ue002ng to transac\ue002ons between members of Agilyx Group are eliminated in full on consolida\ue002on.
iii. Loss of control When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabili\ue002es of the subsidiary, and any NCI and other components of equity. Any resul\ue002ng gain or loss is recognized in pro\ufb01t or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost.
Associates are those en\ue002\ue002es where Agilyx Group has signi\ufb01cant in\ufb02uence (but not control or joint control) over the \ufb01nancial and opera\ue002ng policy decisions of balance sheet at cost, including transac\ue002on costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisi\ue002on, post-tax pro\ufb01ts and losses and other comprehensive income is recognized in the consolidated statement of pro\ufb01t and loss (except for losses in excess of the carrying amount of Agilyx Group\u2019s interest in associate, unless there is an obliga\ue002on to make good those losses). Pro\ufb01ts and losses arising on transac\ue002ons between Agilyx Group and its associates are recognized only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the associate\u2019s pro\ufb01ts and losses resul\ue002ng from these transac\ue002ons is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group\u2019s share of the iden\ue002\ufb01able assets, liabili\ue002es and con\ue002ngent liabili\ue002es acquired is capitalized and included in the carrying amount of the associate. Where there is objec\ue002ve evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same
way as other non-\ufb01nancial assets. PRINCIPLES OF CONSOLIDATION The consolidated \ufb01nancial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corpora\ue002on, Agilyx GmbH and Plastyx Limited. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corpora\ue002on held a 50% interest in Regenyx LLP, which was accounted for under the equity method un\ue002l it was dissolved in December 2024. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As of December 31, 2025, Agilyx Corpora\ue002on held a 50% interest in Cyclyx Interna\ue002onal, LLC accounted for under the equity method. i. Subsidiaries Subsidiaries are en\ue002\ue002es controlled by Agilyx Group. Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power over the investee. Speci\ufb01cally, Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., exis\ue002ng rights that give it the current ability to direct the relevant ac\ue002vi\ue002es of the investee); \u2022 Exposure, or rights, to variable returns from its involvement with the investee; and \u2022 The ability to use its power over the investee to a\ufb00ect its returns. Generally, there is a presump\ue002on that a majority of vo\ue002ng rights results in control. To support this presump\ue002on and when Agilyx Group has less than a majority of the vo\ue002ng or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee; \u2022 Rights arising from other contractual arrangements; \u2022 Agilyx Group\u2019s vo\ue002ng rights and poten\ue002al vo\ue002ng rights. Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolida\ue002on of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences un\ue002l the date on which control ceases. All intra-group assets and liabili\ue002es, equity, income, expenses and cash \ufb02ows rela\ue002ng to transac\ue002ons between members of Agilyx Group are eliminated in full on consolida\ue002on.
iii. Loss of control When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabili\ue002es of the subsidiary, and any NCI and other components of equity. Any resul\ue002ng gain or loss is recognized in pro\ufb01t or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost.
Associates are those en\ue002\ue002es where Agilyx Group has signi\ufb01cant in\ufb02uence (but not control or joint control) over the \ufb01nancial and opera\ue002ng policy decisions of balance sheet at cost, including transac\ue002on costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisi\ue002on, post-tax pro\ufb01ts and losses and other comprehensive income is recognized in the consolidated statement of pro\ufb01t and loss (except for losses in excess of the carrying amount of Agilyx Group\u2019s interest in associate, unless there is an obliga\ue002on to make good those losses). Pro\ufb01ts and losses arising on transac\ue002ons between Agilyx Group and its associates are recognized only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the associate\u2019s pro\ufb01ts and losses resul\ue002ng from these transac\ue002ons is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group\u2019s share of the iden\ue002\ufb01able assets, liabili\ue002es and con\ue002ngent liabili\ue002es acquired is capitalized and included in the carrying amount of the associate. Where there is objec\ue002ve evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same
way as other non-\ufb01naSUBSIDIARIES Investments in subsidiaries are valued at cost in the separate \ufb01nancial statements. The investments are valued at cost less any impairment losses. Impairment losses are reversed if the reason for the impairment loss disappears in a later period.
Note 9: Investment in Regenyx Agilyx holds a 50% interest in Regenyx. Regenyx was formed in April 2019 and shares its opera\ue002on space with Agilyx and Cyclyx in Tigard, OR. Despite holding a 50% interest, Agilyx has assessed that it does not have control or joint control of Regenyx. This is driven by the other 50% shareholder controlling the purchases and sales of Regenyx, via various mechanisms within the opera\ue002ng agreements. Agilyx does have the power to par\ue002cipate in the \ufb01nancial and opera\ue002ng policy decisions of the investee, via its board posi\ue002on. Agilyx has therefore determined that it has signi\ufb01cant in\ufb02uence over Regenyx and its investment is therefore measured using the equity method as an investment in associate. IMPAIRMENT OF INVESTMENT Agilyx Group is split into two CGU\u2019s for impairment analysis purposes, Agilyx and Cyclyx, which is in alignment with the segments disclosed in Note 2. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cash\ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. For the investment in Regenyx, objec\ue002ve evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted nega\ue002ve cash \ufb02ows being generated by the en\ue002ty, which would require capital contribu\ue002ons from Agilyx and AmSty in order to support its con\ue002nued opera\ue002on. Due to the projected nega\ue002ve cash \ufb02ows and the unique nature of the underlying plant, it was determined that the recoverable amount was zero under both the value in use and fair value less cost to sell methodology therefore the investment in Regenyx has been fully impaired at January 1, 2021. As can be seen in the tables below, subsequent capital investments by Agilyx, led to impairments on the basis that the recoverable amount using the value in use and fair value less cost to sell methodologies would lead to a fully wri\ue001en o\ufb00 investment. As of December 31, 2024, the Regenyx opera\ue002on has been dissolved.
Calcula\ue002on of balance sheet value of investment in Regenyx Balance sheet value December 31, 2023 - Investment during 2024 - above ini\ue002al es\ue002mated cash ou\ue003low 49,382 Impairment charge \u2013 fully impair balance (49,382) Balance sheet value December 31, 2024 - Investment during 2025 - above ini\ue002al es\ue002mated cash ou\ue003low - Impairment charge \u2013 fully impair balance - Balance sheet value December 31, 2025 - Summarized \ufb01nancial informa\ue002on of Regenyx As at December 31 2024 2025 Current assets 102,586 - Non-current assets - - Current liabili\ue002es 102,586 - Net assets (100%) - - Period ended December 31 2024 2025 Revenues 585,073 - Total and other comprehensive loss (4,556,928) - Agilyx ASA has the following shares in subsidiaries as of December 31: SHARES IN SUBSIDIARIES, ASSOCIATES, AND RELATED PARTY TRANSACTIONS Subsidiary O\ufb03ce Share Vo\ue002ng rights Equity Book value \u2013 2024 Book value \u2013 2025 Agilyx Corp Portland, OR, USA 100% 100% - 104,133,142 4,026,590 Plastyx Limited Dublin, Ireland 60% 60% - - 560,024 Agilyx GmbH Zurich, Switzerland 100% 100% - 163,005 163,005 104,296,147 4,749,619 RELATED PARTY TRANSACTIONS Group level During 2025, Cyclyx had $15.8M of product sales to ExxonMobile (2024 $9.7M), a minority holder in Cyclyx. RELATED PARTY TRANSACTIONS Related party receivable included in Note 10: 2024 2025 ExxonMobil 18,759 - Regenyx, LLC 94,310 - Cyclyx Interna\ue002onal, LLC 247,147 60,986 Parent level Parent level - At December 31, 2025 the parent company, Agilyx ASA, has an intercompany payable of $15,733,503 to Agilyx Corp (December 31, 2024: $5,328,875) and $1,805,134 payable to Agilyx GmbH (December 31, 2024: $1,661,933) net of an intercompany receivable of $483,132 to Agilyx Corp (December 31, 2024: $483,132). These inter-group payables represent opera\ue002ng and management costs incurred and or paid at the subsidiary and subsequently recharged to the parent. SUBSIDIARY INFORMATION Agilyx Corp Agilyx Corp was formed in 2004 in Oregon, United States of America. Agilyx Corp became a subsidiary of Agilyx AS by way of a share inversion that took place on January, 2020. The share inversion e\ufb00ec\ue002vely converted all the shares of Agilyx Corp into shares of Agilyx ASA. The largest asset of Agilyx Corp is its investment in Cyclyx Interna\ue002onal, LLC. As described in more detail below, during Q4 2025, the investment in Cyclyx has been fully impaired to a nil book value at the Group level. In the parent company \ufb01nancial statements, an impairment of $119,529,453, was booked, to reduce the carrying value of the investment in Agilyx Corp, down to its recoverable amount of $4,026,590, with reference to the fair value less cost to sell of the remaining assets and liabili\ue002es owned by Agilyx Corp. Agilyx GmbH Agilyx GmbH was formed in August, 2020 in Zurich, Switzerland. The subsidiary was created to provide addi\ue002onal reach into European markets. Plastyx Limited Plastyx limited was formed as a joint venture in February, 2025 in Dublin, Ireland with Circular Resources Limited. Agilyx ASA contributed Euro 500,000 (USD 560,024) to gain a controlling 60% share. The investment was made to provide further reach into European markets.
During 2025, the Group disolved Agilyx ApS. The en\ue002ty was fully owned by the Group and had limited ac\ue002vity prior to its closure. The liquida\ue002on did not result in any material gain or loss and had no signi\ufb01cant impact on the Group\u2019s consolidated \ufb01nancial statements. Note 17: Shares in subsidiaries, associates and related party transac\ue002ons IAS 28. When assessing the remaining carrying value, management determined the recoverable amount using the fair value less cost to sell approach, no\ue002ng that the updated balance sheet of the group re\ufb02ected a net liabili\ue002es posi\ue002on. The remaining value of $26,667,289 was therefore fully impaired, leaving a carrying value of the investment in Cyclyx at nil, as at December 31, 2025. GreenDot Global On October 15, 2025, Agilyx ASA acquired 46% of GreenDot Global S.a.r.l. (\u201cGreenDot\u201d) for approximately $53.9m funded by both debt and equity. The investment signi\ufb01cantly strengthens Agilyx\u2019s presence in the European market, crea\ue002ng a global pla\ue003orm for sourcing and supplying feedstock to the advanced recycling industry. GreenDot has its headquarters and opera\ue002ons in Germany, as well as opera\ue002ons in Austria, France and Italy. The investment in GreenDot will be measured using the equity method as Agilyx is able to exert signi\ufb01cant in\ufb02uence over the en\ue002ty. The Group\u2019s share of GreenDot\u2019s total comprehensive loss for 2025 of $5,326,803 re\ufb02ects equity accoun\ue002ng from the acquisi\ue002on date of October 15, 2025 to December 31, 2025 only, represen\ue002ng the Group\u2019s 46% share of GreenDot\u2019s results for that period. Total considera\ue002on of $53.9 million, comprising 14,866,554 Agilyx ASA considera\ue002on shares valued at $29.4 million (based on the quoted share price of NOK 20.1 on the acquisi\ue002on date, converted at USD/ NOK 10.15) and cash of $23.0 million funded via a subordinated shareholder loan and $1.5 million of transac\ue002on costs. The transac\ue002on documenta\ue002on contemplates that Circular Resources Limited will complete its EUR 4.5 million commitment in the EUR 27.5 million subsequent capital round by October 15, 2026, which upon comple\ue002on would result in a dilu\ue002on of Agilyx\u2019s interest from 46.0% to 44.2%. This an\ue002cipated dilu\ue002on has not been re\ufb02ected in the current period \ufb01nancial statements as the capital contribu\ue002on had not been completed at the repor\ue002ng date. For the purpose of applying the equity method, the Group performed a preliminary no\ue002onal purchase price alloca\ue002on at the acquisi\ue002on date, iden\ue002fying customer rela\ue002onships of $27.1 million (10-year useful life, blended useful life), and no\ue002onal goodwill of $7.9 million, with the balance a\ue001ributable to net assets acquired of $19.0 million. The no\ue002onal goodwill is not separately recognized but is included in the carrying amount of the investment and is not amor\ue002sed. The equity issued to certain selling shareholders to acquire GreenDot were subject to contractual lock-up arrangements. Under these arrangements, the recipients were restricted from transferring, selling or otherwise disposing of the shares for a period ended on January 10, 2026. Following the expiry of the ini\ue002al lock-up period, any disposals remained subject to agreed volume and market-based restric\ue002ons for a ninety calendar day period. Note 17: Shares in subsidiaries, associates and related party transac\ue002ons INVESTMENT IN ASSOCIATE INFORMATION Cyclyx Interna\ue002onal, LLC Cyclyx Interna\ue002onal, LLC is a partnership o\ufb03cially formed in the state of Delaware, United States of America on December, 2020. Since incep\ue002on, Agilyx Group has owned 75% of the en\ue002ty, with 25% owned by ExxonMobile Chemical Corpora\ue002on (\u201cEMCC\u201d). The Partnership was formed to develop low cost pathways to recycle plas\ue002cs. EMCC contributed opera\ue002onal funds of $8,000,000 while Agilyx Corp contributed technology and know- how that was not revalued due to consolida\ue002on within the group accounts. EMCC\u2019s cash contribu\ue002on was recognized 75% to the equity holders of the parent and 25% to the non-controlling interest. In October 2023, Agilyx Group lost control of Cyclyx Interna\ue002onal, LLC. Following the loss of control, the Agilyx Group retained a signi\ufb01cant in\ufb02uence in Cyclyx Interna\ue002onal, LLC and therefore began to equity-account for this investee as an associate from the date control was lost. During Q4 2025, the Group reassessed its involvement in Cyclyx Interna\ue002onal LLC as capital requirements increased signi\ufb01cantly. On December 10, 2025, Agilyx determined that it would not par\ue002cipate in future capital calls, announced its decision to its joint venture partners and did not fund a capital call due on December 10. This decision resulted in a signi\ufb01cant deteriora\ue002on in the expected \ufb01nancial posi\ue002on of Cyclyx, and the ini\ue002a\ue002on of discussions among the shareholders regarding restructuring and poten\ue002al unwind scenarios. Management considers the decision not to fund the capital call, together with the resul\ue002ng uncertainty around Cyclyx\u2019s ability to con\ue002nue as originally planned, to represent a clear impairment indicator under IAS 36 as of December 2025. Accordingly, two impairment analyses were required, one at the Cyclyx en\ue002ty level, so that the share of the result for the period can be included using the equity method, then secondly, at the Group level to assess if any of the remaining carrying value was impaired. Cyclyx performed an impairment assessment as of December 10, 2025 at the en\ue002ty level. The recoverable amount was determined using a fair value less cost to sell approach, with the key assump\ue002ons re\ufb02ec\ue002ng uncertainty regarding con\ue002nued funding, the contractual waterfall based on invested capital in a downside scenario, the es\ue002mated disposal value of assets, and the limited residual value a\ue001ributable to the Group\u2019s equity interest. Based on this assessment, at the Cyclyx en\ue002ty level, the assets and liabili\ue002es were adjusted and this is re\ufb02ected in the Group\u2019s share of total comprehensive loss of $101,916,148 below. At the Group level, the carrying value of the investment in Cyclyx, a\ufb05er taking in to account the share of the loss for the period was $26,667,289. The Group performed an addi\ue002onal impairment assessment no\ue002ng that the same triggers are in place, which require an impairment assessment in accordance with
The following tables summarize the \ufb01nancial informa\ue002on of Cyclyx Interna\ue002onal, LLC and GreenDot Global as included in their own \ufb01nancial statements prepared in accordance with IFRS Accoun\ue002ng Standards, adjusted for fair value adjustments at acquisi\ue002on. The table also reconciles the summarized \ufb01nancial informa\ue002on to the carrying amount of the Group's interest in Cyclyx Interna\ue002onal, LLC and GreenDot Global.
Addi\ue002onal informa\ue002on regarding the Cyclyx opera\ue002on can be seen in Note 2. FINANCIAL SUMMARY (2024) As at December 31 Cyclyx Interna\ue002onal GreenDot Global Ownership interest Associate (50%) N/A Current assets 126,949,190 - Non-current assets 70,294,395 - Current liabili\ue002es 17,183,677 - Non-current liabili\ue002es 21,919,744 - Net assets (100%) 158,140,164 - Group's share of net assets 79,070,082 - Carrying value at 12/31/23 113,002,938 - Cash investments 22,500,000 - Group's share of total comprehensive loss (8,769,502) - Carrying value at 12/31/24 126,733,437 - For the period ended December 31 2024 2024 Revenue 11,234,108 - Total comprehensive loss (100%) (17,539,003) - Group's share of total comprehensive loss (8,769,502) - Note 17: Shares in subsidiaries, associates and related party transac\ue002ons FINANCIAL SUMMARY (2025) As at December 31 Cyclyx Interna\ue002onal GreenDot Global Ownership interest Associate (50%) Associate (46%) Current assets 50,942,857 140,415,878 Non-current assets 22,255,001 254,549,064 Current liabili\ue002es 117,128,273 144,982,151 Non-current liabili\ue002es - 203,486,103 Net assets (100%) (43,930,415) 46,496,688 Group's share of net assets (21,965,208) 21,388,476 Carrying value at 12/31/24 126,733,437 - Cash and equity investments 1,850,000 53,872,867 Group's share of total comprehensive loss (101,916,148) (5,326,803) Impairment in investment (26,667,289) - Carrying value at 12/31/25 - 48,546,064 For the period ended December 31 2025 2025 Revenue 16,574,621 446,175,491 Total comprehensive loss (100%) (203,832,296) (96,140,998) Group's share of total comprehensive loss (101,916,148) (5,326,803)
PRINCIPLES OF CONSOLIDATION The consolidated \ufb01nancial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corpora\ue002on, Agilyx GmbH and Plastyx Limited. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corpora\ue002on held a 50% interest in Regenyx LLP, which was accounted for under the equity method un\ue002l it was dissolved in December 2024. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As of December 31, 2025, Agilyx Corpora\ue002on held a 50% interest in Cyclyx Interna\ue002onal, LLC accounted for under the equity method. i. Subsidiaries Subsidiaries are en\ue002\ue002es controlled by Agilyx Group. Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power over the investee. Speci\ufb01cally, Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., exis\ue002ng rights that give it the current ability to direct the relevant ac\ue002vi\ue002es of the investee); \u2022 Exposure, or rights, to variable returns from its involvement with the investee; and \u2022 The ability to use its power over the investee to a\ufb00ect its returns. Generally, there is a presump\ue002on that a majority of vo\ue002ng rights results in control. To support this presump\ue002on and when Agilyx Group has less than a majority of the vo\ue002ng or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee; \u2022 Rights arising from other contractual arrangements; \u2022 Agilyx Group\u2019s vo\ue002ng rights and poten\ue002al vo\ue002ng rights. Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolida\ue002on of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences un\ue002l the date on which control ceases. All intra-group assets and liabili\ue002es, equity, income, expenses and cash \ufb02ows rela\ue002ng to transac\ue002ons between members of Agilyx Group are eliminated in full on consolida\ue002on.
iii. Loss of control When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabili\ue002es of the subsidiary, and any NCI and other components of equity. Any resul\ue002ng gain or loss is recognized in pro\ufb01t or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost.
SUBSIDIARIES Investments in subsidiaries are valued at cost in the separate \ufb01nancial statements. The investments are valued at cost less any impairment losses. Impairment losses are reversed if the reason for the impairment loss disappears in a later period.
Agilyx ASA has the following shares in subsidiaries as of December 31: SHARES IN SUBSIDIARIES, ASSOCIATES, AND RELATED PARTY TRANSACTIONS Subsidiary O\ufb03ce Share Vo\ue002ng rights Equity Book value \u2013 2024 Book value \u2013 2025 Agilyx Corp Portland, OR, USA 100% 100% - 104,133,142 4,026,590 Plastyx Limited Dublin, Ireland 60% 60% - - 560,024 Agilyx GmbH Zurich, Switzerland 100% 100% - 163,005 163,005 104,296,147 4,749,619 RELATED PARTY TRANSACTIONS Group level During 2025, Cyclyx had $15.8M of product sales to ExxonMobile (2024 $9.7M), a minority holder in Cyclyx. RELATED PARTY TRANSACTIONS Related party receivable included in Note 10: 2024 2025 ExxonMobil 18,759 - Regenyx, LLC 94,310 - Cyclyx Interna\ue002onal, LLC 247,147 60,986 Parent level Parent level - At December 31, 2025 the parent company, Agilyx ASA, has an intercompany payable of $15,733,503 to Agilyx Corp (December 31, 2024: $5,328,875) and $1,805,134 payable to Agilyx GmbH (December 31, 2024: $1,661,933) net of an intercompany receivable of $483,132 to Agilyx Corp (December 31, 2024: $483,132). These inter-group payables represent opera\ue002ng and management costs incurred and or paid at the subsidiary and subsequently recharged to the parent. SUBSIDIARY INFORMATION Agilyx Corp Agilyx Corp was formed in 2004 in Oregon, United States of America. Agilyx Corp became a subsidiary of Agilyx AS by way of a share inversion that took place on January, 2020. The share inversion e\ufb00ec\ue002vely converted all the shares of Agilyx Corp into shares of Agilyx ASA. The largest asset of Agilyx Corp is its investment in Cyclyx Interna\ue002onal, LLC. As described in more detail below, during Q4 2025, the investment in Cyclyx has been fully impaired to a nil book value at the Group level. In the parent company \ufb01nancial statements, an impairment of $119,529,453, was booked, to reduce the carrying value of the investment in Agilyx Corp, down to its recoverable amount of $4,026,590, with reference to the fair value less cost to sell of the remaining assets and liabili\ue002es owned by Agilyx Corp. Agilyx GmbH Agilyx GmbH was formed in August, 2020 in Zurich, Switzerland. The subsidiary was created to provide addi\ue002onal reach into European markets. Plastyx Limited Plastyx limited was formed as a joint venture in February, 2025 in Dublin, Ireland with Circular Resources Limited. Agilyx ASA contributed Euro 500,000 (USD 560,024) to gain a controlling 60% share. The investment was made to provide further reach into European markets.
During 2025, the Group disolved Agilyx ApS. The en\ue002ty was fully owned by the Group and had limited ac\ue002vity prior to its closure. The liquida\ue002on did not result in any material gain or loss and had no signi\ufb01cant impact on the Group\u2019s consolidated \ufb01nancial statements. Note 17: Shares in subsidiaries, associates and related party transac\ue002ons IAS 28. When assessing the remaining carrying value, management determined the recoverable amount using the fair value less cost to sell approach, no\ue002ng that the updated balance sheet of the group re\ufb02ected a net liabili\ue002es posi\ue002on. The remaining value of $26,667,289 was therefore fully impaired, leaving a carrying value of the investment in Cyclyx at nil, as at December 31, 2025. GreenDot Global On October 15, 2025, Agilyx ASA acquired 46% of GreenDot Global S.a.r.l. (\u201cGreenDot\u201d) for approximately $53.9m funded by both debt and equity. The investment signi\ufb01cantly strengthens Agilyx\u2019s presence in the European market, crea\ue002ng a global pla\ue003orm for sourcing and supplying feedstock to the advanced recycling industry. GreenDot has its headquarters and opera\ue002ons in Germany, as well as opera\ue002ons in Austria, France and Italy. The investment in GreenDot will be measured using the equity method as Agilyx is able to exert signi\ufb01cant in\ufb02uence over the en\ue002ty. The Group\u2019s share of GreenDot\u2019s total comprehensive loss for 2025 of $5,326,803 re\ufb02ects equity accoun\ue002ng from the acquisi\ue002on date of October 15, 2025 to December 31, 2025 only, represen\ue002ng the Group\u2019s 46% share of GreenDot\u2019s results for that period. Total considera\ue002on of $53.9 million, comprising 14,866,554 Agilyx ASA considera\ue002on shares valued at $29.4 million (based on the quoted share price of NOK 20.1 on the acquisi\ue002on date, converted at USD/ NOK 10.15) and cash of $23.0 million funded via a subordinated shareholder loan and $1.5 million of transac\ue002on costs. The transac\ue002on documenta\ue002on contemplates that Circular Resources Limited will complete its EUR 4.5 million commitment in the EUR 27.5 million subsequent capital round by October 15, 2026, which upon comple\ue002on would result in a dilu\ue002on of Agilyx\u2019s interest from 46.0% to 44.2%. This an\ue002cipated dilu\ue002on has not been re\ufb02ected in the current period \ufb01nancial statements as the capital contribu\ue002on had not been completed at the repor\ue002ng date. For the purpose of applying the equity method, the Group performed a preliminary no\ue002onal purchase price alloca\ue002on at the acquisi\ue002on date, iden\ue002fying customer rela\ue002onships of $27.1 million (10-year useful life, blended useful life), and no\ue002onal goodwill of $7.9 million, with the balance a\ue001ributable to net assets acquired of $19.0 million. The no\ue002onal goodwill is not separately recognized but is included in the carrying amount of the investment and is not amor\ue002sed. The equity issued to certain selling shareholders to acquire GreenDot were subject to contractual lock-up arrangements. Under these arrangements, the recipients were restricted from transferring, selling or otherwise disposing of the shares for a period ended on January 10, 2026. Following the expiry of the ini\ue002al lock-up period, any disposals remained subject to agreed volume and market-based restric\ue002ons for a ninety calendar day period. Note 17: Shares in subsidiaries, associates and related party transac\ue002ons INVESTMENT IN ASSOCIATE INFORMATION Cyclyx Interna\ue002onal, LLC Cyclyx Interna\ue002onal, LLC is a partnership o\ufb03cially formed in the state of Delaware, United States of America on December, 2020. Since incep\ue002on, Agilyx Group has owned 75% of the en\ue002ty, with 25% owned by ExxonMobile Chemical Corpora\ue002on (\u201cEMCC\u201d). The Partnership was formed to develop low cost pathways to recycle plas\ue002cs. EMCC contributed opera\ue002onal funds of $8,000,000 while Agilyx Corp contributed technology and know- how that was not revalued due to consolida\ue002on within the group accounts. EMCC\u2019s cash contribu\ue002on was recognized 75% to the equity holders of the parent and 25% to the non-controlling interest. In October 2023, Agilyx Group lost control of Cyclyx Interna\ue002onal, LLC. Following the loss of control, the Agilyx Group retained a signi\ufb01cant in\ufb02uence in Cyclyx Interna\ue002onal, LLC and therefore began to equity-account for this investee as an associate from the date control was lost. During Q4 2025, the Group reassessed its involvement in Cyclyx Interna\ue002onal LLC as capital requirements increased signi\ufb01cantly. On December 10, 2025, Agilyx determined that it would not par\ue002cipate in future capital calls, announced its decision to its joint venture partners and did not fund a capital call due on December 10. This decision resulted in a signi\ufb01cant deteriora\ue002on in the expected \ufb01nancial posi\ue002on of Cyclyx, and the ini\ue002a\ue002on of discussions among the shareholders regarding restructuring and poten\ue002al unwind scenarios. Management considers the decision not to fund the capital call, together with the resul\ue002ng uncertainty around Cyclyx\u2019s ability to con\ue002nue as originally planned, to represent a clear impairment indicator under IAS 36 as of December 2025. Accordingly, two impairment analyses were required, one at the Cyclyx en\ue002ty level, so that the share of the result for the period can be included using the equity method, then secondly, at the Group level to assess if any of the remaining carrying value was impaired. Cyclyx performed an impairment assessment as of December 10, 2025 at the en\ue002ty level. The recoverable amount was determined using a fair value less cost to sell approach, with the key assump\ue002ons re\ufb02ec\ue002ng uncertainty regarding con\ue002nued funding, the contractual waterfall based on invested capital in a downside scenario, the es\ue002mated disposal value of assets, and the limited residual value a\ue001ributable to the Group\u2019s equity interest. Based on this assessment, at the Cyclyx en\ue002ty level, the assets and liabili\ue002es were adjusted and this is re\ufb02ected in the Group\u2019s share of total comprehensive loss of $101,916,148 below. At the Group level, the carrying value of the investment in Cyclyx, a\ufb05er taking in to account the share of the loss for the period was $26,667,289. The Group performed an addi\ue002onal impairment assessment no\ue002ng that the same triggers are in place, which require an impairment assessment in accordance with
The following tables summarize the \ufb01nancial informa\ue002on of Cyclyx Interna\ue002onal, LLC and GreenDot Global as included in their own \ufb01nancial statements prepared in accordance with IFRS Accoun\ue002ng Standards, adjusted for fair value adjustments at acquisi\ue002on. The table also reconciles the summarized \ufb01nancial informa\ue002on to the carrying amount of the Group's interest in Cyclyx Interna\ue002onal, LLC and GreenDot Global.
Addi\ue002onal informa\ue002on regarding the Cyclyx opera\ue002on can be seen in Note 2. FINANCIAL SUMMARY (2024) As at December 31 Cyclyx Interna\ue002onal GreenDot Global Ownership interest Associate (50%) N/A Current assets 126,949,190 - Non-current assets 70,294,395 - Current liabili\ue002es 17,183,677 - Non-current liabili\ue002es 21,919,744 - Net assets (100%) 158,140,164 - Group's share of net assets 79,070,082 - Carrying value at 12/31/23 113,002,938 - Cash investments 22,500,000 - Group's share of total comprehensive loss (8,769,502) - Carrying value at 12/31/24 126,733,437 - For the period ended December 31 2024 2024 Revenue 11,234,108 - Total comprehensive loss (100%) (17,539,003) - Group's share of total comprehensive loss (8,769,502) - Note 17: Shares in subsidiaries, associates and related party transac\ue002ons FINANCIAL SUMMARY (2025) As at December 31 Cyclyx Interna\ue002onal GreenDot Global Ownership interest Associate (50%) Associate (46%) Current assets 50,942,857 140,415,878 Non-current assets 22,255,001 254,549,064 Current liabili\ue002es 117,128,273 144,982,151 Non-current liabili\ue002es - 203,486,103 Net assets (100%) (43,930,415) 46,496,688 Group's share of net assets (21,965,208) 21,388,476 Carrying value at 12/31/24 126,733,437 - Cash and equity investments 1,850,000 53,872,867 Group's share of total comprehensive loss (101,916,148) (5,326,803) Impairment in investment (26,667,289) - Carrying value at 12/31/25 - 48,546,064 For the period ended December 31 2025 2025 Revenue 16,574,621 446,175,491 Total comprehensive loss (100%) (203,832,296) (96,140,998) Group's share of total comprehensive loss (101,916,148) (5,326,803)
PRINCIPLES OF CONSOLIDATION The consolidated \ufb01nancial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corpora\ue002on, Agilyx GmbH and Plastyx Limited. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corpora\ue002on held a 50% interest in Regenyx LLP, which was accounted for under the equity method un\ue002l it was dissolved in December 2024. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As of December 31, 2025, Agilyx Corpora\ue002on held a 50% interest in Cyclyx Interna\ue002onal, LLC accounted for under the equity method. i. Subsidiaries Subsidiaries are en\ue002\ue002es controlled by Agilyx Group. Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power over the investee. Speci\ufb01cally, Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., exis\ue002ng rights that give it the current ability to direct the relevant ac\ue002vi\ue002es of the investee); \u2022 Exposure, or rights, to variable returns from its involvement with the investee; and \u2022 The ability to use its power over the investee to a\ufb00ect its returns. Generally, there is a presump\ue002on that a majority of vo\ue002ng rights results in control. To support this presump\ue002on and when Agilyx Group has less than a majority of the vo\ue002ng or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee; \u2022 Rights arising from other contractual arrangements; \u2022 Agilyx Group\u2019s vo\ue002ng rights and poten\ue002al vo\ue002ng rights. Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolida\ue002on of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences un\ue002l the date on which control ceases. All intra-group assets and liabili\ue002es, equity, income, expenses and cash \ufb02ows rela\ue002ng to transac\ue002ons between members of Agilyx Group are eliminated in full on consolida\ue002on.
Associates are those en\ue002\ue002es where Agilyx Group has signi\ufb01cant in\ufb02uence (but not control or joint control) over the \ufb01nancial and opera\ue002ng policy decisions of balance sheet at cost, including transac\ue002on costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisi\ue002on, post-tax pro\ufb01ts and losses and other comprehensive income is recognized in the consolidated statement of pro\ufb01t and loss (except for losses in excess of the carrying amount of Agilyx Group\u2019s interest in associate, unless there is an obliga\ue002on to make good those losses). Pro\ufb01ts and losses arising on transac\ue002ons between Agilyx Group and its associates are recognized only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the associate\u2019s pro\ufb01ts and losses resul\ue002ng from these transac\ue002ons is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group\u2019s share of the iden\ue002\ufb01able assets, liabili\ue002es and con\ue002ngent liabili\ue002es acquired is capitalized and included in the carrying amount of the associate. Where there is objec\ue002ve evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same
way as other non-\ufb01naNote 9: Investment in Regenyx Agilyx holds a 50% interest in Regenyx. Regenyx was formed in April 2019 and shares its opera\ue002on space with Agilyx and Cyclyx in Tigard, OR. Despite holding a 50% interest, Agilyx has assessed that it does not have control or joint control of Regenyx. This is driven by the other 50% shareholder controlling the purchases and sales of Regenyx, via various mechanisms within the opera\ue002ng agreements. Agilyx does have the power to par\ue002cipate in the \ufb01nancial and opera\ue002ng policy decisions of the investee, via its board posi\ue002on. Agilyx has therefore determined that it has signi\ufb01cant in\ufb02uence over Regenyx and its investment is therefore measured using the equity method as an investment in associate. IMPAIRMENT OF INVESTMENT Agilyx Group is split into two CGU\u2019s for impairment analysis purposes, Agilyx and Cyclyx, which is in alignment with the segments disclosed in Note 2. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cash\ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. For the investment in Regenyx, objec\ue002ve evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted nega\ue002ve cash \ufb02ows being generated by the en\ue002ty, which would require capital contribu\ue002ons from Agilyx and AmSty in order to support its con\ue002nued opera\ue002on. Due to the projected nega\ue002ve cash \ufb02ows and the unique nature of the underlying plant, it was determined that the recoverable amount was zero under both the value in use and fair value less cost to sell methodology therefore the investment in Regenyx has been fully impaired at January 1, 2021. As can be seen in the tables below, subsequent capital investments by Agilyx, led to impairments on the basis that the recoverable amount using the value in use and fair value less cost to sell methodologies would lead to a fully wri\ue001en o\ufb00 investment. As of December 31, 2024, the Regenyx opera\ue002on has been dissolved.
Calcula\ue002on of balance sheet value of investment in Regenyx Balance sheet value December 31, 2023 - Investment during 2024 - above ini\ue002al es\ue002mated cash ou\ue003low 49,382 Impairment charge \u2013 fully impair balance (49,382) Balance sheet value December 31, 2024 - Investment during 2025 - above ini\ue002al es\ue002mated cash ou\ue003low - Impairment charge \u2013 fully impair balance - Balance sheet value December 31, 2025 - Summarized \ufb01nancial informa\ue002on of Regenyx As at December 31 2024 2025 Current assets 102,586 - Non-current assets - - Current liabili\ue002es 102,586 - Net assets (100%) - - Period ended December 31 2024 2025 Revenues 585,073 - Total and other comprehensive loss (4,556,928) - ",
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"reg-ix-318": {
"value": "PRINCIPLES OF CONSOLIDATION The consolidated \ufb01nancial statements include the accounts of Agilyx ASA and its subsidiaries Agilyx Corpora\ue002on, Agilyx GmbH and Plastyx Limited. The cost price of shares and partnership units are eliminated against the equity in the underlying companies. Agilyx Corpora\ue002on held a 50% interest in Regenyx LLP, which was accounted for under the equity method un\ue002l it was dissolved in December 2024. In October 2023, the Group lost control of Cyclyx which resulted in the investment no longer being consolidated. As of December 31, 2025, Agilyx Corpora\ue002on held a 50% interest in Cyclyx Interna\ue002onal, LLC accounted for under the equity method. i. Subsidiaries Subsidiaries are en\ue002\ue002es controlled by Agilyx Group. Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power over the investee. Speci\ufb01cally, Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., exis\ue002ng rights that give it the current ability to direct the relevant ac\ue002vi\ue002es of the investee); \u2022 Exposure, or rights, to variable returns from its involvement with the investee; and \u2022 The ability to use its power over the investee to a\ufb00ect its returns. Generally, there is a presump\ue002on that a majority of vo\ue002ng rights results in control. To support this presump\ue002on and when Agilyx Group has less than a majority of the vo\ue002ng or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee; \u2022 Rights arising from other contractual arrangements; \u2022 Agilyx Group\u2019s vo\ue002ng rights and poten\ue002al vo\ue002ng rights. Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolida\ue002on of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences un\ue002l the date on which control ceases. All intra-group assets and liabili\ue002es, equity, income, expenses and cash \ufb02ows rela\ue002ng to transac\ue002ons between members of Agilyx Group are eliminated in full on consolida\ue002on.
ents in associates Associates are those en\ue002\ue002es where Agilyx Group has signi\ufb01cant in\ufb02uence (but not control or joint control) over the \ufb01nancial and opera\ue002ng policy decisions of balance sheet at cost, including transac\ue002on costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisi\ue002on, post-tax pro\ufb01ts and losses and other comprehensive income is recognized in the consolidated statement of pro\ufb01t and loss (except for losses in excess of the carrying amount of Agilyx Group\u2019s interest in associate, unless there is an obliga\ue002on to make good those losses). Pro\ufb01ts and losses arising on transac\ue002ons between Agilyx Group and its associates are recognized only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the associate\u2019s pro\ufb01ts and losses resul\ue002ng from these transac\ue002ons is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group\u2019s share of the iden\ue002\ufb01able assets, liabili\ue002es and con\ue002ngent liabili\ue002es acquired is capitalized and included in the carrying amount of the associate. Where there is objec\ue002ve evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same
way as other non-\ufb01naNote 9: Investment in Regenyx Agilyx holds a 50% interest in Regenyx. Regenyx was formed in April 2019 and shares its opera\ue002on space with Agilyx and Cyclyx in Tigard, OR. Despite holding a 50% interest, Agilyx has assessed that it does not have control or joint control of Regenyx. This is driven by the other 50% shareholder controlling the purchases and sales of Regenyx, via various mechanisms within the opera\ue002ng agreements. Agilyx does have the power to par\ue002cipate in the \ufb01nancial and opera\ue002ng policy decisions of the investee, via its board posi\ue002on. Agilyx has therefore determined that it has signi\ufb01cant in\ufb02uence over Regenyx and its investment is therefore measured using the equity method as an investment in associate. IMPAIRMENT OF INVESTMENT Agilyx Group is split into two CGU\u2019s for impairment analysis purposes, Agilyx and Cyclyx, which is in alignment with the segments disclosed in Note 2. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cash\ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. For the investment in Regenyx, objec\ue002ve evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted nega\ue002ve cash \ufb02ows being generated by the en\ue002ty, which would require capital contribu\ue002ons from Agilyx and AmSty in order to support its con\ue002nued opera\ue002on. Due to the projected nega\ue002ve cash \ufb02ows and the unique nature of the underlying plant, it was determined that the recoverable amount was zero under both the value in use and fair value less cost to sell methodology therefore the investment in Regenyx has been fully impaired at January 1, 2021. As can be seen in the tables below, subsequent capital investments by Agilyx, led to impairments on the basis that the recoverable amount using the value in use and fair value less cost to sell methodologies would lead to a fully wri\ue001en o\ufb00 investment. As of December 31, 2024, the Regenyx opera\ue002on has been dissolved.
Calcula\ue002on of balance sheet value of investment in Regenyx Balance sheet value December 31, 2023 - Investment during 2024 - above ini\ue002al es\ue002mated cash ou\ue003low 49,382 Impairment charge \u2013 fully impair balance (49,382) Balance sheet value December 31, 2024 - Investment during 2025 - above ini\ue002al es\ue002mated cash ou\ue003low - Impairment charge \u2013 fully impair balance - Balance sheet value December 31, 2025 - Summarized \ufb01nancial informa\ue002on of Regenyx As at December 31 2024 2025 Current assets 102,586 - Non-current assets - - Current liabili\ue002es 102,586 - Net assets (100%) - - Period ended December 31 2024 2025 Revenues 585,073 - Total and other comprehensive loss (4,556,928) - ",
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"reg-ix-322": {
"value": "ries Subsidiaries are en\ue002\ue002es controlled by Agilyx Group. Control is achieved when Agilyx Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to a\ufb00ect those returns through its power over the investee. Speci\ufb01cally, Agilyx Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., exis\ue002ng rights that give it the current ability to direct the relevant ac\ue002vi\ue002es of the investee); \u2022 Exposure, or rights, to variable returns from its involvement with the investee; and \u2022 The ability to use its power over the investee to a\ufb00ect its returns. Generally, there is a presump\ue002on that a majority of vo\ue002ng rights results in control. To support this presump\ue002on and when Agilyx Group has less than a majority of the vo\ue002ng or similar rights of an investee, Agilyx Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee; \u2022 Rights arising from other contractual arrangements; \u2022 Agilyx Group\u2019s vo\ue002ng rights and poten\ue002al vo\ue002ng rights. Agilyx Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolida\ue002on of a subsidiary begins when Agilyx Group obtains control over the subsidiary and ceases when Agilyx Group loses control of the subsidiary. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences un\ue002l the date on which control ceases. All intra-group assets and liabili\ue002es, equity, income, expenses and cash \ufb02ows rela\ue002ng to transac\ue002ons between members of Agilyx Group are eliminated in full on consolida\ue002on.
iii. Loss of control When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabili\ue002es of the subsidiary, and any NCI and other components of equity. Any resul\ue002ng gain or loss is recognized in pro\ufb01t or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost.
SUBSIDIARIES Investments in subsidiaries are valued at cost in the separate \ufb01nancial statements. The investments are valued at cost less any impairment losses. Impairment losses are reversed if the reason for the impairment loss disappears in a later period.
",
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"value": "iii. Loss of control When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabili\ue002es of the subsidiary, and any NCI and other components of equity. Any resul\ue002ng gain or loss is recognized in pro\ufb01t or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost.
iii. Loss of control When Agilyx Group loses control over a subsidiary, it derecognizes the assets and liabili\ue002es of the subsidiary, and any NCI and other components of equity. Any resul\ue002ng gain or loss is recognized in pro\ufb01t or loss. Any interest retained in the former subsidiary is measured at fair value when the control is lost.
Associates are those en\ue002\ue002es where Agilyx Group has signi\ufb01cant in\ufb02uence (but not control or joint control) over the \ufb01nancial and opera\ue002ng policy decisions of balance sheet at cost, including transac\ue002on costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisi\ue002on, post-tax pro\ufb01ts and losses and other comprehensive income is recognized in the consolidated statement of pro\ufb01t and loss (except for losses in excess of the carrying amount of Agilyx Group\u2019s interest in associate, unless there is an obliga\ue002on to make good those losses). Pro\ufb01ts and losses arising on transac\ue002ons between Agilyx Group and its associates are recognized only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the associate\u2019s pro\ufb01ts and losses resul\ue002ng from these transac\ue002ons is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group\u2019s share of the iden\ue002\ufb01able assets, liabili\ue002es and con\ue002ngent liabili\ue002es acquired is capitalized and included in the carrying amount of the associate. Where there is objec\ue002ve evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same
way as other non-\ufb01na",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-324": {
"value": "ents in associates Associates are those en\ue002\ue002es where Agilyx Group has signi\ufb01cant in\ufb02uence (but not control or joint control) over the \ufb01nancial and opera\ue002ng policy decisions of balance sheet at cost, including transac\ue002on costs. Subsequently, interests in associates are accounted for using the equity method, where Agilyx Group\u2019s share of post-acquisi\ue002on, post-tax pro\ufb01ts and losses and other comprehensive income is recognized in the consolidated statement of pro\ufb01t and loss (except for losses in excess of the carrying amount of Agilyx Group\u2019s interest in associate, unless there is an obliga\ue002on to make good those losses). Pro\ufb01ts and losses arising on transac\ue002ons between Agilyx Group and its associates are recognized only to the extent of unrelated investors\u2019 interests in the associate. The investor\u2019s share in the associate\u2019s pro\ufb01ts and losses resul\ue002ng from these transac\ue002ons is eliminated against the carrying value of the associate. Any premium paid for an associate above the fair value of Agilyx Group\u2019s share of the iden\ue002\ufb01able assets, liabili\ue002es and con\ue002ngent liabili\ue002es acquired is capitalized and included in the carrying amount of the associate. Where there is objec\ue002ve evidence that the investment in an associate has been impaired the carrying amount of the investment is tested for impairment in the same
way as other non-\ufb01na",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-325": {
"value": "REVENUE Performance Obliga\ue002ons and \ue002ming of revenue recogni\ue002on Agilyx Group\u2019s revenues can be divided into four main streams, as analyzed numerically in Note 3: Project development Revenues related to project developments are recognized over the contract period using percentage of comple\ue002on as the method for measuring the revenue. This is because the projects created have no alterna\ue002ve use for Agilyx Group and the contracts require payment to be received for the \ue002me and e\ufb00ort spent by the group on progressing the contracts in the event of the customer cancelling the contract prior to comple\ue002on for any reason other than the group\u2019s failure to perform its obliga\ue002ons under the contract. On par\ue002ally complete design contracts, Agilyx Group recognizes revenue based on stage of comple\ue002on of the project which is es\ue002mated by comparing the number of hours actually spent on the project with the total number of hours expected to complete the project (i.e. an input based method). This is considered a faithful depic\ue002on of the transfer of services as the contracts are ini\ue002ally priced on the basis of an\ue002cipated hours to complete the projects and therefore also represents the amount to which the group would be en\ue002tled based on its performance to date. License, service and royalty fees License revenues are recognized when the license is delivered and the rights are transferred to the buyer. The rights relate to Agilyx Group\u2019s patented conversion technology which helps customers to take feedstock and turn it into a product. Once the rights are transferred to the buyer Agilyx Group usually has a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue002on. Services are billed and recognized on a monthly basis as the work is performed. Sales of goods Revenues from the sale of goods are recognized at the point in \ue002me of the delivery, when control of the goods and risk of ownership has transferred to the customer. There is limited judgement needed in iden\ue002fying the point control passes: once physical delivery of the products to the agreed loca\ue002on has occurred, the Agilyx Group no longer has physical possession, usually will have a present right to payment and retains none of the signi\ufb01cant risks and rewards of the goods in ques\ue002on. Determining the transac\ue002on price Agilyx Group\u2019s revenue is derived from \ufb01xed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those \ufb01xed prices. There are no revenue contracts with signi\ufb01cant \ufb01nancing components. Alloca\ue002ng amounts to performance obliga\ue002ons For sales contracts there is a \ufb01xed unit price for each product sold. Therefore, there is no judgement involved in alloca\ue002ng the contract price to each unit ordered. Where a customer orders more than one product line, Agilyx Group is able to determine the split of the total contract price between each product line by reference to each product\u2019s standalone selling prices (all product lines are capable of being, and are, sold separately). Agilyx Group\u2019s contracts are for the delivery of goods within the next 12 months for which the prac\ue002cal expedient in paragraph 121(a) of IFRS 15 applies, related to the presenta\ue002on of remaining performance obliga\ue002ons.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mtpnn10": {
"value": "RESEARCH AND DEVELOPMENT EXPENSES Expenditure on internally developed product or technology is capitalized if it can be demonstrated that: \u2022 It is technically feasible to develop the product for it to be sold; \u2022 Adequate resources are available to complete the development; \u2022 There is an inten\ue002on to complete and sell the product; \u2022 The Group is able to sell the product; \u2022 Sale of the product will generate future economic bene\ufb01ts; and \u2022 Expenditure on the project can be measured reliably. Capitalized development costs are amor\ue002zed over the periods Agilyx Group expects to bene\ufb01t from selling the products developed. No projects have met this criteria for any of the periods presented. Development expenditure not sa\ue002sfying the above criteria and expenditure on the research phase of internal projects are recognized in the consolidated income statement as incurred.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-326": {
"value": "RESEARCH AND DEVELOPMENT EXPENSES Expenditure on internally developed product or technology is capitalized if it can be demonstrated that: \u2022 It is technically feasible to develop the product for it to be sold; \u2022 Adequate resources are available to complete the development; \u2022 There is an inten\ue002on to complete and sell the product; \u2022 The Group is able to sell the product; \u2022 Sale of the product will generate future economic bene\ufb01ts; and \u2022 Expenditure on the project can be measured reliably. Capitalized development costs are amor\ue002zed over the periods Agilyx Group expects to bene\ufb01t from selling the products developed. No projects have met this criteria for any of the periods presented. Development expenditure not sa\ue002sfying the above criteria and expenditure on the research phase of internal projects are recognized in the consolidated income statement as incurred.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-385": {
"value": "INCOME TAX Current income tax Current income tax assets and liabili\ue002es are measured at the amount expected to be recovered from or paid to the taxa\ue002on authori\ue002es. The tax rates and tax laws used to compute the amount are those that are enacted or substan\ue002vely enacted at the repor\ue002ng date in the countries where the Agilyx Group operates and generates taxable income.
Deferred taxa\ue002on Deferred tax assets and liabili\ue002es are recognized where the carrying amount of an asset or liability in the consolidated balance sheet di\ufb00ers from its tax base, except for di\ufb00erences arising on: \u2022 The ini\ue002al recogni\ue002on of goodwill; \u2022 The ini\ue002al recogni\ue002on of an asset or liability in a transac\ue002on which is not a business combina\ue002on and at the \ue002me of the transac\ue002on a\ufb00ects neither accoun\ue002ng or taxable pro\ufb01t; and \u2022 Investments in subsidiaries and joint arrangements where Agilyx Group is able to control the \ue002ming of the reversal of the di\ufb00erence and it is probable that the di\ufb00erence will not reverse in the foreseeable future. Recogni\ue002on of deferred tax assets is restricted to those instances where it is probable that taxable pro\ufb01t will be available against which the di\ufb00erence can be u\ue002lized. The amount of the asset or liability is determined using tax rates that have been enacted or substan\ue002vely enacted by the repor\ue002ng date and are expected to apply when the deferred tax liabili\ue002es/ (assets) are se\ue001led/(recovered). Deferred tax assets and liabili\ue002es are o\ufb00set when Agilyx Group has a legally enforceable right to o\ufb00set current tax assets and liabili\ue002es and the deferred tax assets and liabili\ue002es relate to taxes levied by the same tax authority on either: \u2022 The same taxable group company; or \u2022 Di\ufb00erent group en\ue002\ue002es which intend either to se\ue001le current tax assets and liabili\ue002es on a net basis, or to realize the assets and se\ue001le the liabili\ue002es simultaneously, in each future period in which signi\ufb01cant amounts of deferred tax assets or liabili\ue002es are expected to be se\ue001led or recovered.
COMPONENTS OF THE INCOME TAX EXPENSE There was no provision for income taxes recorded at both the group and parent level for the years
ended December 31, 2024 and 2025, respec\ue002vely. Realiza\ue002on of deferred tax assets is dependent upon future earnings, if any, the \ue002ming and amount of which are uncertain. Unrecognized net deferred tax assets totaled $72.9 million (2024: $65.6 million) and in Norway $5.3 million (2024: $1.9 million). As of December 31, 2025, net opera\ue002ng loss for federal income tax purposes in US of approximately $240.4 million, por\ue002ons of which will begin expire in 2030. Total state net opera\ue002ng loss carryforward in US of approximately $163.9 million, which will begin to expire in 2031. Agilyx Corp also has federal credits for approximately $2.5 million, which will begin to expire in 2030 and state research credits of approximately $0.7 million whose expira\ue002on date is not determined. U\ue002liza\ue002on of some of the federal and state net opera\ue002ng loss and credit carryforwards are subject to annual limita\ue002ons due to the \u201cchange of ownership\u201d provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limita\ue002ons may result in the expira\ue002on of net opera\ue002ng losses and credits before u\ue002liza\ue002on. Such an analysis will be prepared before the u\ue002liza\ue002on of the net opera\ue002ng losses and credits. Loss carried forward in Norway as of December 31, 2025, of approximately $24 million has no expira\ue002on date. INCOME TAXES Group Parent 2024 2025 2024 2025 Basis for income tax expense (22,039,472) (148,016,502) (3,251,488) (129,593,916) Basis for income tax expense \u2013 from con\ue002nuing opera\ue002ons Result before taxes (22,039,472) (148,016,502) (3,251,488) (129,593,916) State bene\ufb01t 1,450 (950) - - Permanent di\ufb00erences (4,996,159) 113,213,184 (1,798,848) 114,012,929 Changes in temporary di\ufb00erences 4,540,676 (12,089,845) - - Basis for payable taxes in the income statement - from con\ue002nuing opera\ue002ons (22,493,505) (46,894,113) (5,050,336) (15,580,987) Deferred tax asset Loss carried forward 58,239,019 68,354,054 1,850,200 5,278,017 Research and other credits 3,266,491 3,266,491 - - Note 18: Income taxes Capitalized R&D 2,259,173 - - - Reserves and accruals - 9,000 - - Other intangibles 73,766 42,936 - - Stock based compensa\ue002on 323,153 400,214 - - Unrealized gain/loss 1,207,012 (66,548) - - Lease liability 187,727 144,674 - - Investment in partnership 340,804 994,755 - - Total deferred tax assets 65,897,145 73,145,576 1,850,200 5,278,017 Deferred tax liabili\ue002es Fixed assets (37,848) (34,132) - - Prepayments (9,012) (14,154) - - Right of use assets (211,134) (153,644) - - Total deferred tax liabili\ue002es (257,994) (201,930) - - Net deferred tax assets 65,639,151 72,943,646 1,850,200 5,278,017 Recognized deferred tax assets - - - - Statutory tax rate 21% 21% 22% 22% Tax rate 0% 0% 0%
0% INCOME TAX Current income tax Current income tax assets and liabili\ue002es are measured at the amount expected to be recovered from or paid to the taxa\ue002on authori\ue002es. The tax rates and tax laws used to compute the amount are those that are enacted or substan\ue002vely enacted at the repor\ue002ng date in the countries where the Agilyx Group operates and generates taxable income.
Deferred taxa\ue002on Deferred tax assets and liabili\ue002es are recognized where the carrying amount of an asset or liability in the consolidated balance sheet di\ufb00ers from its tax base, except for di\ufb00erences arising on: \u2022 The ini\ue002al recogni\ue002on of goodwill; \u2022 The ini\ue002al recogni\ue002on of an asset or liability in a transac\ue002on which is not a business combina\ue002on and at the \ue002me of the transac\ue002on a\ufb00ects neither accoun\ue002ng or taxable pro\ufb01t; and \u2022 Investments in subsidiaries and joint arrangements where Agilyx Group is able to control the \ue002ming of the reversal of the di\ufb00erence and it is probable that the di\ufb00erence will not reverse in the foreseeable future. Recogni\ue002on of deferred tax assets is restricted to those instances where it is probable that taxable pro\ufb01t will be available against which the di\ufb00erence can be u\ue002lized. The amount of the asset or liability is determined using tax rates that have been enacted or substan\ue002vely enacted by the repor\ue002ng date and are expected to apply when the deferred tax liabili\ue002es/ (assets) are se\ue001led/(recovered). Deferred tax assets and liabili\ue002es are o\ufb00set when Agilyx Group has a legally enforceable right to o\ufb00set current tax assets and liabili\ue002es and the deferred tax assets and liabili\ue002es relate to taxes levied by the same tax authority on either: \u2022 The same taxable group company; or \u2022 Di\ufb00erent group en\ue002\ue002es which intend either to se\ue001le current tax assets and liabili\ue002es on a net basis, or to realize the assets and se\ue001le the liabili\ue002es simultaneously, in each future period in which signi\ufb01cant amounts of deferred tax assets or liabili\ue002es are expected to be se\ue001led or recovered.
INCOME TAX Current income tax Current income tax assets and liabili\ue002es are measured at the amount expected to be recovered from or paid to the taxa\ue002on authori\ue002es. The tax rates and tax laws used to compute the amount are those that are enacted or substan\ue002vely enacted at the repor\ue002ng date in the countries where the Agilyx Group operates and generates taxable income.
Deferred taxa\ue002on Deferred tax assets and liabili\ue002es are recognized where the carrying amount of an asset or liability in the consolidated balance sheet di\ufb00ers from its tax base, except for di\ufb00erences arising on: \u2022 The ini\ue002al recogni\ue002on of goodwill; \u2022 The ini\ue002al recogni\ue002on of an asset or liability in a transac\ue002on which is not a business combina\ue002on and at the \ue002me of the transac\ue002on a\ufb00ects neither accoun\ue002ng or taxable pro\ufb01t; and \u2022 Investments in subsidiaries and joint arrangements where Agilyx Group is able to control the \ue002ming of the reversal of the di\ufb00erence and it is probable that the di\ufb00erence will not reverse in the foreseeable future. Recogni\ue002on of deferred tax assets is restricted to those instances where it is probable that taxable pro\ufb01t will be available against which the di\ufb00erence can be u\ue002lized. The amount of the asset or liability is determined using tax rates that have been enacted or substan\ue002vely enacted by the repor\ue002ng date and are expected to apply when the deferred tax liabili\ue002es/ (assets) are se\ue001led/(recovered). Deferred tax assets and liabili\ue002es are o\ufb00set when Agilyx Group has a legally enforceable right to o\ufb00set current tax assets and liabili\ue002es and the deferred tax assets and liabili\ue002es relate to taxes levied by the same tax authority on either: \u2022 The same taxable group company; or \u2022 Di\ufb00erent group en\ue002\ue002es which intend either to se\ue001le current tax assets and liabili\ue002es on a net basis, or to realize the assets and se\ue001le the liabili\ue002es simultaneously, in each future period in which signi\ufb01cant amounts of deferred tax assets or liabili\ue002es are expected to be se\ue001led or recovered.
COMPONENTS OF THE INCOME TAX EXPENSE There was no provision for income taxes recorded at both the group and parent level for the years
ended December 31, 2024 and 2025, respec\ue002velyRealiza\ue002on of deferred tax assets is dependent upon future earnings, if any, the \ue002ming and amount of which are uncertain. Unrecognized net deferred tax assets totaled $72.9 million (2024: $65.6 million) and in Norway $5.3 million (2024: $1.9 million). As of December 31, 2025, net opera\ue002ng loss for federal income tax purposes in US of approximately $240.4 million, por\ue002ons of which will begin expire in 2030. Total state net opera\ue002ng loss carryforward in US of approximately $163.9 million, which will begin to expire in 2031. Agilyx Corp also has federal credits for approximately $2.5 million, which will begin to expire in 2030 and state research credits of approximately $0.7 million whose expira\ue002on date is not determined. U\ue002liza\ue002on of some of the federal and state net opera\ue002ng loss and credit carryforwards are subject to annual limita\ue002ons due to the \u201cchange of ownership\u201d provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limita\ue002ons may result in the expira\ue002on of net opera\ue002ng losses and credits before u\ue002liza\ue002on. Such an analysis will be prepared before the u\ue002liza\ue002on of the net opera\ue002ng losses and credits. Loss carried forward in Norway as of December 31, 2025, of approximately $24 million has no expira\ue002on date. INCOME TAXES Group Parent 2024 2025 2024 2025 Basis for income tax expense (22,039,472) (148,016,502) (3,251,488) (129,593,916) Basis for income tax expense \u2013 from con\ue002nuing opera\ue002ons Result before taxes (22,039,472) (148,016,502) (3,251,488) (129,593,916) State bene\ufb01t 1,450 (950) - - Permanent di\ufb00erences (4,996,159) 113,213,184 (1,798,848) 114,012,929 Changes in temporary di\ufb00erences 4,540,676 (12,089,845) - - Basis for payable taxes in the income statement - from con\ue002nuing opera\ue002ons (22,493,505) (46,894,113) (5,050,336) (15,580,987) Deferred tax asset Loss carried forward 58,239,019 68,354,054 1,850,200 5,278,017 Research and other credits 3,266,491 3,266,491 - - Note 18: Income taxes Capitalized R&D 2,259,173 - - - Reserves and accruals - 9,000 - - Other intangibles 73,766 42,936 - - Stock based compensa\ue002on 323,153 400,214 - - Unrealized gain/loss 1,207,012 (66,548) - - Lease liability 187,727 144,674 - - Investment in partnership 340,804 994,755 - - Total deferred tax assets 65,897,145 73,145,576 1,850,200 5,278,017 Deferred tax liabili\ue002es Fixed assets (37,848) (34,132) - - Prepayments (9,012) (14,154) - - Right of use assets (211,134) (153,644) - - Total deferred tax liabili\ue002es (257,994) (201,930) - - Net deferred tax assets 65,639,151 72,943,646 1,850,200 5,278,017 Recognized deferred tax assets - - - - Statutory tax rate 21% 21% 22% 22% Tax rate 0% 0% 0%
0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-328": {
"value": "INCOME TAX Current income tax Current income tax assets and liabili\ue002es are measured at the amount expected to be recovered from or paid to the taxa\ue002on authori\ue002es. The tax rates and tax laws used to compute the amount are those that are enacted or substan\ue002vely enacted at the repor\ue002ng date in the countries where the Agilyx Group operates and generates taxable income.
Deferred taxa\ue002on Deferred tax assets and liabili\ue002es are recognized where the carrying amount of an asset or liability in the consolidated balance sheet di\ufb00ers from its tax base, except for di\ufb00erences arising on: \u2022 The ini\ue002al recogni\ue002on of goodwill; \u2022 The ini\ue002al recogni\ue002on of an asset or liability in a transac\ue002on which is not a business combina\ue002on and at the \ue002me of the transac\ue002on a\ufb00ects neither accoun\ue002ng or taxable pro\ufb01t; and \u2022 Investments in subsidiaries and joint arrangements where Agilyx Group is able to control the \ue002ming of the reversal of the di\ufb00erence and it is probable that the di\ufb00erence will not reverse in the foreseeable future. Recogni\ue002on of deferred tax assets is restricted to those instances where it is probable that taxable pro\ufb01t will be available against which the di\ufb00erence can be u\ue002lized. The amount of the asset or liability is determined using tax rates that have been enacted or substan\ue002vely enacted by the repor\ue002ng date and are expected to apply when the deferred tax liabili\ue002es/ (assets) are se\ue001led/(recovered). Deferred tax assets and liabili\ue002es are o\ufb00set when Agilyx Group has a legally enforceable right to o\ufb00set current tax assets and liabili\ue002es and the deferred tax assets and liabili\ue002es relate to taxes levied by the same tax authority on either: \u2022 The same taxable group company; or \u2022 Di\ufb00erent group en\ue002\ue002es which intend either to se\ue001le current tax assets and liabili\ue002es on a net basis, or to realize the assets and se\ue001le the liabili\ue002es simultaneously, in each future period in which signi\ufb01cant amounts of deferred tax assets or liabili\ue002es are expected to be se\ue001led or recovered.
STOCK-BASED COMPENSATION The Company accounts for stock-based compensa\ue002on in accordance with IFRS 2 \u2013 Share-based payment. The grant-date fair value of equity-se\ue001led share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the ves\ue002ng period of the awards, using the accelerated method. The amount recognized as an expense, commences on the \ufb01rst of the month following the date of the grant and is adjusted to re\ufb02ect the number of awards for which the related service condi\ue002ons are expected to be met, such that the amount ul\ue002mately recognized is based on the number of awards that meet the related service condi\ue002ons at the ves\ue002ng date.
STOCK OPTIONS Stock op\ue002on ac\ue002vity Number of shares Weighted average exercise price Weighted average contractual term (years) Aggregate intrinsic value Balance at January 1, 2024 10,693,153 $1.47 6.76 12,367,651 Shares authorized Op\ue002ons granted 1,340,000 2.95 Op\ue002ons exercised - - Op\ue002ons forfeited/expired (681,054) 2.98 Balance at December 31, 2024 11,352,099 $1.55 6.28 12,338,168 Shares authorized Op\ue002ons granted 95,000 2.57 Op\ue002ons exercised - - Op\ue002ons modi\ufb01ed 35,706 0.88 Op\ue002ons forfeited/expired (144,000) 2.87 Balance at December 31, 2025 11,338,805 $1.55 5.28 12,687,860 Op\ue002ons vested and expected to vest at December 31, 2025 11,338,805 $1.55 5.28 12,687,860 Op\ue002ons exercisable 10,193,285 $1.40 4.84 12,671,991 Note 15: Stock op\ue002on plan EQUITY SHARES All employees Key management personnel 2024 2025 2024 2025 Equity-se\ue001led Op\ue002on pricing model used Black-Scholes Black-Scholes Black-Scholes Black-Scholes Share price at grant date (weighted average) $2.93 $2.57 $2.93 $2.57 Exercise price (weighted average) $2.95 $2.57 $2.95 $2.57 Contractual life (weighted average) 11 9 11 9 Expected vola\ue002lity (weighted average) 33% 30% 33% 30% Expected dividend growth rate 0% 0% 0% 0% Risk free interest rate (weighted average) 3.21% 2.88% 3.21% 2.88% The following informa\ue002on is relevant in the determina\ue002on of the fair value of op\ue002ons granted during the year under the equity share based remunera\ue002on schemes operated by the Group. The 2020 plan became e\ufb00ec\ue002ve as of 4 June 2020. Prior to this date Agilyx Corp had implemented a 2009 Stock Incen\ue002ve plan. The 2009 plan was considered null and void a\ufb05er the e\ufb00ec\ue002ve date of the 2020 plan, but were replaced with new op\ue002ons in the new plan. The result was a modi\ufb01ca\ue002on of the op\ue002ons granted to each relevant counterparty which resulted in accelerated ves\ue002ng. The result was bene\ufb01cial (i.e. a higher fair value) to the employees since the service condi\ue002ons were shortened for each counterparty. The total value of the modi\ufb01ed grants was $216,535. Management calculated the total compensa\ue002on cost for each new tranche and will be recognizing the new compensa\ue002on cost straight-lined over the new ves\ue002ng periods. The plan has two ves\ue002ng periods with the \ufb01rst of 4 years, with 25% ves\ue002ng a\ufb05er 1 year & monthly ves\ue002ng evenly therea\ufb05er and the second with 3 years, ves\ue002ng 20%, 30% and 50% annualy, respec\ue002vely. All op\ue002ons are equity se\ue001led. Es\ue002mated vola\ue002lity is calculated based on the historical vola\ue002lity of similar en\ue002\ue002es whose share prices are publicly traded. The total number of shares that may be issued under this plan are 21,655,000 shares. If an op\ue002on expires, terminates or is cancelled, the unissued shares subject to that op\ue002on shall again be available under the Plan. The op\ue002ons outstanding have a range of exercise prices from $0.06 to $3.89
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"value": "STOCK-BASED COMPENSATION The Company accounts for stock-based compensa\ue002on in accordance with IFRS 2 \u2013 Share-based payment. The grant-date fair value of equity-se\ue001led share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the ves\ue002ng period of the awards, using the accelerated method. The amount recognized as an expense, commences on the \ufb01rst of the month following the date of the grant and is adjusted to re\ufb02ect the number of awards for which the related service condi\ue002ons are expected to be met, such that the amount ul\ue002mately recognized is based on the number of awards that meet the related service condi\ue002ons at the ves\ue002ng date.
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"value": "FOREIGN CURRENCY TRANSLATION Certain transac\ue002ons of the Company and its subsidiaries are denominated in currencies other than their func\ue002onal currency. Foreign currency exchange gains and losses generated from the se\ue001lement and remeasurement of these transac\ue002ons are recognized in earnings and presented within \u201cOther \ufb01nancial income\u201d in the Company\u2019s Income Statement.
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"value": "FOREIGN CURRENCY TRANSLATION Certain transac\ue002ons of the Company and its subsidiaries are denominated in currencies other than their func\ue002onal currency. Foreign currency exchange gains and losses generated from the se\ue001lement and remeasurement of these transac\ue002ons are recognized in earnings and presented within \u201cOther \ufb01nancial income\u201d in the Company\u2019s Income Statement.
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"reg-ix-396": {
"value": "FINANCIAL INSTRUMENTS Financial assets Agilyx Group categorizes all of its \ufb01nancial assets as amor\ue002zed cost, due to the nature and purpose of the assets. These assets arise principally from the provision of goods and services to customers (e.g. accounts receivables), but also incorporate other types of \ufb01nancial assets where the objec\ue002ve is to hold these assets in order to collect contractual cash \ufb02ows and the contractual cash \ufb02ows are solely payments of principal and interest (principally cash and cash equivalents). They are ini\ue002ally recognized at fair value plus transac\ue002on costs that are directly a\ue001ributable to their acquisi\ue002on or issue, and are subsequently carried at amor\ue002zed cost using the e\ufb00ec\ue002ve interest rate method, less provision for impairment, as required. Impairment provisions for current and non-current trade receivables are recognized based on the simpli\ufb01ed approach within IFRS 9 see note 10 for further commentary on the applica\ue002on of this. Agilyx Group\u2019s \ufb01nancial assets measured at amor\ue002zed cost comprise accounts receivables, restricted cash and cash and cash equivalents in the consolidated balance sheet.
Financial liabili\ue002es Agilyx Group classi\ufb01es its \ufb01nancial liabili\ue002es into one of two categories, depending on the purpose for which the liability
was acquired. Note 1: Material accoun\ue002ng policies
Fair value through pro\ufb01t or loss This category comprises warrants and subscrip\ue002on rights which are deriva\ue002ve \ufb01nancial instruments and Subordinated Conver\ue002ble Bonds for which management applied the accoun\ue002ng policy elec\ue002on in IFRS 9 paragraph 4.3.5 to value the en\ue002re instrument at fair value through pro\ufb01t and loss. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated pro\ufb01t and loss. Other than these \ufb01nancial instruments, the Group does not have any liabili\ue002es held for trading nor has it designated any \ufb01nancial liabili\ue002es as being at fair value through pro\ufb01t or loss.
Other \ufb01nancial liabili\ue002es - measured at amor\ue002zed cost Other \ufb01nancial liabili\ue002es include bond payable, accounts payable, payables to Group companies and lease liabili\ue002es. These are ini\ue002ally recognized at fair value net of any transac\ue002on costs directly a\ue001ributable to the issue of the instrument. Any interest bearing liabili\ue002es are subsequently measured at amor\ue002zed cost using the e\ufb00ec\ue002ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue002on. Accounts payables and other short-term monetary liabili\ue002es, are ini\ue002ally recognized at fair value and subsequently carried at amor\ue002zed cost using the e\ufb00ec\ue002ve interest method.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue001en down accordingly. See Note 9, for speci\ufb01c analysis performed on the investment in Regenyx and note 17 for the impairment in Cyclyx during 2025. Where it is not possible to es\ue002mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue002\ufb01able cash \ufb02ows; its cash genera\ue002ng units (CGUs). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amor\ue002zed cost, less any provision for expected credit losses of receivables. See Note 10 for further informa\ue002on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue001ed by IFRS 9.
IMPAIRMENT OF INVESTMENT Agilyx Group is split into two CGU\u2019s for impairment analysis purposes, Agilyx and Cyclyx, which is in alignment with the segments disclosed in Note 2. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cash\ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. For the investment in Regenyx, objec\ue002ve evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted nega\ue002ve cash \ufb02ows being generated by the en\ue002ty, which would require capital contribu\ue002ons from Agilyx and AmSty in order to support its con\ue002nued opera\ue002on. Due to the projected nega\ue002ve cash \ufb02ows and the unique nature of the underlying plant, it was determined that the recoverable amount was zero under both the value in use and fair value less cost to sell methodology therefore the investment in Regenyx has been fully impaired at January 1, 2021. As can be seen in the tables below, subsequent capital investments by Agilyx, led to impairments on the basis that the recoverable amount using the value in use and fair value less cost to sell methodologies would lead to a fully wri\ue001en o\ufb00 investment. As of December 31, 2024, the Regenyx opera\ue002on has been dissolved.
Note 11: Inventory
Group 2024 2025 Non-overdue amounts - - 0-30 days past due - 449,210 31-60 days past due 5,781 - 60-90 days past due 12,666 45,504 Over 90 days past due 571,930 35,545 590,377
530,259 INVENTORY Group Inventories consist of the following: 2024 2025 Raw materials - - Finished goods 4,811 4,811 Total inventories 4,811 4,811 There are no inventories carried by the parent.
Agilyx applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses using a life\ue002me expected credit loss provision for all accounts receivables. To measure expected credit losses on a collec\ue002ve basis, accounts receivables are grouped based on similar credit risk and aging. The expected loss rates are based on Agilyx\u2019 s historical credit losses experienced over the period since adop\ue002on of IFRS Accoun\ue002ng Standards. Historically Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Given this context, the impact of any forward looking factors is not expected to adjust the conclusion that no allowance is required. The aging of the accounts receivable balances are displayed below. As of the issuance of this report, all but approximately $50k has been subsequently collected.
Note 14: Warrants The Company has granted warrants in connec\ue002on with various debt and equity issuances. The following table re\ufb02ects the total of outstanding warrants as of December 31, 2025 all warrants have been exercised or cancelled: During 2022, the Board of Directors authorized an extension on all warrants to have an expira\ue002on date of August 7, 2025. The warrants therefore expired on August 7, 2025 and are no longer outstanding As the outstanding warrants for Agilyx were well in the money as of the December 31, 2024, repor\ue002ng date, the valua\ue002ons performed determined that the preponderance of the amount, was intrinsic value in nature. Hence there was very li\ue001le \ue002me value associated with the es\ue002mate of value calculated. As a result of this rela\ue002onship, the change in the value of the instruments is going to be more closely correlated with the change in the underlying equity price as opposed to a change in vola\ue002lity. This determina\ue002on was corroborated with the sensi\ue002vity calcula\ue002ons completed. During 2024 and 2025, zero and 800,000 warrants were exercised, respec\ue002vely, with proceeds of $811,976. The sensi\ue002vity analysis of a reasonably possible change in one signi\ufb01cant unobservable input, being the underlying equity value, holding other inputs constant would be:
The ordinary share warrants and subscrip\ue002on rights, are \ufb01nancial instruments measured at fair value through the pro\ufb01t and loss. This treatment is required for the warrants because the terms of the warrant include a cash less exercise op\ue002on, which triggers deriva\ue002ve treatment in accordance with IFRS 9. This is because their values change in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue002al net investment and they will be se\ue001led at a future date. All ordinary share warrants and subscrip\ue002on rights are measured using level 3 inputs on the fair value hierarchy. There were no transfers between the levels of the fair value hierarchy during any of the years presented. The valua\ue002on of the warrant liability was performed using the Black Scholes Model, the following inputs were signi\ufb01cant in the computa\ue002on of fair values at each repor\ue002ng date:
WARRANTS AND SUBSCRIPTION RIGHTS Number of ordinary shares Exercise price per share \u2013 USD Expira\ue002on Ordinary share warrants converted to subscrip\ue002on rights 2,322,100 1.00 2025 Group and parent December 31, 2024 Group and parent December 31, 2025 Warrant liabili\ue002es 5,092,107 - Group and parent December 31, 2024 Group and parent December 31, 2025 Expected term 7-Aug-25 N/A Equity vola\ue002lity 35 N/A Risk free rate 4.16% N/A Equity value at expira\ue002on \u2013 5% Equity value at expira\ue002on + 5% At December 31, 2024 (254,605) 254,606
RECONCILIATION Warrant liability At January 1, 2024 3,293,206 Gain on warrant value \u2013 presented as fair value through pro\ufb01t and loss 1,798,901 At December 31, 2024 5,092,107 Loss on warrant value \u2013 presented as fair value through pro\ufb01t and loss (5,092,107) At December 31, 2025 - The reconcilia\ue002on of the opening and closing fair value balance of level 3 \ufb01nancial instruments is provided below (this is applicable for both the Group and Parent only \ufb01nancial statements):
FIGURES IN USD On November 11, 2024, Agilyx AS entered into a $50 million senior secured green bond issue with a tenor of 3 years. The bond carries a \ufb01xed quarterly coupon at a rate of 13.5% per annum and will mature on November 29, 2027. The fair value of the bond at ini\ue002al measurement was $49 million, represen\ue002ng a 2% discount which will be amor\ue002zed over the term of the bond under the e\ufb00ec\ue002ve interest method. In connec\ue002on with the bond issuance, directly a\ue001ributable transac\ue002on costs of $4,134,420 were capitalized to the balance of the bond, and are being amor\ue002zed over the term of the bond under the e\ufb00ec\ue002ve interest method. As of December 31, 2025, the balance on the bond was $46,968,274 (December 31, 2024: $45,002,264), with an accrued coupon payment of $562,500. The carrying value of the bond approximates fair value. The bond is subject to certain covenants which, if not met, would result in the bond becoming repayable on demand. The \ufb01rst covenant is that the company's liquidity shall not, at any \ue002me, be less than $6,750,000. The second covenant is that the ra\ue002o of Market Capitalisa\ue002on to Net Interest-Bearing Debt at any \ue002me shall not be less than 3.00:1. The Company is to comply with these covenants at all \ue002mes, and such compliance to be measured on June 30 and December 31 each year. As at December 31, 2025, the Company was in compliance with both covenants. In accordance with the terms of the bond agreement, the proceeds from the bond are held in an escrow account which had a balance of $40,000,000 as of December 31, 2025 ($40,188,255 December 31, 2024) and is classi\ufb01ed as restricted cash on the Statement of Financial Posi\ue002on. The bond is secured by (i) a pledge on the escrow account, (ii) a guarantee from Agilyx, (iii) a pledge over all shares issued in Agilyx, (iv) a pledge over all LLC membership interests in Cyclyx owned by Agilyx, (v) a \ufb01rst priority assignment of any intercompany loans granted to or by Agilyx, (vi) \ufb01rst priority charges over the bank accounts of Agilyx, (vii) assignment over all insurances of each Obligor, and (viii) security over the IP por\ue003olio.
In 2025, interest income for Restricted cash totaled $1.7 million and interest expense for the Bond payable SENIOR SECURED GREEN BOND (IN USD) Year ending December 31: Group Parent 2026 (6,750,000) (6,750,000) 2027 (56,750,000) (56,750,000) (63,500,000) (63,500,000) Commi\ue001ed payments on the bond are as follows: Note 19: Bonds payable
FIGURES IN USD (UNLESS STATED) On July 16, 2025, Agilyx entered into a subordinated loan facility with various shareholders to secure EUR 20,000,000 to par\ue002ally fund the acquisi\ue002on of GreenDot (see also note 17). The loan was subordinate to the Green Bonds described in note 19 and included a commitment fee of 2%, and an ini\ue002al interest rate of 8.5% that would have increased to 13.5% if the debt was s\ue002ll outstanding on December 1, 2025. Each lender had the right, at any \ue002me, to convert all or part of their respec\ue002ve loan balance into equity shares subject to the approval of the Agilyx board. The loan was drawn down on October 14, 2025 to fund the cash element of the GreenDot equity interest purchase. None of the loan was converted during the period.
On November 20, 2025, Agilyx AS entered into a subordinated conver\ue002ble bond which permits the issuance a series of bonds up to EUR 40,000,000 (excluding PIK Bonds). On November 20, 2025, an ini\ue002al EUR 24,176,989 of the subordinated conver\ue002ble bond were issued. EUR 20,000,000 of this was set o\ufb00 against the subscribers corresponding claims under the subordinated loan facility described above, which fully repaid those loans, such that the subordinated loan facility was terminated. The subordinated conver\ue002ble bond carries a \ufb01xed interest rate of 10% per annum and will mature on June 30, 2028. Interest is accrued via the issuance of PIK bonds. No repayment of the principal or interest is permi\ue001ed un\ue002l the Green Bond described in note 19 is repaid. The subordinated conver\ue002ble bond includes mul\ue002ple deriva\ue002ve features, several of which would be separable from the host liability contract, including; a Conversion feature which permits holders to convert at an ini\ue002al conversion price of EUR 1.9829 per share (this is a deriva\ue002ve due to it being denominated in a currency that di\ufb00ers from Agilyx ASA's func\ue002onal currency), a Conversion Price Reset, a Make Whole Adjustment, an Early Redemp\ue002on due to a tax event and a Put Op\ue002on Upon Change of Control Event.
The reconcilia\ue002on of the opening and closing fair value balance of the Subordinated Conver\ue002ble Bond, which is a level 3 \ufb01nancial instrument, is provided below (this is applicable for both the Group and Parent only \ufb01nancial statements):
SUBORDINATED CONVERTIBLE BOND (IN USD) At November 20, 2025 28,113,407 Conversions during the period with interest (291,622) Currency transla\ue002on 325,660 Change in fair value (798,445) At December 31, 2025 27,349,000 The transac\ue002on costs incurred on the Subordinated Loan facility, were capitalized during the period, however, when the Subordinated Loan was replaced with the Subordinated Conver\ue002ble Bond, (which is measured at fair value through pro\ufb01t and loss as described above), total transac\ue002on costs of $204,969 were charged to Other \ufb01nancial expense within the Statement of comprehensive income. There were subsequent Tap issuances of the Subordinated Conver\ue002ble Bond a\ufb05er the year end, which are described in Note 24. Commi\ue001ed payments on the Subordinated Conver\ue002ble Bond are as follows: SUBORDINATED CONVERTIBLE BOND (IN USD) Year ending December 31: Group Parent 2026 - - 2027 - - 2028 36,101,989 36,101,989 36,101,989 36,101,989 Note 20: Subordinated debt
Agilyx Group is exposed through its opera\ue002ons to the following \ufb01nancial risks: \u2022 Credit risk; \u2022 Liquidity risk; \u2022 Foreign currency risk. In common with all other businesses, Agilyx Group is exposed to risks that arise from its use of \ufb01nancial instruments. This note describes Agilyx Group's objec\ue002ves, policies and processes for managing those risks and the methods used to measure them. Further quan\ue002ta\ue002ve informa\ue002on in respect of these risks is presented throughout these \ufb01nancial statements. There have been no substan\ue002ve changes in the Group's exposure to \ufb01nancial instrument risks, its objec\ue002ves, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. (i) Principal \ufb01nancial instruments, by category The principal \ufb01nancial instruments used by Agilyx Group are those listed in the table below, all of which are measured at amor\ue002zed cost, plus the warrant/subscrip\ue002on rights and subordinated conver\ue002ble bonds, which are measured at fair value through the pro\ufb01t and loss: (ii) Financial instruments not measured at fair value Financial instruments not measured at fair value includes all the instruments listed in the table above (except the warrants and Subordinated conver\ue002ble debt). Due to the short term nature of accounts receivable, cash and cash equivalents, restricted cash, accounts payable and the payable to Group Companies, amounts, the amor\ue002zed cost is considered to approximate fair value. The bond payable and lease liabili\ue002es both carry market rates of interest, for these amounts the amor\ue002zed cost is also considered to approximate fair value, measured using level 1 of the fair value hierarchy. (iii) Financial instruments measured at fair value The only \ufb01nancial instruments measured at fair value through pro\ufb01t and loss are the warrants and subscrip\ue002on rights, described in more detail in Note 14 and subordinated conver\ue002ble debt described in Note 20. (iv) General objec\ue002ves, policies, and processes The Board has overall responsibility for the determina\ue002on of Agilyx Group's risk management objec\ue002ves and policies and, whilst retaining ul\ue002mate responsibility for them, it has delegated the authority for designing and opera\ue002ng processes that ensure the e\ufb00ec\ue002ve implementa\ue002on of the objec\ue002ves and policies to the Agilyx Group \ufb01nance func\ue002on. The Board receives monthly reports from the V.P. and Corporate Controller through which it reviews the e\ufb00ec\ue002veness of the processes put in place and the appropriateness of the objec\ue002ves and policies it sets. PRINCIPAL FINANCIAL INSTRUMENTS Group \u2013 as at Parent \u2013 as at December 31, 2024 December 31, 2025 December 31, 2024 December 31, 2025 Accounts receivable 590,377 530,259 - - Restricted cash 40,188,255 40,000,000 40,188,255 40,000,000 Cash and cash equivalents 18,135,934 5,619,416 17,227,016 4,342,543 Total \ufb01nancial assets 58,914,566 46,149,675 57,415,271 44,342,543 Accounts payable 207,796 120,684 376 411 Payable to group companies - - 6,507,676 17,055,505 Bond payable, net of discount 45,002,264 46,968,274 45,002,264 46,968,274 Lease liabili\ue002es 822,283 664,558 - - Financial liabili\ue002es at amor\ue002zed cost 46,032,343 47,753,516 51,510,316 64,024,190 Warrant liability 5,092,107 - 5,092,107 - Subordinated conver\ue002ble debt - 27,349,000 - 27,349,000 Total \ufb01nancial liabili\ue002es 51,124,450 75,102,516 56,602,423 91,373,190 Note 22: Financial instruments \u2013 risk management
CREDIT RISK Credit risk is the risk of \ufb01nancial loss to Agilyx Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obliga\ue002ons. The Agilyx Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ra\ue002ngs are taken into account by local business prac\ue002ces. As noted in Note 1, historically Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Credit risk also arises from cash and cash equivalents and deposits with banks and \ufb01nancial ins\ue002tu\ue002ons. Agilyx Group only deals with highly reputable banks and \ufb01nancial ins\ue002tu\ue002ons. At \ue002mes, Agilyx Group does hold funds with certain banks that are beyond federally insured levels, however, management regularly monitor the banking rela\ue002onships to minimize any risk that may arise in this respect.
LIQUIDITY RISK Liquidity risk arises from Agilyx Group's management of working capital and the \ufb01nance charges and principal repayments on its debt instruments. It is the risk that Agilyx Group will encounter di\ufb03culty in mee\ue002ng its \ufb01nancial obliga\ue002ons as they fall due. The current policy is to ensure that it will always have su\ufb03cient cash to allow it to meet its liabili\ue002es when they become due. To achieve this aim, it seeks to maintain cash balances (or agreed facili\ue002es) to meet expected requirements for a period of at least 45 days. The Group also seeks to reduce liquidity risk by \ufb01xing interest rates (and hence cash \ufb02ows) on its long-term borrowings. Note that since all long term borrowings are at \ufb01xed rates, management do not consider there to be a signi\ufb01cant interest rate risk. The Board regularly receives cash \ufb02ow projec\ue002ons as well as informa\ue002on regarding cash balances. At the end of the \ufb01nancial year, these projec\ue002ons indicated that the Group expected to have su\ufb03cient liquid resources to meet its obliga\ue002ons under all reasonably expected circumstances. The budgets are set by management and agreed by the board in advance, enabling the Agilyx Group's cash requirements to be an\ue002cipated.
The following table sets out the contractual maturi\ue002es (represen\ue002ng undiscounted contractual cash- \ufb02ows) of \ufb01nancial liabili\ue002es:
See note 8,19 and 20 for undiscounted contractual cash \ufb02ow informa\ue002on in rela\ue002on to the lease liabili\ue002es, bond payable and subordinated conver\ue002ble debt. CONTRACTURAL MATURITIES (GROUP \u2013 AS AT) Group \u2013 as at As at December, 31 2024 Due between 0-12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Accounts payable 207,796 - - 207,796 Payable to group companies - - - - 207,796 - - 207,796 As at December, 31 2025 Accounts payable 120,684 - - 120,684 Payable to group companies - - - - 120,684 - - 120,684 CONTRACTURAL MATURITIES (PARENT \u2013 AS AT) Parent \u2013 as at As at December, 31 2024 Due between 0-12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Accounts payable 376 - - 376 Payable to Group Companies 6,507,676 - - 6,507,676
6,508,052 - - 6,508,052 As at December, 31 2025 Accounts payable 411 - - 411 Payable to group companies 17,055,505 - - 17,055,505 17,055,916 - - 17,055,916
FOREIGN CURRENCY RISK Foreign exchange risk arises when the Company or its subsidiaries or associates enter into transac\ue002ons denominated in a currency other than their func\ue002onal currency. The Company's main exposure is in rela\ue002on to the Subordinated Conver\ue002ble Bond which is denominated in Euro and Investment in GreenDot, which operates and reports in Euro. Management does not have speci\ufb01c risk mi\ue002ga\ue002on in place to cover this exposure, but note that there is a natural hedge because of the assets and liabili\ue002es that they have
which are denominated in the same currency. CAPITAL DISCLOSURES Agilyx Group's managed capital includes equity and debt. The objec\ue002ves for Agilyx Group when maintaining capital are: \u2022 to safeguard the en\ue002ty's ability to con\ue002nue as a going concern, so that it can con\ue002nue to provide returns for shareholders and bene\ufb01ts for other stakeholders, and \u2022 to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. Agilyx Group sets the amount of capital it requires in propor\ue002on to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic condi\ue002ons and the risk characteris\ue002cs of the underlying assets. In order to maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares, or sell assets to reduce debt. Due to recent market uncertainty, the Group's strategy is to preserve a strong cash base and ensure compliance with any covenants a\ue001ached to the bank and borrowing facili\ue002es.
Note 22: Financial instruments \u2013 risk management
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-331": {
"value": "FINANCIAL INSTRUMENTS Financial assets Agilyx Group categorizes all of its \ufb01nancial assets as amor\ue002zed cost, due to the nature and purpose of the assets. These assets arise principally from the provision of goods and services to customers (e.g. accounts receivables), but also incorporate other types of \ufb01nancial assets where the objec\ue002ve is to hold these assets in order to collect contractual cash \ufb02ows and the contractual cash \ufb02ows are solely payments of principal and interest (principally cash and cash equivalents). They are ini\ue002ally recognized at fair value plus transac\ue002on costs that are directly a\ue001ributable to their acquisi\ue002on or issue, and are subsequently carried at amor\ue002zed cost using the e\ufb00ec\ue002ve interest rate method, less provision for impairment, as required. Impairment provisions for current and non-current trade receivables are recognized based on the simpli\ufb01ed approach within IFRS 9 see note 10 for further commentary on the applica\ue002on of this. Agilyx Group\u2019s \ufb01nancial assets measured at amor\ue002zed cost comprise accounts receivables, restricted cash and cash and cash equivalents in the consolidated balance sheet.
Financial liabili\ue002es Agilyx Group classi\ufb01es its \ufb01nancial liabili\ue002es into one of two categories, depending on the purpose for which the liability
was acquired. Note 1: Material accoun\ue002ng policies
Fair value through pro\ufb01t or loss This category comprises warrants and subscrip\ue002on rights which are deriva\ue002ve \ufb01nancial instruments and Subordinated Conver\ue002ble Bonds for which management applied the accoun\ue002ng policy elec\ue002on in IFRS 9 paragraph 4.3.5 to value the en\ue002re instrument at fair value through pro\ufb01t and loss. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated pro\ufb01t and loss. Other than these \ufb01nancial instruments, the Group does not have any liabili\ue002es held for trading nor has it designated any \ufb01nancial liabili\ue002es as being at fair value through pro\ufb01t or loss.
Other \ufb01nancial liabili\ue002es - measured at amor\ue002zed cost Other \ufb01nancial liabili\ue002es include bond payable, accounts payable, payables to Group companies and lease liabili\ue002es. These are ini\ue002ally recognized at fair value net of any transac\ue002on costs directly a\ue001ributable to the issue of the instrument. Any interest bearing liabili\ue002es are subsequently measured at amor\ue002zed cost using the e\ufb00ec\ue002ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue002on. Accounts payables and other short-term monetary liabili\ue002es, are ini\ue002ally recognized at fair value and subsequently carried at amor\ue002zed cost using the e\ufb00ec\ue002ve interest method.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue001en down accordingly. See Note 9, for speci\ufb01c analysis performed on the investment in Regenyx and note 17 for the impairment in Cyclyx during 2025. Where it is not possible to es\ue002mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue002\ufb01able cash \ufb02ows; its cash genera\ue002ng units (CGUs). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amor\ue002zed cost, less any provision for expected credit losses of receivables. See Note 10 for further informa\ue002on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue001ed by IFRS 9.
Financial assets Agilyx Group categorizes all of its \ufb01nancial assets as amor\ue002zed cost, due to the nature and purpose of the assets. These assets arise principally from the provision of goods and services to customers (e.g. accounts receivables), but also incorporate other types of \ufb01nancial assets where the objec\ue002ve is to hold these assets in order to collect contractual cash \ufb02ows and the contractual cash \ufb02ows are solely payments of principal and interest (principally cash and cash equivalents). They are ini\ue002ally recognized at fair value plus transac\ue002on costs that are directly a\ue001ributable to their acquisi\ue002on or issue, and are subsequently carried at amor\ue002zed cost using the e\ufb00ec\ue002ve interest rate method, less provision for impairment, as required. Impairment provisions for current and non-current trade receivables are recognized based on the simpli\ufb01ed approach within IFRS 9 see note 10 for further commentary on the applica\ue002on of this. Agilyx Group\u2019s \ufb01nancial assets measured at amor\ue002zed cost comprise accounts receivables, restricted cash and cash and cash equivalents in the consolidated balance sheet.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue001en down accordingly. See Note 9, for speci\ufb01c analysis performed on the investment in Regenyx and note 17 for the impairment in Cyclyx during 2025. Where it is not possible to es\ue002mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue002\ufb01able cash \ufb02ows; its cash genera\ue002ng units (CGUs). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amor\ue002zed cost, less any provision for expected credit losses of receivables. See Note 10 for further informa\ue002on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue001ed by IFRS 9.
Financial liabili\ue002es Agilyx Group classi\ufb01es its \ufb01nancial liabili\ue002es into one of two categories, depending on the purpose for which the liability
waOther \ufb01nancial liabili\ue002es - measured at amor\ue002zed cost Other \ufb01nancial liabili\ue002es include bond payable, accounts payable, payables to Group companies and lease liabili\ue002es. These are ini\ue002ally recognized at fair value net of any transac\ue002on costs directly a\ue001ributable to the issue of the instrument. Any interest bearing liabili\ue002es are subsequently measured at amor\ue002zed cost using the e\ufb00ec\ue002ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue002on. Accounts payables and other short-term monetary liabili\ue002es, are ini\ue002ally recognized at fair value and subsequently carried at amor\ue002zed cost using the e\ufb00ec\ue002ve interest method.
Fair value through pro\ufb01t or loss This category comprises warrants and subscrip\ue002on rights which are deriva\ue002ve \ufb01nancial instruments and Subordinated Conver\ue002ble Bonds for which management applied the accoun\ue002ng policy elec\ue002on in IFRS 9 paragraph 4.3.5 to value the en\ue002re instrument at fair value through pro\ufb01t and loss. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated pro\ufb01t and loss. Other than these \ufb01nancial instruments, the Group does not have any liabili\ue002es held for trading nor has it designated any \ufb01nancial liabili\ue002es as being at fair value through pro\ufb01t or loss.
Note 14: Warrants The Company has granted warrants in connec\ue002on with various debt and equity issuances. The following table re\ufb02ects the total of outstanding warrants as of December 31, 2025 all warrants have been exercised or cancelled: During 2022, the Board of Directors authorized an extension on all warrants to have an expira\ue002on date of August 7, 2025. The warrants therefore expired on August 7, 2025 and are no longer outstanding As the outstanding warrants for Agilyx were well in the money as of the December 31, 2024, repor\ue002ng date, the valua\ue002ons performed determined that the preponderance of the amount, was intrinsic value in nature. Hence there was very li\ue001le \ue002me value associated with the es\ue002mate of value calculated. As a result of this rela\ue002onship, the change in the value of the instruments is going to be more closely correlated with the change in the underlying equity price as opposed to a change in vola\ue002lity. This determina\ue002on was corroborated with the sensi\ue002vity calcula\ue002ons completed. During 2024 and 2025, zero and 800,000 warrants were exercised, respec\ue002vely, with proceeds of $811,976. The sensi\ue002vity analysis of a reasonably possible change in one signi\ufb01cant unobservable input, being the underlying equity value, holding other inputs constant would be:
The ordinary share warrants and subscrip\ue002on rights, are \ufb01nancial instruments measured at fair value through the pro\ufb01t and loss. This treatment is required for the warrants because the terms of the warrant include a cash less exercise op\ue002on, which triggers deriva\ue002ve treatment in accordance with IFRS 9. This is because their values change in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue002al net investment and they will be se\ue001led at a future date. All ordinary share warrants and subscrip\ue002on rights are measured using level 3 inputs on the fair value hierarchy. There were no transfers between the levels of the fair value hierarchy during any of the years presented. The valua\ue002on of the warrant liability was performed using the Black Scholes Model, the following inputs were signi\ufb01cant in the computa\ue002on of fair values at each repor\ue002ng date:
WARRANTS AND SUBSCRIPTION RIGHTS Number of ordinary shares Exercise price per share \u2013 USD Expira\ue002on Ordinary share warrants converted to subscrip\ue002on rights 2,322,100 1.00 2025 Group and parent December 31, 2024 Group and parent December 31, 2025 Warrant liabili\ue002es 5,092,107 - Group and parent December 31, 2024 Group and parent December 31, 2025 Expected term 7-Aug-25 N/A Equity vola\ue002lity 35 N/A Risk free rate 4.16% N/A Equity value at expira\ue002on \u2013 5% Equity value at expira\ue002on + 5% At December 31, 2024 (254,605) 254,606
RECONCILIATION Warrant liability At January 1, 2024 3,293,206 Gain on warrant value \u2013 presented as fair value through pro\ufb01t and loss 1,798,901 At December 31, 2024 5,092,107 Loss on warrant value \u2013 presented as fair value through pro\ufb01t and loss (5,092,107) At December 31, 2025 - The reconcilia\ue002on of the opening and closing fair value balance of level 3 \ufb01nancial instruments is provided below (this is applicable for both the Group and Parent only \ufb01nancial statements):
FIGURES IN USD (UNLESS STATED) On July 16, 2025, Agilyx entered into a subordinated loan facility with various shareholders to secure EUR 20,000,000 to par\ue002ally fund the acquisi\ue002on of GreenDot (see also note 17). The loan was subordinate to the Green Bonds described in note 19 and included a commitment fee of 2%, and an ini\ue002al interest rate of 8.5% that would have increased to 13.5% if the debt was s\ue002ll outstanding on December 1, 2025. Each lender had the right, at any \ue002me, to convert all or part of their respec\ue002ve loan balance into equity shares subject to the approval of the Agilyx board. The loan was drawn down on October 14, 2025 to fund the cash element of the GreenDot equity interest purchase. None of the loan was converted during the period.
On November 20, 2025, Agilyx AS entered into a subordinated conver\ue002ble bond which permits the issuance a series of bonds up to EUR 40,000,000 (excluding PIK Bonds). On November 20, 2025, an ini\ue002al EUR 24,176,989 of the subordinated conver\ue002ble bond were issued. EUR 20,000,000 of this was set o\ufb00 against the subscribers corresponding claims under the subordinated loan facility described above, which fully repaid those loans, such that the subordinated loan facility was terminated. The subordinated conver\ue002ble bond carries a \ufb01xed interest rate of 10% per annum and will mature on June 30, 2028. Interest is accrued via the issuance of PIK bonds. No repayment of the principal or interest is permi\ue001ed un\ue002l the Green Bond described in note 19 is repaid. The subordinated conver\ue002ble bond includes mul\ue002ple deriva\ue002ve features, several of which would be separable from the host liability contract, including; a Conversion feature which permits holders to convert at an ini\ue002al conversion price of EUR 1.9829 per share (this is a deriva\ue002ve due to it being denominated in a currency that di\ufb00ers from Agilyx ASA's func\ue002onal currency), a Conversion Price Reset, a Make Whole Adjustment, an Early Redemp\ue002on due to a tax event and a Put Op\ue002on Upon Change of Control Event.
The reconcilia\ue002on of the opening and closing fair value balance of the Subordinated Conver\ue002ble Bond, which is a level 3 \ufb01nancial instrument, is provided below (this is applicable for both the Group and Parent only \ufb01nancial statements):
SUBORDINATED CONVERTIBLE BOND (IN USD) At November 20, 2025 28,113,407 Conversions during the period with interest (291,622) Currency transla\ue002on 325,660 Change in fair value (798,445) At December 31, 2025 27,349,000 The transac\ue002on costs incurred on the Subordinated Loan facility, were capitalized during the period, however, when the Subordinated Loan was replaced with the Subordinated Conver\ue002ble Bond, (which is measured at fair value through pro\ufb01t and loss as described above), total transac\ue002on costs of $204,969 were charged to Other \ufb01nancial expense within the Statement of comprehensive income. There were subsequent Tap issuances of the Subordinated Conver\ue002ble Bond a\ufb05er the year end, which are described in Note 24. Commi\ue001ed payments on the Subordinated Conver\ue002ble Bond are as follows: SUBORDINATED CONVERTIBLE BOND (IN USD) Year ending December 31: Group Parent 2026 - - 2027 - - 2028 36,101,989 36,101,989 36,101,989 36,101,989 Note 20: Subordinated debt
The following table sets out the contractual maturi\ue002es (represen\ue002ng undiscounted contractual cash- \ufb02ows) of \ufb01nancial liabili\ue002es:
See note 8,19 and 20 for undiscounted contractual cash \ufb02ow informa\ue002on in rela\ue002on to the lease liabili\ue002es, bond payable and subordinated conver\ue002ble debt. CONTRACTURAL MATURITIES (GROUP \u2013 AS AT) Group \u2013 as at As at December, 31 2024 Due between 0-12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Accounts payable 207,796 - - 207,796 Payable to group companies - - - - 207,796 - - 207,796 As at December, 31 2025 Accounts payable 120,684 - - 120,684 Payable to group companies - - - - 120,684 - - 120,684 CONTRACTURAL MATURITIES (PARENT \u2013 AS AT) Parent \u2013 as at As at December, 31 2024 Due between 0-12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Accounts payable 376 - - 376 Payable to Group Companies 6,507,676 - - 6,507,676
6,508,052 - - 6,508,052 As at December, 31 2025 Accounts payable 411 - - 411 Payable to group companies 17,055,505 - - 17,055,505 17,055,916 - - 17,055,916
Fair value through pro\ufb01t or loss This category comprises warrants and subscrip\ue002on rights which are deriva\ue002ve \ufb01nancial instruments and Subordinated Conver\ue002ble Bonds for which management applied the accoun\ue002ng policy elec\ue002on in IFRS 9 paragraph 4.3.5 to value the en\ue002re instrument at fair value through pro\ufb01t and loss. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated pro\ufb01t and loss. Other than these \ufb01nancial instruments, the Group does not have any liabili\ue002es held for trading nor has it designated any \ufb01nancial liabili\ue002es as being at fair value through pro\ufb01t or loss.
Fair value through pro\ufb01t or loss This category comprises warrants and subscrip\ue002on rights which are deriva\ue002ve \ufb01nancial instruments and Subordinated Conver\ue002ble Bonds for which management applied the accoun\ue002ng policy elec\ue002on in IFRS 9 paragraph 4.3.5 to value the en\ue002re instrument at fair value through pro\ufb01t and loss. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated pro\ufb01t and loss. Other than these \ufb01nancial instruments, the Group does not have any liabili\ue002es held for trading nor has it designated any \ufb01nancial liabili\ue002es as being at fair value through pro\ufb01t or loss.
Note 14: Warrants The Company has granted warrants in connec\ue002on with various debt and equity issuances. The following table re\ufb02ects the total of outstanding warrants as of December 31, 2025 all warrants have been exercised or cancelled: During 2022, the Board of Directors authorized an extension on all warrants to have an expira\ue002on date of August 7, 2025. The warrants therefore expired on August 7, 2025 and are no longer outstanding As the outstanding warrants for Agilyx were well in the money as of the December 31, 2024, repor\ue002ng date, the valua\ue002ons performed determined that the preponderance of the amount, was intrinsic value in nature. Hence there was very li\ue001le \ue002me value associated with the es\ue002mate of value calculated. As a result of this rela\ue002onship, the change in the value of the instruments is going to be more closely correlated with the change in the underlying equity price as opposed to a change in vola\ue002lity. This determina\ue002on was corroborated with the sensi\ue002vity calcula\ue002ons completed. During 2024 and 2025, zero and 800,000 warrants were exercised, respec\ue002vely, with proceeds of $811,976. The sensi\ue002vity analysis of a reasonably possible change in one signi\ufb01cant unobservable input, being the underlying equity value, holding other inputs constant would be:
The ordinary share warrants and subscrip\ue002on rights, are \ufb01nancial instruments measured at fair value through the pro\ufb01t and loss. This treatment is required for the warrants because the terms of the warrant include a cash less exercise op\ue002on, which triggers deriva\ue002ve treatment in accordance with IFRS 9. This is because their values change in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue002al net investment and they will be se\ue001led at a future date. All ordinary share warrants and subscrip\ue002on rights are measured using level 3 inputs on the fair value hierarchy. There were no transfers between the levels of the fair value hierarchy during any of the years presented. The valua\ue002on of the warrant liability was performed using the Black Scholes Model, the following inputs were signi\ufb01cant in the computa\ue002on of fair values at each repor\ue002ng date:
WARRANTS AND SUBSCRIPTION RIGHTS Number of ordinary shares Exercise price per share \u2013 USD Expira\ue002on Ordinary share warrants converted to subscrip\ue002on rights 2,322,100 1.00 2025 Group and parent December 31, 2024 Group and parent December 31, 2025 Warrant liabili\ue002es 5,092,107 - Group and parent December 31, 2024 Group and parent December 31, 2025 Expected term 7-Aug-25 N/A Equity vola\ue002lity 35 N/A Risk free rate 4.16% N/A Equity value at expira\ue002on \u2013 5% Equity value at expira\ue002on + 5% At December 31, 2024 (254,605) 254,606
RECONCILIATION Warrant liability At January 1, 2024 3,293,206 Gain on warrant value \u2013 presented as fair value through pro\ufb01t and loss 1,798,901 At December 31, 2024 5,092,107 Loss on warrant value \u2013 presented as fair value through pro\ufb01t and loss (5,092,107) At December 31, 2025 The reconcilia\ue002on of the opening and closing fair value balance of level 3 \ufb01nancial instruments is provided below (this is applicable for both the Group and Parent only \ufb01nancial statements):
The following table sets out the contractual maturi\ue002es (represen\ue002ng undiscounted contractual cash- \ufb02ows) of \ufb01nancial liabili\ue002es:
See note 8,19 and 20 for undiscounted contractual cash \ufb02ow informa\ue002on in rela\ue002on to the lease liabili\ue002es, bond payable and subordinated conver\ue002ble debt. CONTRACTURAL MATURITIES (GROUP \u2013 AS AT) Group \u2013 as at As at December, 31 2024 Due between 0-12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Accounts payable 207,796 - - 207,796 Payable to group companies - - - - 207,796 - - 207,796 As at December, 31 2025 Accounts payable 120,684 - - 120,684 Payable to group companies - - - - 120,684 - - 120,684 CONTRACTURAL MATURITIES (PARENT \u2013 AS AT) Parent \u2013 as at As at December, 31 2024 Due between 0-12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Accounts payable 376 - - 376 Payable to Group Companies 6,507,676 - - 6,507,676
6,508,052 - - 6,508,052 As at December, 31 2025 Accounts payable 411 - - 411 Payable to group companies 17,055,505 - - 17,055,505 17,055,916 - - 17,055,916
Fair value through pro\ufb01t or loss This category comprises warrants and subscrip\ue002on rights which are deriva\ue002ve \ufb01nancial instruments and Subordinated Conver\ue002ble Bonds for which management applied the accoun\ue002ng policy elec\ue002on in IFRS 9 paragraph 4.3.5 to value the en\ue002re instrument at fair value through pro\ufb01t and loss. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated pro\ufb01t and loss. Other than these \ufb01nancial instruments, the Group does not have any liabili\ue002es held for trading nor has it designated any \ufb01nancial liabili\ue002es as being at fair value through pro\ufb01t or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-334": {
"value": "Fair value through pro\ufb01t or loss This category comprises warrants and subscrip\ue002on rights which are deriva\ue002ve \ufb01nancial instruments and Subordinated Conver\ue002ble Bonds for which management applied the accoun\ue002ng policy elec\ue002on in IFRS 9 paragraph 4.3.5 to value the en\ue002re instrument at fair value through pro\ufb01t and loss. They are carried in the consolidated balance sheet at fair value with changes in fair value recognized in the consolidated pro\ufb01t and loss. Other than these \ufb01nancial instruments, the Group does not have any liabili\ue002es held for trading nor has it designated any \ufb01nancial liabili\ue002es as being at fair value through pro\ufb01t or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-388": {
"value": "Other \ufb01nancial liabili\ue002es - measured at amor\ue002zed cost Other \ufb01nancial liabili\ue002es include bond payable, accounts payable, payables to Group companies and lease liabili\ue002es. These are ini\ue002ally recognized at fair value net of any transac\ue002on costs directly a\ue001ributable to the issue of the instrument. Any interest bearing liabili\ue002es are subsequently measured at amor\ue002zed cost using the e\ufb00ec\ue002ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue002on. Accounts payables and other short-term monetary liabili\ue002es, are ini\ue002ally recognized at fair value and subsequently carried at amor\ue002zed cost using the e\ufb00ec\ue002ve interest method.
FIGURES IN USD On November 11, 2024, Agilyx AS entered into a $50 million senior secured green bond issue with a tenor of 3 years. The bond carries a \ufb01xed quarterly coupon at a rate of 13.5% per annum and will mature on November 29, 2027. The fair value of the bond at ini\ue002al measurement was $49 million, represen\ue002ng a 2% discount which will be amor\ue002zed over the term of the bond under the e\ufb00ec\ue002ve interest method. In connec\ue002on with the bond issuance, directly a\ue001ributable transac\ue002on costs of $4,134,420 were capitalized to the balance of the bond, and are being amor\ue002zed over the term of the bond under the e\ufb00ec\ue002ve interest method. As of December 31, 2025, the balance on the bond was $46,968,274 (December 31, 2024: $45,002,264), with an accrued coupon payment of $562,500. The carrying value of the bond approximates fair value. The bond is subject to certain covenants which, if not met, would result in the bond becoming repayable on demand. The \ufb01rst covenant is that the company's liquidity shall not, at any \ue002me, be less than $6,750,000. The second covenant is that the ra\ue002o of Market Capitalisa\ue002on to Net Interest-Bearing Debt at any \ue002me shall not be less than 3.00:1. The Company is to comply with these covenants at all \ue002mes, and such compliance to be measured on June 30 and December 31 each year. As at December 31, 2025, the Company was in compliance with both covenants. In accordance with the terms of the bond agreement, the proceeds from the bond are held in an escrow account which had a balance of $40,000,000 as of December 31, 2025 ($40,188,255 December 31, 2024) and is classi\ufb01ed as restricted cash on the Statement of Financial Posi\ue002on. The bond is secured by (i) a pledge on the escrow account, (ii) a guarantee from Agilyx, (iii) a pledge over all shares issued in Agilyx, (iv) a pledge over all LLC membership interests in Cyclyx owned by Agilyx, (v) a \ufb01rst priority assignment of any intercompany loans granted to or by Agilyx, (vi) \ufb01rst priority charges over the bank accounts of Agilyx, (vii) assignment over all insurances of each Obligor, and (viii) security over the IP por\ue003olio.
In 2025, interest income for Restricted cash totaled $1.7 million and interest expense for the Bond payable was $8.2 million using the e\ufb00ec\ue002ve interSENIOR SECURED GREEN BOND (IN USD) Year ending December 31: Group Parent 2026 (6,750,000) (6,750,000) 2027 (56,750,000) (56,750,000) (63,500,000) (63,500,000) Commi\ue001ed payments on the bond are as follows: Note 19: Bonds payable
GROUP \u2013 AS AT) Group \u2013 as at As at December, 31 2024 Due between 0-12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Accounts payable 207,796 - - 207,796 Payable to group companies - - - - 207,796 - - 207,796 As at December, 31 2025 Accounts payable 120,684 - - 120,684 Payable to group companies - - - - 120,684 - - 120,684 CONTRACTURAL MATURITIES (PARENT \u2013 AS AT) Parent \u2013 as at As at December, 31 2024 Due between 0-12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Accounts payable 376 - - 376 Payable to Group Companies 6,507,676 - - 6,507,676
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-337": {
"value": "Other \ufb01nancial liabili\ue002es - measured at amor\ue002zed cost Other \ufb01nancial liabili\ue002es include bond payable, accounts payable, payables to Group companies and lease liabili\ue002es. These are ini\ue002ally recognized at fair value net of any transac\ue002on costs directly a\ue001ributable to the issue of the instrument. Any interest bearing liabili\ue002es are subsequently measured at amor\ue002zed cost using the e\ufb00ec\ue002ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue002on. Accounts payables and other short-term monetary liabili\ue002es, are ini\ue002ally recognized at fair value and subsequently carried at amor\ue002zed cost using the e\ufb00ec\ue002ve interest method.
Other \ufb01nancial liabili\ue002es - measured at amor\ue002zed cost Other \ufb01nancial liabili\ue002es include bond payable, accounts payable, payables to Group companies and lease liabili\ue002es. These are ini\ue002ally recognized at fair value net of any transac\ue002on costs directly a\ue001ributable to the issue of the instrument. Any interest bearing liabili\ue002es are subsequently measured at amor\ue002zed cost using the e\ufb00ec\ue002ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue002on. Accounts payables and other short-term monetary liabili\ue002es, are ini\ue002ally recognized at fair value and subsequently carried at amor\ue002zed cost using the e\ufb00ec\ue002ve interest method.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-336": {
"value": "Other \ufb01nancial liabili\ue002es - measured at amor\ue002zed cost Other \ufb01nancial liabili\ue002es include bond payable, accounts payable, payables to Group companies and lease liabili\ue002es. These are ini\ue002ally recognized at fair value net of any transac\ue002on costs directly a\ue001ributable to the issue of the instrument. Any interest bearing liabili\ue002es are subsequently measured at amor\ue002zed cost using the e\ufb00ec\ue002ve interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of \ufb01nancial posi\ue002on. Accounts payables and other short-term monetary liabili\ue002es, are ini\ue002ally recognized at fair value and subsequently carried at amor\ue002zed cost using the e\ufb00ec\ue002ve interest method.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mtpnn40": {
"value": "INTANGIBLE ASSETS Intangible assets that are acquired separately are recognized at historical cost. Intangible assets acquired in a business combina\ue002on are recognized at historical cost when the criteria for balance sheet recogni\ue002on have been met. Intangible assets with a limited economic life are amor\ue002zed on a systema\ue002c basis, based on the useful economic life as described in Note 6. Intangible assets are wri\ue001en down to the recoverable amount if the expected economic bene\ufb01ts do not exceed the carrying amount and any remaining development costs.
Note 6: Intangible assets INTANGIBLE ASSETS Intangible assets include the following contracts Licensed technology Exclusivity license Total (i) Cost Balance at January 1, 2024 3,575,000 1,188,378 4,763,378 Impairment charges - (1,188,378) (1,188,378) Balance at December 31, 2024 3,575,000 - 3,575,000 Addi\ue002ons - - - Balance at December 31, 2025 3,575,000 - 3,575,000 (ii) Accumulated amor\ue002za\ue002on Balance at January 1, 2024 722,448 454,250 1,176,698 Amor\ue002za\ue002on charge 178,750 118,500 297,250 Impairment charge - (572,750) (572,750) Balance at December 31, 2024 901,198 - 901,198 Amor\ue002za\ue002on charge 178,749 - 178,749 Balance at December 31, 2025 1,079,947 - 1,079,947 (iii) Net book value Balance at December 31, 2024 2,673,802 - 2,673,802 Balance at December 31, 2025 2,495,053 - 2,495,053 Economic life 20 4 In December 2019, the Company entered into an agreement to purchase technology under a license contract. The purchase price of the technology was $3,575,000, and it is being amor\ue002zed on a straight-line basis over the es\ue002mated life of the technology through December 2039. Amor\ue002za\ue002on expense under the license agreement totaled $178,750 and $178,749 for the years ended 2024 and 2025, respec\ue002vely. In December 2019, the Company entered into a Technology Transfer and License Agreement with another vendor to develop customized ar\ue002\ufb01cial intelligence models (\u201cAI Models\u201d) and products rela\ue002ng to feedstock management and opera\ue002ng assets op\ue002miza\ue002on. Licenses for the models have been granted for 15 years with the \ufb01rst 4 years of exclusivity. Amor\ue002sa\ue002on of the contract will start when the deliveries under the contract is completed and in service. Amor\ue002za\ue002on expense under the license agreement totaled $118,500 for the year ended 2024. During June 2024, management deemed this license agreement impaired given its unlikely use going forward and wrote o\ufb00 the residual balances. All amor\ue002za\ue002on is charged through General and administra\ue002ve expenses.
INTANGIBLE ASSETS Intangible assets that are acquired separately are recognized at historical cost. Intangible assets acquired in a business combina\ue002on are recognized at historical cost when the criteria for balance sheet recogni\ue002on have been met. Intangible assets with a limited economic life are amor\ue002zed on a systema\ue002c basis, based on the useful economic life as described in Note 6. Intangible assets are wri\ue001en down to the recoverable amount if the expected economic bene\ufb01ts do not exceed the carrying amount and any remaining development costs.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-365": {
"value": "INTANGIBLE ASSETS Intangible assets that are acquired separately are recognized at historical cost. Intangible assets acquired in a business combina\ue002on are recognized at historical cost when the criteria for balance sheet recogni\ue002on have been met. Intangible assets with a limited economic life are amor\ue002zed on a systema\ue002c basis, based on the useful economic life as described in Note 6. Intangible assets are wri\ue001en down to the recoverable amount if the expected economic bene\ufb01ts do not exceed the carrying amount and any remaining development costs.
Note 6: Intangible assets INTANGIBLE ASSETS Intangible assets include the following contracts Licensed technology Exclusivity license Total (i) Cost Balance at January 1, 2024 3,575,000 1,188,378 4,763,378 Impairment charges - (1,188,378) (1,188,378) Balance at December 31, 2024 3,575,000 - 3,575,000 Addi\ue002ons - - - Balance at December 31, 2025 3,575,000 - 3,575,000 (ii) Accumulated amor\ue002za\ue002on Balance at January 1, 2024 722,448 454,250 1,176,698 Amor\ue002za\ue002on charge 178,750 118,500 297,250 Impairment charge - (572,750) (572,750) Balance at December 31, 2024 901,198 - 901,198 Amor\ue002za\ue002on charge 178,749 - 178,749 Balance at December 31, 2025 1,079,947 - 1,079,947 (iii) Net book value Balance at December 31, 2024 2,673,802 - 2,673,802 Balance at December 31, 2025 2,495,053 - 2,495,053 Economic life 20 4 In December 2019, the Company entered into an agreement to purchase technology under a license contract. The purchase price of the technology was $3,575,000, and it is being amor\ue002zed on a straight-line basis over the es\ue002mated life of the technology through December 2039. Amor\ue002za\ue002on expense under the license agreement totaled $178,750 and $178,749 for the years ended 2024 and 2025, respec\ue002vely. In December 2019, the Company entered into a Technology Transfer and License Agreement with another vendor to develop customized ar\ue002\ufb01cial intelligence models (\u201cAI Models\u201d) and products rela\ue002ng to feedstock management and opera\ue002ng assets op\ue002miza\ue002on. Licenses for the models have been granted for 15 years with the \ufb01rst 4 years of exclusivity. Amor\ue002sa\ue002on of the contract will start when the deliveries under the contract is completed and in service. Amor\ue002za\ue002on expense under the license agreement totaled $118,500 for the year ended 2024. During June 2024, management deemed this license agreement impaired given its unlikely use going forward and wrote o\ufb00 the residual balances. All amor\ue002za\ue002on is charged through General and administra\ue002ve expenses.
INTANGIBLE ASSETS Intangible assets that are acquired separately are recognized at historical cost. Intangible assets acquired in a business combina\ue002on are recognized at historical cost when the criteria for balance sheet recogni\ue002on have been met. Intangible assets with a limited economic life are amor\ue002zed on a systema\ue002c basis, based on the useful economic life as described in Note 6. Intangible assets are wri\ue001en down to the recoverable amount if the expected economic bene\ufb01ts do not exceed the carrying amount and any remaining development costs.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-364": {
"value": "PROPERTY, PLANT AND EQUIPMENT Fixed assets are recorded in the balance sheet at acquisi\ue002on cost, less accumulated deprecia\ue002on and any impairment losses. Deprecia\ue002on is made from the \ue002me assets are put into regular opera\ue002ons and is calculated on straight line basis over the es\ue002mated economic asset life\ue002me. Deprecia\ue002on rates are set out in Note 7. This period\u2019s deprecia\ue002on is charged to this year\u2019s opera\ue002ng expenses in the income statement.
Note 6: Intangible assets INTANGIBLE ASSETS Intangible assets include the following contracts Licensed technology Exclusivity license Total (i) Cost Balance at January 1, 2024 3,575,000 1,188,378 4,763,378 Impairment charges - (1,188,378) (1,188,378) Balance at December 31, 2024 3,575,000 - 3,575,000 Addi\ue002ons - - - Balance at December 31, 2025 3,575,000 - 3,575,000 (ii) Accumulated amor\ue002za\ue002on Balance at January 1, 2024 722,448 454,250 1,176,698 Amor\ue002za\ue002on charge 178,750 118,500 297,250 Impairment charge - (572,750) (572,750) Balance at December 31, 2024 901,198 - 901,198 Amor\ue002za\ue002on charge 178,749 - 178,749 Balance at December 31, 2025 1,079,947 - 1,079,947 (iii) Net book value Balance at December 31, 2024 2,673,802 - 2,673,802 Balance at December 31, 2025 2,495,053 - 2,495,053 Economic life 20 4 In December 2019, the Company entered into an agreement to purchase technology under a license contract. The purchase price of the technology was $3,575,000, and it is being amor\ue002zed on a straight-line basis over the es\ue002mated life of the technology through December 2039. Amor\ue002za\ue002on expense under the license agreement totaled $178,750 and $178,749 for the years ended 2024 and 2025, respec\ue002vely. In December 2019, the Company entered into a Technology Transfer and License Agreement with another vendor to develop customized ar\ue002\ufb01cial intelligence models (\u201cAI Models\u201d) and products rela\ue002ng to feedstock management and opera\ue002ng assets op\ue002miza\ue002on. Licenses for the models have been granted for 15 years with the \ufb01rst 4 years of exclusivity. Amor\ue002sa\ue002on of the contract will start when the deliveries under the contract is completed and in service. Amor\ue002za\ue002on expense under the license agreement totaled $118,500 for the year ended 2024. During June 2024, management deemed this license agreement impaired given its unlikely use going forward and wrote o\ufb00 the residual balances. All amor\ue002za\ue002on is charged through General and administra\ue002ve expenses.
Note 7: Property, plant and equipment
Note 8: Right of use assets and lease liabili\ue002es
Costs Property, plant and equipment Leasehold improvements Machinery and equipment Total At cost January 1, 2024 916,582 1,171,262 2,087,844 Addi\ue002ons 29,078 16,847 45,925 Impairment charge (311,910) - (311,910) At cost December 31, 2024 633,750 1,188,109 1,821,859 Addi\ue002ons 28,732 18,205 46,937 At cost December 31, 2025 662,482 1,206,314 1,868,796 Deprecia\ue002on Accumulated deprecia\ue002on January 1, 2024 265,121 486,504 751,625 Deprecia\ue002on for the year 45,904 172,759 218,663 Accumulated deprecia\ue002on December 31, 2024 311,025 659,263 970,288 Deprecia\ue002on for the year 91,606 156,382 247,988 Accumulated deprecia\ue002on December 31, 2025 402,631 815,645 1,218,276 Net book value December 31, 2024 322,725 528,846 851,571 Net book value December 31, 2025 259,851 390,669 650,520 Economic life 4 years 3-20 years Machinery and equipment include computers, furniture, \ufb01xtures and other equipment. Leasehold improvements relates to the lease of facili\ue002es in the US which expires in 2029. All tangible assets are depreciated on a straight line basis over the expected useful life. During 2024, the early termina\ue002on of a lease brought about the write-down of various leasehold improvements associated with the leased premises.
RIGHT OF USE ASSETS Right of use assets Property Computer equipment Total At January 1, 2024 260,775 23,336 284,111 Addi\ue002ons 1,016,358 - 1,016,358 Amor\ue002za\ue002on (243,570) (17,083) (260,653) Disposal/termina\ue002on of old lease (115,007) - (115,007) At December 31, 2024 918,556 6,253 924,809 Addi\ue002ons - - - Amor\ue002za\ue002on (212,794) (6,253) (219,047) At December 31, 2025 705,762 - 705,762 LEASE LIABILITY Lease liabili\ue002es at January 1, 2024 273,792 19,166 292,958 Addi\ue002ons 867,526 - 867,526 Lease payments (233,320) (19,789) (253,109) Interest expense 32,629 623 33,252 Disposal/termina\ue002on of old lease (118,344) - (118,344) Lease liabili\ue002es at December 31, 2024 822,283 - 822,283 Addi\ue002ons - - - Lease payments (222,395) - (222,395) Interest expense 64,670 - 64,670 Lease liabili\ue002es at December 31, 2025 664,558 - 664,558 Useful economic life 3-7 years 5 years Agilyx Group has one property lease in the scope of IFRS 16: This contract does not have variable lease payments. The property contract includes an extension op\ue002on, which Agilyx Group management believes is not likely to be exercised, thus only the ini\ue002al lease term has been included.
PROPERTY, PLANT AND EQUIPMENT Fixed assets are recorded in the balance sheet at acquisi\ue002on cost, less accumulated deprecia\ue002on and any impairment losses. Deprecia\ue002on is made from the \ue002me assets are put into regular opera\ue002ons and is calculated on straight line basis over the es\ue002mated economic asset life\ue002me. Deprecia\ue002on rates are set out in Note 7. This period\u2019s deprecia\ue002on is charged to this year\u2019s opera\ue002ng expenses in the income statement.
PROPERTY, PLANT AND EQUIPMENT Fixed assets are recorded in the balance sheet at acquisi\ue002on cost, less accumulated deprecia\ue002on and any impairment losses. Deprecia\ue002on is made from the \ue002me assets are put into regular opera\ue002ons and is calculated on straight line basis over the es\ue002mated economic asset life\ue002me. Deprecia\ue002on rates are set out in Note 7. This period\u2019s deprecia\ue002on is charged to this year\u2019s opera\ue002ng expenses in the income statement.
Note 7: Property, plant and equipment
Costs Property, plant and equipment Leasehold improvements Machinery and equipment Total At cost January 1, 2024 916,582 1,171,262 2,087,844 Addi\ue002ons 29,078 16,847 45,925 Impairment charge (311,910) - (311,910) At cost December 31, 2024 633,750 1,188,109 1,821,859 Addi\ue002ons 28,732 18,205 46,937 At cost December 31, 2025 662,482 1,206,314 1,868,796 Deprecia\ue002on Accumulated deprecia\ue002on January 1, 2024 265,121 486,504 751,625 Deprecia\ue002on for the year 45,904 172,759 218,663 Accumulated deprecia\ue002on December 31, 2024 311,025 659,263 970,288 Deprecia\ue002on for the year 91,606 156,382 247,988 Accumulated deprecia\ue002on December 31, 2025 402,631 815,645 1,218,276 Net book value December 31, 2024 322,725 528,846 851,571 Net book value December 31, 2025 259,851 390,669 650,520 Economic life 4 years 3-20 years Machinery and equipment include computers, furniture, \ufb01xtures and other equipment. Leasehold improvements relates to the lease of facili\ue002es in the US which expires in 2029. All tangible assets are depreciated on a straight line basis over the expected useful life. During 2024, the early termina\ue002on of a lease brought about the write-down of various leasehold improvements associated with the leased premises.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-339": {
"value": "PROPERTY, PLANT AND EQUIPMENT Fixed assets are recorded in the balance sheet at acquisi\ue002on cost, less accumulated deprecia\ue002on and any impairment losses. Deprecia\ue002on is made from the \ue002me assets are put into regular opera\ue002ons and is calculated on straight line basis over the es\ue002mated economic asset life\ue002me. Deprecia\ue002on rates are set out in Note 7. This period\u2019s deprecia\ue002on is charged to this year\u2019s opera\ue002ng expenses in the income statement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-367": {
"value": "LEASES Iden\ue002fying leases Agilyx Group accounts for a contract, or a por\ue002on of a contract, as a lease when it conveys the right to use an asset for a period of \ue002me in exchange for considera\ue002on. Leases are those contracts that sa\ue002sfy the following criteria: a. There is an iden\ue002\ufb01ed asset; b. Agilyx Group obtains substan\ue002ally all the economic bene\ufb01ts from use of the asset; and c. Agilyx Group has the right to direct use of the asset. Agilyx Group considers whether the supplier has substan\ue002ve subs\ue002tu\ue002on rights. If the supplier does have those rights, the contract is not iden\ue002\ufb01ed as giving rise to a lease. In determining whether Agilyx Group obtains substan\ue002ally all the economic bene\ufb01ts from use of the asset, Agilyx Group considers only the economic bene\ufb01ts that arise use of the asset, not those incidental to legal ownership or other poten\ue002al bene\ufb01ts. In determining whether Agilyx Group has the right to direct use of the asset, Agilyx Group considers whether it directs how and for what purpose the asset is used throughout the period of use. If there are no signi\ufb01cant decisions to be made because they are pre-determined due to the nature of the asset, Agilyx Group considers whether it was involved in the design of the asset in a way that predetermines how and for what purpose the asset will be used throughout the period of use. If the contract or por\ue002on of a contract does not sa\ue002sfy these criteria, the Group applies other applicable IFRSs rather than IFRS 16.
Note 1: Material accoun\ue002ng policies
2025 Annual Report 59 Ini\ue002al measurement All leases are accounted for by recognizing a right-of-use asset and a lease liability except for \u2022 Leases of low value assets; and \u2022 Leases with a dura\ue002on of 12 months or less. Lease liabili\ue002es are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the group\u2019s incremental borrowing rate on commencement of the lease is used. The incremental borrowing rate is determined with reference to the current external borrowing rates of Agilyx Group, adjusted so as to arrive at the rate of interest that Agilyx Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use
asset in a similar economic en\u2022 lease payments made at or before commencement of the lease; \u2022 ini\ue002al direct costs incurred; and \u2022 the amount of any provision recognized where the group is contractually required to dismantle, remove or restore the leased asset. Subsequent measurement Subsequent to ini\ue002al measurement lease liabili\ue002es increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of- use assets are amor\ue002zed on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.
Note 8: Right of use assets and lease liabili\ue002es
RIGHT OF USE ASSETS Right of use assets Property Computer equipment Total At January 1, 2024 260,775 23,336 284,111 Addi\ue002ons 1,016,358 - 1,016,358 Amor\ue002za\ue002on (243,570) (17,083) (260,653) Disposal/termina\ue002on of old lease (115,007) - (115,007) At December 31, 2024 918,556 6,253 924,809 Addi\ue002ons - - - Amor\ue002za\ue002on (212,794) (6,253) (219,047) At December 31, 2025 705,762 - 705,762 LEASE LIABILITY Lease liabili\ue002es at January 1, 2024 273,792 19,166 292,958 Addi\ue002ons 867,526 - 867,526 Lease payments (233,320) (19,789) (253,109) Interest expense 32,629 623 33,252 Disposal/termina\ue002on of old lease (118,344) - (118,344) Lease liabili\ue002es at December 31, 2024 822,283 - 822,283 Addi\ue002ons - - - Lease payments (222,395) - (222,395) Interest expense 64,670 - 64,670 Lease liabili\ue002es at December 31, 2025 664,558 - 664,558 Useful economic life 3-7 years 5 years Agilyx Group has one property lease in the scope of IFRS 16: This contract does not have variable lease payments. The property contract includes an extension op\ue002on, which Agilyx Group management believes is not likely to be exercised, thus only the ini\ue002al lease term has been included.
The following is a presenta\ue002on of the undiscounted commi\ue001ed cash \ufb02ows related to the remaining lease liabili\ue002es: 0-12 months Between 1-2 years Between 2-5 years 5+ years Total As at December 31, 2024 206,418 193,632 404,868 193,610 998,528 As at December 31, 2025 194,112 199,937 382,085 - 776,134
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-341": {
"value": "LEASES Iden\ue002fying leases Agilyx Group accounts for a contract, or a por\ue002on of a contract, as a lease when it conveys the right to use an asset for a period of \ue002me in exchange for considera\ue002on. Leases are those contracts that sa\ue002sfy the following criteria: a. There is an iden\ue002\ufb01ed asset; b. Agilyx Group obtains substan\ue002ally all the economic bene\ufb01ts from use of the asset; and c. Agilyx Group has the right to direct use of the asset. Agilyx Group considers whether the supplier has substan\ue002ve subs\ue002tu\ue002on rights. If the supplier does have those rights, the contract is not iden\ue002\ufb01ed as giving rise to a lease. In determining whether Agilyx Group obtains substan\ue002ally all the economic bene\ufb01ts from use of the asset, Agilyx Group considers only the economic bene\ufb01ts that arise use of the asset, not those incidental to legal ownership or other poten\ue002al bene\ufb01ts. In determining whether Agilyx Group has the right to direct use of the asset, Agilyx Group considers whether it directs how and for what purpose the asset is used throughout the period of use. If there are no signi\ufb01cant decisions to be made because they are pre-determined due to the nature of the asset, Agilyx Group considers whether it was involved in the design of the asset in a way that predetermines how and for what purpose the asset will be used throughout the period of use. If the contract or por\ue002on of a contract does not sa\ue002sfy these criteria, the Group applies other applicable IFRSs rather than IFRS 16.
Note 1: Material accoun\ue002ng policies
2025 Annual Report 59 Ini\ue002al measurement All leases are accounted for by recognizing a right-of-use asset and a lease liability except for \u2022 Leases of low value assets; and \u2022 Leases with a dura\ue002on of 12 months or less. Lease liabili\ue002es are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the group\u2019s incremental borrowing rate on commencement of the lease is used. The incremental borrowing rate is determined with reference to the current external borrowing rates of Agilyx Group, adjusted so as to arrive at the rate of interest that Agilyx Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use
asset in a similar economic en\u2022 lease payments made at or before commencement of the lease; \u2022 ini\ue002al direct costs incurred; and \u2022 the amount of any provision recognized where the group is contractually required to dismantle, remove or restore the leased asset. Subsequent measurement Subsequent to ini\ue002al measurement lease liabili\ue002es increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of- use assets are amor\ue002zed on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-371": {
"value": "IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue001en down accordingly. See Note 9, for speci\ufb01c analysis performed on the investment in Regenyx and note 17 for the impairment in Cyclyx during 2025. Where it is not possible to es\ue002mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue002\ufb01able cash \ufb02ows; its cash genera\ue002ng units (CGUs). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amor\ue002zed cost, less any provision for expected credit losses of receivables. See Note 10 for further informa\ue002on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue001ed by IFRS 9.
IMPAIRMENT OF INVESTMENT Agilyx Group is split into two CGU\u2019s for impairment analysis purposes, Agilyx and Cyclyx, which is in alignment with the segments disclosed in Note 2. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cash\ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. For the investment in Regenyx, objec\ue002ve evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted nega\ue002ve cash \ufb02ows being generated by the en\ue002ty, which would require capital contribu\ue002ons from Agilyx and AmSty in order to support its con\ue002nued opera\ue002on. Due to the projected nega\ue002ve cash \ufb02ows and the unique nature of the underlying plant, it was determined that the recoverable amount was zero under both the value in use and fair value less cost to sell methodology therefore the investment in Regenyx has been fully impaired at January 1, 2021. As can be seen in the tables below, subsequent capital investments by Agilyx, led to impairments on the basis that the recoverable amount using the value in use and fair value less cost to sell methodologies would lead to a fully wri\ue001en o\ufb00 investment. As of December 31, 2024, the Regenyx opera\ue002on has been dissolved.
Note 11: Inventory
Group 2024 2025 Non-overdue amounts - - 0-30 days past due - 449,210 31-60 days past due 5,781 - 60-90 days past due 12,666 45,504 Over 90 days past due 571,930 35,545 590,377
530,259 INVENTORY Group Inventories consist of the following: 2024 2025 Raw materials - - Finished goods 4,811 4,811 Total inventories 4,811 4,811 There are no inventories carried by the parent.
Agilyx applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses using a life\ue002me expected credit loss provision for all accounts receivables. To measure expected credit losses on a collec\ue002ve basis, accounts receivables are grouped based on similar credit risk and aging. The expected loss rates are based on Agilyx\u2019 s historical credit losses experienced over the period since adop\ue002on of IFRS Accoun\ue002ng Standards. Historically Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Given this context, the impact of any forward looking factors is not expected to adjust the conclusion that no allowance is required. The aging of the accounts receivable balances are displayed below. As of the issuance of this report, all but approximately $50k has been subsequently collected.
CREDIT RISK Credit risk is the risk of \ufb01nancial loss to Agilyx Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obliga\ue002ons. The Agilyx Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ra\ue002ngs are taken into account by local business prac\ue002ces. As noted in Note 1, historically Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Credit risk also arises from cash and cash equivalents and deposits with banks and \ufb01nancial ins\ue002tu\ue002ons. Agilyx Group only deals with highly reputable banks and \ufb01nancial ins\ue002tu\ue002ons. At \ue002mes, Agilyx Group does hold funds with certain banks that are beyond federally insured levels, however, management regularly monitor the banking rela\ue002onships to minimize any risk that may arise in this respect.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-368": {
"value": "IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue001en down accordingly. See Note 9, for speci\ufb01c analysis performed on the investment in Regenyx and note 17 for the impairment in Cyclyx during 2025. Where it is not possible to es\ue002mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue002\ufb01able cash \ufb02ows; its cash genera\ue002ng units (CGUs). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amor\ue002zed cost, less any provision for expected credit losses of receivables. See Note 10 for further informa\ue002on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue001ed by IFRS 9.
IMPAIRMENT OF INVESTMENT Agilyx Group is split into two CGU\u2019s for impairment analysis purposes, Agilyx and Cyclyx, which is in alignment with the segments disclosed in Note 2. Regenyx is part of the Agilyx reportable segment. Furthermore, the investment in Regenyx is separately assessed for impairment because it is able to generate cash\ufb02ows that are largely independent of the cash in\ufb02ows from other assets or groups of assets. For the investment in Regenyx, objec\ue002ve evidence of impairment was noted, in accordance with the criteria in IAS 28, due to forecasted nega\ue002ve cash \ufb02ows being generated by the en\ue002ty, which would require capital contribu\ue002ons from Agilyx and AmSty in order to support its con\ue002nued opera\ue002on. Due to the projected nega\ue002ve cash \ufb02ows and the unique nature of the underlying plant, it was determined that the recoverable amount was zero under both the value in use and fair value less cost to sell methodology therefore the investment in Regenyx has been fully impaired at January 1, 2021. As can be seen in the tables below, subsequent capital investments by Agilyx, led to impairments on the basis that the recoverable amount using the value in use and fair value less cost to sell methodologies would lead to a fully wri\ue001en o\ufb00 investment. As of December 31, 2024, the Regenyx opera\ue002on has been dissolved.
Note 11: Inventory
Group 2024 2025 Non-overdue amounts - - 0-30 days past due - 449,210 31-60 days past due 5,781 - 60-90 days past due 12,666 45,504 Over 90 days past due 571,930 35,545 590,377
530,259 INVENTORY Group Inventories consist of the following: 2024 2025 Raw materials - - Finished goods 4,811 4,811 Total inventories 4,811 4,811 There are no inventories carried by the parent.
Agilyx applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses using a life\ue002me expected credit loss provision for all accounts receivables. To measure expected credit losses on a collec\ue002ve basis, accounts receivables are grouped based on similar credit risk and aging. The expected loss rates are based on Agilyx\u2019 s historical credit losses experienced over the period since adop\ue002on of IFRS Accoun\ue002ng Standards. Historically Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Given this context, the impact of any forward looking factors is not expected to adjust the conclusion that no allowance is required. The aging of the accounts receivable balances are displayed below. As of the issuance of this report, all but approximately $50k has been subsequently collected.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue001en down accordingly. See Note 9, for speci\ufb01c analysis performed on the investment in Regenyx and note 17 for the impairment in Cyclyx during 2025. Where it is not possible to es\ue002mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue002\ufb01able cash \ufb02ows; its cash genera\ue002ng units (CGUs). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amor\ue002zed cost, less any provision for expected credit losses of receivables. See Note 10 for further informa\ue002on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue001ed by IFRS 9.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue001en down accordingly. See Note 9, for speci\ufb01c analysis performed on the investment in Regenyx and note 17 for the impairment in Cyclyx during 2025. Where it is not possible to es\ue002mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue002\ufb01able cash \ufb02ows; its cash genera\ue002ng units (CGUs). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
RECEIVABLES Trade receivables and other receivables are recognized at amor\ue002zed cost, less any provision for expected credit losses of receivables. See Note 10 for further informa\ue002on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue001ed by IFRS 9.
IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue001en down accordingly. See Note 9, for speci\ufb01c analysis performed on the investment in Regenyx and note 17 for the impairment in Cyclyx during 2025. Where it is not possible to es\ue002mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue002\ufb01able cash \ufb02ows; its cash genera\ue002ng units (CGUs). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-343": {
"value": "IMPAIRMENT OF NON-FINANCIAL ASSETS Agilyx Group non-\ufb01nancial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is wri\ue001en down accordingly. See Note 9, for speci\ufb01c analysis performed on the investment in Regenyx and note 17 for the impairment in Cyclyx during 2025. Where it is not possible to es\ue002mate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately iden\ue002\ufb01able cash \ufb02ows; its cash genera\ue002ng units (CGUs). Impairment charges are included in pro\ufb01t or loss, except to the extent they reverse gains previously recognized in other comprehensive income.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-369": {
"value": "RECEIVABLES Trade receivables and other receivables are recognized at amor\ue002zed cost, less any provision for expected credit losses of receivables. See Note 10 for further informa\ue002on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue001ed by IFRS 9.
Note 10: Accounts receivable ACCOUNTS RECEIVABLE Group Parent Receivables 2024 2025 2024 2025 Trade accounts receivable 230,161 469,273 - - Related party receivables 360,216 60,986 - - Total accounts receivable 590,377 530,259 - - Group 2024 2025 Non-overdue amounts - - 0-30 days past due - 449,210 31-60 days past due 5,781 - 60-90 days past due 12,666 45,504 Over 90 days past due 571,930 35,545 590,377
530,259 INVENTORY Group Inventories consist of the following: 2024 2025 Raw materials - - Finished goods 4,811 4,811 Total inventories 4,811 4,811 There are no inventories carried by the parent.
The carrying amount of accounts receivable is measured at amor\ue002zed cost, which approximates fair value. The balance in Trade accounts receivable as at January 1, 2024 was $89,359 (Group) and zero (Parent). Agilyx applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses using a life\ue002me expected credit loss provision for all accounts receivables. To measure expected credit losses on a collec\ue002ve basis, accounts receivables are grouped based on similar credit risk and aging. The expected loss rates are based on Agilyx\u2019 s historical credit losses experienced over the period since adop\ue002on of IFRS Accoun\ue002ng Standards. Historically Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Given this context, the impact of any forward looking factors is not expected to adjust the conclusion that no allowance is required. The aging of the accounts receivable balances are displayed below. As of the issuance of this report, all but approximately $50k has been subsequently collected.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-344": {
"value": "RECEIVABLES Trade receivables and other receivables are recognized at amor\ue002zed cost, less any provision for expected credit losses of receivables. See Note 10 for further informa\ue002on on how Agilyx Group applies the simpli\ufb01ed model for expected credit losses, as permi\ue001ed by IFRS 9.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mtpnn33": {
"value": "CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash, bank deposits and other monetary instruments with a maturity of less than three months at the date of purchase.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-345": {
"value": "CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash, bank deposits and other monetary instruments with a maturity of less than three months at the date of purchase.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-370": {
"value": "S Inventories are ini\ue002ally recognized at cost, and subsequently at the lower of cost and net realizable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present loca\ue002on and condi\ue002on. First in \ufb01rst out is used to determine the cost of ordinarily interchangeable items.
INVENTORY Group Inventories consist of the following: 2024 2025 Raw materials - - Finished goods 4,811 4,811 Total inventories 4,811 4,811 There are no inventories carried by the parent.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-346": {
"value": "S Inventories are ini\ue002ally recognized at cost, and subsequently at the lower of cost and net realizable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present loca\ue002on and condi\ue002on. First in \ufb01rst out is used to determine the cost of ordinarily interchangeable items.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-353": {
"value": "CASH FLOW The cash \ufb02ow statement is prepared according to the indirect method.
) 76,239,338 Deriva\ue002ve \ufb01nancial liabili\ue002es 5,092,107 - Total group liabili\ue002es 52,979,903 76,239,338 Cash \ufb02ow Net cash from opera\ue002ons (5,968,354) (9,969,025) 5,968,354 (9,969,025) (39,687,250) (8,324,620) 39,687,250 (8,324,620) Net cash from investments (40,215,492) (22,595,307) 40,215,492 (22,595,307) (36,083,122) (26,333,270) 36,083,122 (26,333,270) Net cash from \ufb01nancing 105,619,746 42,172,633 (105,619,746) 42,172,633 4,700,000 22,141,372 (4,700,000) 22,141,372 Revenue by geography - Revenue by geography is included in Note 3. The Cyclyx segment revenue is primarily derived from the US. Non-current assets by geography - All non-current assets reside in the US.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-347": {
"value": "CASH FLOW The cash \ufb02ow statement is prepared according to the indirect method.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-379": {
"value": "i. Judgments: \u2022 Equity accoun\ue002ng: whether the Agilyx Group has signi\ufb01cant in\ufb02uence over equity accounted investees (Notes 9 and 17); \u2022 Consolida\ue002on: Whether the Agilyx Group has control over an
investee, and whether control has been loDuring 2022, the Board of Directors authorized an extension on all warrants to have an expira\ue002on date of August 7, 2025. The warrants therefore expired on August 7, 2025 and are no longer outstanding As the outstanding warrants for Agilyx were well in the money as of the December 31, 2024, repor\ue002ng date, the valua\ue002ons performed determined that the preponderance of the amount, was intrinsic value in nature. Hence there was very li\ue001le \ue002me value associated with the es\ue002mate of value calculated. As a result of this rela\ue002onship, the change in the value of the instruments is going to be more closely correlated with the change in the underlying equity price as opposed to a change in vola\ue002lity. This determina\ue002on was corroborated with the sensi\ue002vity calcula\ue002ons completed. During 2024 and 2025, zero and 800,000 warrants were exercised, respec\ue002vely, with proceeds of $811,976. The sensi\ue002vity analysis of a reasonably possible change in one signi\ufb01cant unobservable input, being the underlying equity value, holding other inputs constant would be:
The valua\ue002on of the warrant liability was performed using the Black Scholes Model, the following inputs were signi\ufb01cant in the computa\ue002on of fair values at each repor\ue002ng date:
Group and parent December 31, 2024 Group and parent December 31, 2025 Expected term 7-Aug-25 N/A Equity vola\ue002lity 35 N/A Risk free rate 4.16% N/A Equity value at expira\ue002on \u2013 5% Equity value at expira\ue002on + 5% At December 31, 2024 (254,605) 254,606
",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"reg-ix-348": {
"value": "i. Judgments: \u2022 Equity accoun\ue002ng: whether the Agilyx Group has signi\ufb01cant in\ufb02uence over equity accounted investees (Notes 9 and 17); \u2022 Consolida\ue002on: Whether the Agilyx Group has control over an investee, and whether control has been lo",
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"reg-ix-377": {
"value": "measurement Warrant and stock subscrip\ue002on rights, stock compensa\ue002on expenses and the Subordinated Conver\ue002ble Bond, all require measurement at, and/or disclosure of, fair value. The fair value measurement of Agilyx Group\u2019s \ufb01nancial and non- \ufb01nancial assets and liabili\ue002es u\ue002lizes market observable inputs and data as far as possible. Inputs used in determining fair value measurements are categorized into di\ufb00erent levels based on how observable the inputs used in the valua\ue002on technique u\ue002lized are (the \u2018fair value hierarchy\u2019): \u2022 Level 1: Quoted prices in ac\ue002ve markets for iden\ue002cal items (unadjusted); \u2022 Level 2: Observable direct or indirect inputs other than Level 1 inputs; \u2022 Level 3: Unobservable inputs (i.e. not derived from market data). The classi\ufb01ca\ue002on of an item into the above levels is based on the lowest level of the inputs used that has a signi\ufb01cant e\ufb00ect on the fair value measurement of the item. Transfers of items between levels are recognized in the period they occur. Please refer to the applicable notes as referenced above, for addi\ue002onal informa\ue002on on the fair value measurements applied within these \ufb01nancial statements.
Note 14: Warrants The Company has granted warrants in connec\ue002on with various debt and equity issuances. The following table re\ufb02ects the total of outstanding warrants as of December 31, 2025 all warrants have been exercised or cancelled: During 2022, the Board of Directors authorized an extension on all warrants to have an expira\ue002on date of August 7, 2025. The warrants therefore expired on August 7, 2025 and are no longer outstanding As the outstanding warrants for Agilyx were well in the money as of the December 31, 2024, repor\ue002ng date, the valua\ue002ons performed determined that the preponderance of the amount, was intrinsic value in nature. Hence there was very li\ue001le \ue002me value associated with the es\ue002mate of value calculated. As a result of this rela\ue002onship, the change in the value of the instruments is going to be more closely correlated with the change in the underlying equity price as opposed to a change in vola\ue002lity. This determina\ue002on was corroborated with the sensi\ue002vity calcula\ue002ons completed. During 2024 and 2025, zero and 800,000 warrants were exercised, respec\ue002vely, with proceeds of $811,976. The sensi\ue002vity analysis of a reasonably possible change in one signi\ufb01cant unobservable input, being the underlying equity value, holding other inputs constant would be:
The ordinary share warrants and subscrip\ue002on rights, are \ufb01nancial instruments measured at fair value through the pro\ufb01t and loss. This treatment is required for the warrants because the terms of the warrant include a cash less exercise op\ue002on, which triggers deriva\ue002ve treatment in accordance with IFRS 9. This is because their values change in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue002al net investment and they will be se\ue001led at a future date. All ordinary share warrants and subscrip\ue002on rights are measured using level 3 inputs on the fair value hierarchy. There were no transfers between the levels of the fair value hierarchy during any of the years presented. The valua\ue002on of the warrant liability was performed using the Black Scholes Model, the following inputs were signi\ufb01cant in the computa\ue002on of fair values at each repor\ue002ng date:
WARRANTS AND SUBSCRIPTION RIGHTS Number of ordinary shares Exercise price per share \u2013 USD Expira\ue002on Ordinary share warrants converted to subscrip\ue002on rights 2,322,100 1.00 2025 Group and parent December 31, 2024 Group and parent December 31, 2025 Warrant liabili\ue002es 5,092,107 - Group and parent December 31, 2024 Group and parent December 31, 2025 Expected term 7-Aug-25 N/A Equity vola\ue002lity 35 N/A Risk free rate 4.16% N/A Equity value at expira\ue002on \u2013 5% Equity value at expira\ue002on + 5% At December 31, 2024 (254,605) 254,606
RECONCILIATION Warrant liability At January 1, 2024 3,293,206 Gain on warrant value \u2013 presented as fair value through pro\ufb01t and loss 1,798,901 At December 31, 2024 5,092,107 Loss on warrant value \u2013 presented as fair value through pro\ufb01t and loss (5,092,107) At December 31, 2025 - The reconcilia\ue002on of the opening and closing fair value balance of level 3 \ufb01nancial instruments is provided below (this is applicable for both the Group and Parent only \ufb01nancial statements):
The following table sets out the contractual maturi\ue002es (represen\ue002ng undiscounted contractual cash- \ufb02ows) of \ufb01nancial liabili\ue002es:
See note 8,19 and 20 for undiscounted contractual cash \ufb02ow informa\ue002on in rela\ue002on to the lease liabili\ue002es, bond payable and subordinated conver\ue002ble debt. CONTRACTURAL MATURITIES (GROUP \u2013 AS AT) Group \u2013 as at As at December, 31 2024 Due between 0-12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Accounts payable 207,796 - - 207,796 Payable to group companies - - - - 207,796 - - 207,796 As at December, 31 2025 Accounts payable 120,684 - - 120,684 Payable to group companies - - - - 120,684 - - 120,684 CONTRACTURAL MATURITIES (PARENT \u2013 AS AT) Parent \u2013 as at As at December, 31 2024 Due between 0-12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Accounts payable 376 - - 376 Payable to Group Companies 6,507,676 - - 6,507,676
6,508,052 - - 6,508,052 As at December, 31 2025 Accounts payable 411 - - 411 Payable to group companies 17,055,505 - - 17,055,505 17,055,916 - - 17,055,916
Warrant and stock subscrip\ue002on rights, stock compensa\ue002on expenses and the Subordinated Conver\ue002ble Bond, all require measurement at, and/or disclosure of, fair value. The fair value measurement of Agilyx Group\u2019s \ufb01nancial and non- \ufb01nancial assets and liabili\ue002es u\ue002lizes market observable inputs and data as far as possible. Inputs used in determining fair value measurements are categorized into di\ufb00erent levels based on how observable the inputs used in the valua\ue002on technique u\ue002lized are (the \u2018fair value hierarchy\u2019): \u2022 Level 1: Quoted prices in ac\ue002ve markets for iden\ue002cal items (unadjusted); \u2022 Level 2: Observable direct or indirect inputs other than Level 1 inputs; \u2022 Level 3: Unobservable inputs (i.e. not derived from market data). The classi\ufb01ca\ue002on of an item into the above levels is based on the lowest level of the inputs used that has a signi\ufb01cant e\ufb00ect on the fair value measurement of the item. Transfers of items between levels are recognized in the period they occur. Please refer to the applicable notes as referenced above, for addi\ue002onal informa\ue002on on the fair value measurements applied within these \ufb01nancial statements.
",
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"mtpnn38": {
"value": "NEW STANDARDS INTERPRETATIONS AND AMENDMENTS NOT YET EFFECTIVE There are a number of standards, amendments to standards, and interpreta\ue002ons which have been issued by the IASB that are e\ufb00ec\ue002ve in future accoun\ue002ng periods that Agilyx Group has decided not to adopt early. The following amendments are e\ufb00ec\ue002ve for the period beginning January 1, 2026: \u2022 Amendments to the Classi\ufb01ca\ue002on and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7); and \u2022 Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7). The following new standards are e\ufb00ec\ue002ve for the period beginning January 1, 2027: \u2022 IFRS 18 Presenta\ue002on and Disclosure in Financial Statements; and \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures. Agilyx Group is currently assessing the impact of these new accoun\ue002ng standards and amendments. Except for IFRS 18, Agilyx Group does not expect any other standards issued by the IASB, but not yet e\ufb00ec\ue002ve, to have a material impact on Agilyx Group. IFRS 18 Presenta\ue002on and Disclosure in Financial Statements, which was issued by the IASB in April 2024, supersedes IAS 1 and will result in major consequen\ue002al amendments to IFRS Accoun\ue002ng Standards including IAS 8 Basis of Prepara\ue002on of Financial Statements (renamed from Accoun\ue002ng Policies, Changes in Accoun\ue002ng Es\ue002mates and Errors). Even though IFRS 18 will not have any e\ufb00ect on the recogni\ue002on and measurement of items in the consolidated \ufb01nancial statements, it is expected to have a signi\ufb01cant e\ufb00ect on the presenta\ue002on and disclosure of certain items. These changes include categoriza\ue002on and sub-totals in the statement of pro\ufb01t or loss, aggrega\ue002on/disaggrega\ue002on and labelling of informa\ue002on, and disclosure of management-de\ufb01ned performance measures.
Note 1: Material accoun\ue002",
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"reg-ix-350": {
"value": "NEW STANDARDS INTERPRETATIONS AND AMENDMENTS NOT YET EFFECTIVE There are a number of standards, amendments to standards, and interpreta\ue002ons which have been issued by the IASB that are e\ufb00ec\ue002ve in future accoun\ue002ng periods that Agilyx Group has decided not to adopt early. The following amendments are e\ufb00ec\ue002ve for the period beginning January 1, 2026: \u2022 Amendments to the Classi\ufb01ca\ue002on and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7); and \u2022 Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7). The following new standards are e\ufb00ec\ue002ve for the period beginning January 1, 2027: \u2022 IFRS 18 Presenta\ue002on and Disclosure in Financial Statements; and \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures. Agilyx Group is currently assessing the impact of these new accoun\ue002ng standards and amendments. Except for IFRS 18, Agilyx Group does not expect any other standards issued by the IASB, but not yet e\ufb00ec\ue002ve, to have a material impact on Agilyx Group. IFRS 18 Presenta\ue002on and Disclosure in Financial Statements, which was issued by the IASB in April 2024, supersedes IAS 1 and will result in major consequen\ue002al amendments to IFRS Accoun\ue002ng Standards including IAS 8 Basis of Prepara\ue002on of Financial Statements (renamed from Accoun\ue002ng Policies, Changes in Accoun\ue002ng Es\ue002mates and Errors). Even though IFRS 18 will not have any e\ufb00ect on the recogni\ue002on and measurement of items in the consolidated \ufb01nancial statements, it is expected to have a signi\ufb01cant e\ufb00ect on the presenta\ue002on and disclosure of certain items. These changes include categoriza\ue002on and sub-totals in the statement of pro\ufb01t or loss, aggrega\ue002on/disaggrega\ue002on and labelling of informa\ue002on, and disclosure of management-de\ufb01ned performance measures.
Note 1: Material accoun\ue002",
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},
"reg-ix-351": {
"value": "The Agilyx Group comprises two reportable segments which account for 100% of the Agilyx Group\u2019s revenues: a. Agilyx - This segment licenses its patented conversion technology and sells its patented equipment to industry players, whether they are exis\ue002ng strategic companies or newer entrepreneurial enterprises, to help them take feedstock and turn it into a product. We provide our partners with valuable know-how and robust technology that allows them to become part of the circular economy. Assets are located in both New Hampshire and Oregon, USA. b. Cyclyx - This segment is focused on ge\ue005ng the right feed for the conversion technology that a given customer is using. The aim is to do this while maximizing availability and lowering cost. The Cyclyx approach is an industry-wide answer, serving the en\ue002re market regardless of which conversion technology a company is using. Assets are located in both New Hampshire, Texas and Oregon, USA. Factors that management used to iden\ue002fy the reportable segments Both of these segments meet the quan\ue002ta\ue002ve thresholds to be a reportable segment. Management has concluded that these segments should be reported separately on the basis that: \u2022 Both segments are separate legal en\ue002\ue002es (see also Note 17), that o\ufb00er di\ufb00ering products and services; \u2022 They are managed separately and each have their own Chief Execu\ue002ve O\ufb03cer and board of directors; \u2022 They are managed separately because each business requires di\ufb00erent technology and marke\ue002ng strategies; \u2022 Both prepare discrete \ufb01nancial informa\ue002on for the board and Chief Opera\ue002ng Decision Makers (CODM) to use in making decisions about resource alloca\ue002on and assess performance; \u2022 The Chief Opera\ue002ng Decision Maker of the consolidated Agilyx Group, is the Chief Execu\ue002ve O\ufb03cer, Ranjeet Bha\ue002a. He is on the board of both segments and therefore reviews the results of the opera\ue002ng segments and uses that informa\ue002on to make decisions which a\ufb00ect the resources allocated to each segment individually, as well as on a consolidated basis. Note 2: Segment informa\ue002on Measurement of opera\ue002ng segment pro\ufb01t or loss, assets and liabili\ue002es Segmental performance is measured in accordance with IFRS Accoun\ue002ng Standards. Opera\ue002ng segments are presented using the management approach, where the informa\ue002on presented is on the same basis as the internal reports provided to the CODM. The segmental \ufb01nancial informa\ue002on below includes the full annual results of the associate, Cyclyx, which con\ue002nues to be a reportable opera\ue002ng segment as de\ufb01ned within IFRS 8, despite the loss of control in 2023 as explained in Note 17. In order to reconcile the totals below to the \ufb01nancial statements, certain adjustments have been included in the table to re\ufb02ect the fact that Cyclyx is no longer consolidated. See note 17 for more informa\ue002on regarding Cyclyx\u2019s 2025 ac\ue002vity and impairment. Segment assets exclude tax assets and assets used primarily for corporate purposes. Segment liabili\ue002es exclude tax, de\ufb01ned bene\ufb01t and warranty related liabili\ue002es. Loans and borrowings are not allocated as these are deemed to serve a group func\ue002on.
Note 2: Segment informa\ue002on MEASUREMENT OF OPERATING SEGMENT PROFIT OR LOSS, ASSETS, AND LIABILITIES 2024 2025 Cyclyx Agilyx Adjustments to remove Cyclyx Total Cyclyx Agilyx Adjustments to remove Cyclyx Total Pro\ufb01t and loss Revenues from external customers 11,234,108 1,009,813 (11,234,108) 1,009,813 16,574,621 1,214,525 (16,574,621) 1,214,525 Deprecia\ue002on and amor\ue002za\ue002on 1,034,487 776,566 (1,034,487) 776,566 808,032 432,991 (808,032) 432,991 Segment loss (19,778,219) (10,463,050) 19,778,219 (10,463,050) (32,263,828) (13,307,473) 32,263,828 (13,307,473) Impairment of investment in Regenyx (2024) and Cyclyx (2025) - (49,382) - (49,382) - (26,667,289) - (26,667,289) Impairment of Regenyx receivable - (664,400) - (664,400) - - - - Impairment of Cyclyx assets - - - - (179,348,804) - 179,348,804 - Share of loss of equity accounted associates - (8,769,502) - (8,769,502) - (107,242,952) - (107,242,952) Fair value gain (loss) on warrant agreements - (1,798,901) - (1,798,901) - 5,890,552 - 5,890,552 Interest income 2,818,856 722,277 (2,818,856) 722,277 1,978,420 2,063,439 (1,978,420) 2,063,439 Interest expense (18,766) (795,174) 18,766 (795,174) (15,953) (8,220,082) 15,953 (8,220,082) Other \ufb01nancial expense, net (16,020) (221,340) 16,020 (221,340) (26,687) (532,697) 26,687 (532,697) Group net loss before tax and discon\ue002nued opera\ue002ons (16,994,149) (22,039,472) 16,994,149 (22,039,472) (209,676,852) (148,016,502) 209,676,852 (148,016,502) Balance sheet Non-current asset addi\ue002ons 42,041,636 45,925 (42,041,636) 45,925 36,083,122 46,937 (36,083,122) 46,937 Reportable segment assets 197,243,585 66,049,131 (197,243,585) 66,049,131 19,270,226 50,214,184 (19,270,226) 50,214,184 Investment in associate - 126,733,436 - 126,733,436 - 48,546,064 - 48,546,064 Total group assets 192,782,567 98,760,248 Reportable segment liabili\ue002es 38,558,567 47,887,796 (38,558,567) 47,887,796 65,867,161 76,239,338 (65,867,161) 76,239,338 Deriva\ue002ve \ufb01nancial liabili\ue002es 5,092,107 - Total group liabili\ue002es 52,979,903 76,239,338 Cash \ufb02ow Net cash from opera\ue002ons (5,968,354) (9,969,025) 5,968,354 (9,969,025) (39,687,250) (8,324,620) 39,687,250 (8,324,620) Net cash from investments (40,215,492) (22,595,307) 40,215,492 (22,595,307) (36,083,122) (26,333,270) 36,083,122 (26,333,270) Net cash from \ufb01nancing 105,619,746 42,172,633 (105,619,746) 42,172,633 4,700,000 22,141,372 (4,700,000) 22,141,372 Revenue by geography - Revenue by geography is included in Note 3. The Cyclyx segment revenue is primarily derived from the US. Non-current assets by geography - All non-current assets reside in the US.
The Group has the following major customers, which each accounted for at least 10% of revenues in 2025 or 2024: MAJOR CUSTOMERS 2024 2025 Segment Customer A 9,904,066 16,013,982 Cyclyx Customer B 994,813 415,079 Agilyx Note 3: Geographical distribu\ue002on of revenues
GEOGRAPHICAL DISTRIBUTION OF REVENUES Group Loca\ue002on/category 2024 2025 Europe - 544,402 USA 15,000 255,044 APAC 994,813 415,079 Total sales by customers loca\ue002on 1,009,813 1,214,525 Product category Project development 105,297 678,510 Services 872,749 82,520 License, membership and royalty fees - 247,442 Sale of goods 31,767 206,053 Total sales by category 1,009,813 1,214,525
No sales was recognized in the parent company, Agilyx ASA, in 2024 and 2025. Project development income is recognized over \ue002me, all other revenue streams are recognized at a point in \ue002me. MEASUREMENT OF OPERATING SEGMENT PROFIT OR LOSS, ASSETS, AND LIABILITIES 2024 2025 Cyclyx Agilyx Adjustments to remove Cyclyx Total Cyclyx Agilyx Adjustments to remove Cyclyx Total Pro\ufb01t and loss Revenues from external customers 11,234,108 1,009,813 (11,234,108) 1,009,813 16,574,621 1,214,525 (16,574,621) 1,214,525 Deprecia\ue002on and amor\ue002za\ue002on 1,034,487 776,566 (1,034,487) 776,566 808,032 432,991 (808,032) 432,991 Segment loss (19,778,219) (10,463,050) 19,778,219 (10,463,050) (32,263,828) (13,307,473) 32,263,828 (13,307,473) Impairment of investment in Regenyx (2024) and Cyclyx (2025) - (49,382) - (49,382) - (26,667,289) - (26,667,289) Impairment of Regenyx receivable - (664,400) - (664,400) - - - - Impairment of Cyclyx assets - - - - (179,348,804) - 179,348,804 - Share of loss of equity accounted associates - (8,769,502) - (8,769,502) - (107,242,952) - (107,242,952) Fair value gain (loss) on warrant agreements - (1,798,901) - (1,798,901) - 5,890,552 - 5,890,552 Interest income 2,818,856 722,277 (2,818,856) 722,277 1,978,420 2,063,439 (1,978,420) 2,063,439 Interest expense (18,766) (795,174) 18,766 (795,174) (15,953) (8,220,082) 15,953 (8,220,082) Other \ufb01nancial expense, net (16,020) (221,340) 16,020 (221,340) (26,687) (532,697) 26,687 (532,697) Group net loss before tax and discon\ue002nued opera\ue002ons (16,994,149) (22,039,472) 16,994,149 (22,039,472) (209,676,852) (148,016,502) 209,676,852 (148,016,502) Balance sheet Non-current asset addi\ue002ons 42,041,636 45,925 (42,041,636) 45,925 36,083,122 46,937 (36,083,122) 46,937 Reportable segment assets 197,243,585 66,049,131 (197,243,585) 66,049,131 19,270,226 50,214,184 (19,270,226) 50,214,184 Investment in associate - 126,733,436 - 126,733,436 - 48,546,064 - 48,546,064 Total group assets 192,782,567 98,760,248 Reportable segment liabili\ue002es 38,558,567 47,887,796 (38,558,567) 47,887,796 65,867,161 76,239,338 (65,867,161) 76,239,338 Deriva\ue002ve \ufb01nancial liabili\ue002es 5,092,107 - Total group liabili\ue002es 52,979,903 76,239,338 Cash \ufb02ow Net cash from opera\ue002ons (5,968,354) (9,969,025) 5,968,354 (9,969,025) (39,687,250) (8,324,620) 39,687,250 (8,324,620) Net cash from investments (40,215,492) (22,595,307) 40,215,492 (22,595,307) (36,083,122) (26,333,270) 36,083,122 (26,333,270) Net cash from \ufb01nancing 105,619,746 42,172,633 (105,619,746) 42,172,633 4,700,000 22,141,372 (4,700,000) 22,141,372 Revenue by geography - Revenue by geography is included in Note 3. The Cyclyx segment revenue is primarily derived from the US. Non-current assets by geography - All non-current assets reside in the US.
The Group has the following major customers, which each accounted for at least 10% of revenues in 2025 or 2024: MAJOR CUSTOMERS 2024 2025 Segment Customer A 9,904,066 16,013,982 Cyclyx Customer B 994,813 415,079 Agilyx Note 4: Opera\ue002ng expenses by nature
OPERATING EXPENSES BY NATURE Group Parent Opera\ue002ng expenses classi\ufb01ed by nature 2024 2025 2024 2025 Raw materials and consumables 80,364 2,474,984 - - Salaries and related costs (Note 5) 5,623,708 5,165,431 459,781 531,681 Deprecia\ue002on and amor\ue002za\ue002on 776,566 645,784 - - Professional fees 2,972,844 4,988,117 852,046 2,718,810 Insurance 401,227 189,067 - - O\ufb03ce expenses 1,036,607 775,268 - - Travel 208,579 86,407 - - Other opera\ue002ng expenses 372,968 196,940 29,846 95,852 Total expenses 11,472,863 14,521,998 1,341,673 3,346,343 Agilyx presents the opera\ue002ng expenses by func\ue002on in the pro\ufb01t and loss statement. Below is the total opera\ue002ng expenses presented by nature. The parent company's opera\ue002ng expenses included fees related to it's func\ue002on as parent.
Note 4: Opera\ue002ng expenses by nature
OPERATING EXPENSES BY NATURE Group Parent Opera\ue002ng expenses classi\ufb01ed by nature 2024 2025 2024 2025 Raw materials and consumables 80,364 2,474,984 - - Salaries and related costs (Note 5) 5,623,708 5,165,431 459,781 531,681 Deprecia\ue002on and amor\ue002za\ue002on 776,566 645,784 - - Professional fees 2,972,844 4,988,117 852,046 2,718,810 Insurance 401,227 189,067 - - O\ufb03ce expenses 1,036,607 775,268 - - Travel 208,579 86,407 - - Other opera\ue002ng expenses 372,968 196,940 29,846 95,852 Total expenses 11,472,863 14,521,998 1,341,673 3,346,343 Agilyx presents the opera\ue002ng expenses by func\ue002on in the pro\ufb01t and loss statement. Below is the total opera\ue002ng expenses presented by nature. The parent company's opera\ue002ng expenses included fees related to it's func\ue002on as parent.
Note 4: Opera\ue002ng expenses by nature
OPERATING EXPENSES BY NATURE Group Parent Opera\ue002ng expenses classi\ufb01ed by nature 2024 2025 2024 2025 Raw materials and consumables 80,364 2,474,984 - - Salaries and related costs (Note 5) 5,623,708 5,165,431 459,781 531,681 Deprecia\ue002on and amor\ue002za\ue002on 776,566 645,784 - - Professional fees 2,972,844 4,988,117 852,046 2,718,810 Insurance 401,227 189,067 - - O\ufb03ce expenses 1,036,607 775,268 - - Travel 208,579 86,407 - - Other opera\ue002ng expenses 372,968 196,940 29,846 95,852 Total expenses 11,472,863 14,521,998 1,341,673 3,346,343 Agilyx presents the opera\ue002ng expenses by func\ue002on in the pro\ufb01t and loss statement. Below is the total opera\ue002ng expenses presented by nature. The parent company's opera\ue002ng expenses included fees related to it's func\ue002on as parent.
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"value": "GEOGRAPHICAL DISTRIBUTION OF REVENUES Group Loca\ue002on/category 2024 2025 Europe - 544,402 USA 15,000 255,044 APAC 994,813 415,079 Total sales by customers loca\ue002on 1,009,813 1,214,525 Product category Project development 105,297 678,510 Services 872,749 82,520 License, membership and royalty fees - 247,442 Sale of goods 31,767 206,053 Total sales by category 1,009,813 1,214,525
No sales was recognized in the parent company, Agilyx ASA, in 2024 and 2025. Project development income is recognized over \ue002me, all other revenue streams are recognized at a point in \ue002me. Product category Project development 105,297 678,510 Services 872,749 82,520 License, membership and royalty fees - 247,442 Sale of goods 31,767 206,053 Total sales by category 1,009,813 1,214,525
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"value": "Note 5: Salary and social costs SALARY AND SOCIAL COSTS Group Parent 2024 2025 2024 2025 Salaries 4,567,992 4,011,131 391,135 427,357 Social security and payroll tax costs 424,192 346,504 47,343 62,496 Equity-se\ue001led share based compensa\ue002on (Note 15) (17,369) 422,901 - - Pension costs 11,938 38,434 - 38,434 Bene\ufb01ts and other expenses 636,955 346,461 21,303 3,394 Total salaries 5,623,708 5,165,431 459,781 531,681 Number of average full \ue002me employees 50 25 2 2 Parent related salaries and bene\ufb01ts are cross-charged to Agilyx Corp as those costs are deemed to bene\ufb01t those opera\ue002ons. Agilyx ASA is required to provide an occupa\ue002onal pension scheme pursuant to the Act rela\ue002ng to Mandatory Occupa\ue002onal Pensions. The company\u2019s pension scheme complies with the requirements under that law. Agilyx GmbH, Switzerland has a mandatory pension arrangement for all employees through a state run system. The arrangements is de\ufb01ned as contribu\ue002on plan. Agilyx has no pension arrangements in any of it\u2019s other en\ue002\ue002es. This is in line with the corresponding local legisla\ue002on of
its opera\ue002ons. SENIOR OFFICERS AND MEMBERS OF THE EXECUTIVE BOARD REMUNERATION \u2013 2024 Salary Other short-term bene\ufb01ts Pensions Share based compensa\ue002on Total Ranjeet Bha\ue002a, Group CEO 150,000 - - - 150,000 Bertrand Laroche, CFO 122,500 6,570 1,875 61,415 192,360 Chris Faulkner, CTO 263,528 62,404 6,976 74,793 407,701 Jessica Fletcher, VP of Engineering 207,000 40,251 6,696 26,847 280,794 Alex de Geofroy, VP of Informa\ue002on Technology 214,240 55,011 5,399 17,334 291,984 Russell Main, CEO and CFO (former)* 179,695 59,380 1,925 (23,089) 217,911 Mark Barranco, SVP Engineering & Educa\ue002on* 184,762 144,009 5,543 (29,566) 304,748 Louise Byrant, SVP Investor Rela\ue002ons* 45,539 76,783 8,865 (44,273) 86,914 Marie Conrad, VP Business Development* 81,731 30,831 3,255 (12,175) 103,642 Carsten Larsen, CCO* 75,346 121,900 21,619 (264,531) (45,666) Stephen Hamlet, VP of Human Resources* 128,934 122,791 4,786 (16,686) 239,825 2,230,213 SENIOR OFFICERS AND MEMBERS OF THE EXECUTIVE BOARD REMUNERATION \u2013 2025 Salary Other short-term bene\ufb01ts Pensions Share based compensa\ue002on Total Ranjeet Bha\ue002a, Group CEO 250,000 - 21,066 - 271,066 Bertrand Laroche, CFO 380,520 8,050 7,102 134,002 529,674 Chris Faulkner, CTO 346,592 20,851 7,238 106,851 481,532 Jessica Fletcher, VP of Engineering 242,012 14,653 7,260 36,040 299,965 Alex de Geofroy, VP of Informa\ue002on Technology 258,711 20,851 7,001 9,240 295,803 1,878,040
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"value": "SALARY AND SOCIAL COSTS Group Parent 2024 2025 2024 2025 Salaries 4,567,992 4,011,131 391,135 427,357 Social security and payroll tax costs 424,192 346,504 47,343 62,496 Equity-se\ue001led share based compensa\ue002on (Note 15) (17,369) 422,901 - - Pension costs 11,938 38,434 - 38,434 Bene\ufb01ts and other expenses 636,955 346,461 21,303 3,394 Total salaries 5,623,708 5,165,431 459,781 531,681 Number of average full \ue002me employees 50 25 2 2 Parent related salaries and bene\ufb01ts are cross-charged to Agilyx Corp as those costs are deemed to bene\ufb01t those opera\ue002ons. Agilyx ASA is required to provide an occupa\ue002onal pension scheme pursuant to the Act rela\ue002ng to Mandatory Occupa\ue002onal Pensions. The company\u2019s pension scheme complies with the requirements under that law. Agilyx GmbH, Switzerland has a mandatory pension arrangement for all employees through a state run system. The arrangements is de\ufb01ned as contribu\ue002on plan. Agilyx has no pension arrangements in any of it\u2019s other en\ue002\ue002es. This is in line with the corresponding local legisla\ue002on of
its opera\ue002ons",
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"value": "SENIOR OFFICERS AND MEMBERS OF THE EXECUTIVE BOARD REMUNERATION \u2013 2024 Salary Other short-term bene\ufb01ts Pensions Share based compensa\ue002on Total Ranjeet Bha\ue002a, Group CEO 150,000 - - - 150,000 Bertrand Laroche, CFO 122,500 6,570 1,875 61,415 192,360 Chris Faulkner, CTO 263,528 62,404 6,976 74,793 407,701 Jessica Fletcher, VP of Engineering 207,000 40,251 6,696 26,847 280,794 Alex de Geofroy, VP of Informa\ue002on Technology 214,240 55,011 5,399 17,334 291,984 Russell Main, CEO and CFO (former)* 179,695 59,380 1,925 (23,089) 217,911 Mark Barranco, SVP Engineering & Educa\ue002on* 184,762 144,009 5,543 (29,566) 304,748 Louise Byrant, SVP Investor Rela\ue002ons* 45,539 76,783 8,865 (44,273) 86,914 Marie Conrad, VP Business Development* 81,731 30,831 3,255 (12,175) 103,642 Carsten Larsen, CCO* 75,346 121,900 21,619 (264,531) (45,666) Stephen Hamlet, VP of Human Resources* 128,934 122,791 4,786 (16,686) 239,825 2,230,213 SENIOR OFFICERS AND MEMBERS OF THE EXECUTIVE BOARD REMUNERATION \u2013 2025 Salary Other short-term bene\ufb01ts Pensions Share based compensa\ue002on Total Ranjeet Bha\ue002a, Group CEO 250,000 - 21,066 - 271,066 Bertrand Laroche, CFO 380,520 8,050 7,102 134,002 529,674 Chris Faulkner, CTO 346,592 20,851 7,238 106,851 481,532 Jessica Fletcher, VP of Engineering 242,012 14,653 7,260 36,040 299,965 Alex de Geofroy, VP of Informa\ue002on Technology 258,711 20,851 7,001 9,240 295,803 1,878,040
*Terminated in 2024
ants. SHARES AND OPTIONS HELD BY THE CEO AND MEMBERS OF THE BOARD OF DIRECTORS Name Title Op\ue002ons and warrants granted Shares owned Note Ranjeet Bha\ue002a CEO - 145,014 1. Steen Jakobsen Board member 75,000 - 2. Peter Norris Board member 75,000 174,955 3. Carolyn Clarke Board member 75,000 - 4. Catherine Keenan Board member 75,000 - 5. NOTES 1. Mr. Bha\ue002a is the CEO, represents Sa\ufb00ron Hill Ventures and controls 145,014 shares. 2. Mr. Jakobsen is a member of the board, represents Saxo Bank and was granted 75,000 op\ue002ons with an exercise price of $2.19. 3. Mr. Norris is a member of the board, represents Virgin Group Holdings Limited, controls 174,955 shares and was granted 75,000 op\ue002ons with an exercise price of $2.19. 4. Mrs. Clarke is a member of the board and was granted 75,000 op\ue002ons with an exercise price of $2.19. 5. Mrs. Keenan is a member of the board and was granted 75,000 op\ue002ons with an exercise price of $2.19.
RELATED PARTY TRANSACTIONS Group level During 2025, Cyclyx had $15.8M of product sales to ExxonMobile (2024 $9.7M), a minority holder in Cyclyx. RELATED PARTY TRANSACTIONS Related party receivable included in Note 10: 2024 2025 ExxonMobil 18,759 - Regenyx, LLC 94,310 - Cyclyx Interna\ue002onal, LLC 247,147 60,986 Parent level Parent level - At December 31, 2025 the parent company, Agilyx ASA, has an intercompany payable of $15,733,503 to Agilyx Corp (December 31, 2024: $5,328,875) and $1,805,134 payable to Agilyx GmbH (December 31, 2024: $1,661,933) net of an intercompany receivable of $483,132 to Agilyx Corp (December 31, 2024: $483,132). These inter-group payables represent opera\ue002ng and management costs incurred and or paid at the subsidiary and subsequently recharged to the parent. SUBSIDIARY INFORMATION Agilyx Corp Agilyx Corp was formed in 2004 in Oregon, United States of America. Agilyx Corp became a subsidiary of Agilyx AS by way of a share inversion that took place on January, 2020. The share inversion e\ufb00ec\ue002vely converted all the shares of Agilyx Corp into shares of Agilyx ASA. The largest asset of Agilyx Corp is its investment in Cyclyx Interna\ue002onal, LLC. As described in more detail below, during Q4 2025, the investment in Cyclyx has been fully impaired to a nil book value at the Group level. In the parent company \ufb01nancial statements, an impairment of $119,529,453, was booked, to reduce the carrying value of the investment in Agilyx Corp, down to its recoverable amount of $4,026,590, with reference to the fair value less cost to sell of the remaining assets and liabili\ue002es owned by Agilyx Corp. Agilyx GmbH Agilyx GmbH was formed in August, 2020 in Zurich, Switzerland. The subsidiary was created to provide addi\ue002onal reach into European markets. Plastyx Limited Plastyx limited was formed as a joint venture in February, 2025 in Dublin, Ireland with Circular Resources Limited. Agilyx ASA contributed Euro 500,000 (USD 560,024) to gain a controlling 60% share. The investment was made to provide further reach into European markets.
IAS 28. When assessing the remaining carrying value, management determined the recoverable amount using the fair value less cost to sell approach, no\ue002ng that the updated balance sheet of the group re\ufb02ected a net liabili\ue002es posi\ue002on. The remaining value of $26,667,289 was therefore fully impaired, leaving a carrying value of the investment in Cyclyx at nil, as at December 31, 2025. GreenDot Global On October 15, 2025, Agilyx ASA acquired 46% of GreenDot Global S.a.r.l. (\u201cGreenDot\u201d) for approximately $53.9m funded by both debt and equity. The investment signi\ufb01cantly strengthens Agilyx\u2019s presence in the European market, crea\ue002ng a global pla\ue003orm for sourcing and supplying feedstock to the advanced recycling industry. GreenDot has its headquarters and opera\ue002ons in Germany, as well as opera\ue002ons in Austria, France and Italy. The investment in GreenDot will be measured using the equity method as Agilyx is able to exert signi\ufb01cant in\ufb02uence over the en\ue002ty. The Group\u2019s share of GreenDot\u2019s total comprehensive loss for 2025 of $5,326,803 re\ufb02ects equity accoun\ue002ng from the acquisi\ue002on date of October 15, 2025 to December 31, 2025 only, represen\ue002ng the Group\u2019s 46% share of GreenDot\u2019s results for that period. Total considera\ue002on of $53.9 million, comprising 14,866,554 Agilyx ASA considera\ue002on shares valued at $29.4 million (based on the quoted share price of NOK 20.1 on the acquisi\ue002on date, converted at USD/ NOK 10.15) and cash of $23.0 million funded via a subordinated shareholder loan and $1.5 million of transac\ue002on costs. The transac\ue002on documenta\ue002on contemplates that Circular Resources Limited will complete its EUR 4.5 million commitment in the EUR 27.5 million subsequent capital round by October 15, 2026, which upon comple\ue002on would result in a dilu\ue002on of Agilyx\u2019s interest from 46.0% to 44.2%. This an\ue002cipated dilu\ue002on has not been re\ufb02ected in the current period \ufb01nancial statements as the capital contribu\ue002on had not been completed at the repor\ue002ng date. For the purpose of applying the equity method, the Group performed a preliminary no\ue002onal purchase price alloca\ue002on at the acquisi\ue002on date, iden\ue002fying customer rela\ue002onships of $27.1 million (10-year useful life, blended useful life), and no\ue002onal goodwill of $7.9 million, with the balance a\ue001ributable to net assets acquired of $19.0 million. The no\ue002onal goodwill is not separately recognized but is included in the carrying amount of the investment and is not amor\ue002sed. The equity issued to certain selling shareholders to acquire GreenDot were subject to contractual lock-up arrangements. Under these arrangements, the recipients were restricted from transferring, selling or otherwise disposing of the shares for a period ended on January 10, 2026. Following the expiry of the ini\ue002al lock-up period, any disposals remained subject to agreed volume and market-based restric\ue002ons for a ninety calendar day period. Note 17: Shares in subsidiaries, associates and related party transac\ue002ons INVESTMENT IN ASSOCIATE INFORMATION Cyclyx Interna\ue002onal, LLC Cyclyx Interna\ue002onal, LLC is a partnership o\ufb03cially formed in the state of Delaware, United States of America on December, 2020. Since incep\ue002on, Agilyx Group has owned 75% of the en\ue002ty, with 25% owned by ExxonMobile Chemical Corpora\ue002on (\u201cEMCC\u201d). The Partnership was formed to develop low cost pathways to recycle plas\ue002cs. EMCC contributed opera\ue002onal funds of $8,000,000 while Agilyx Corp contributed technology and know- how that was not revalued due to consolida\ue002on within the group accounts. EMCC\u2019s cash contribu\ue002on was recognized 75% to the equity holders of the parent and 25% to the non-controlling interest. In October 2023, Agilyx Group lost control of Cyclyx Interna\ue002onal, LLC. Following the loss of control, the Agilyx Group retained a signi\ufb01cant in\ufb02uence in Cyclyx Interna\ue002onal, LLC and therefore began to equity-account for this investee as an associate from the date control was lost. During Q4 2025, the Group reassessed its involvement in Cyclyx Interna\ue002onal LLC as capital requirements increased signi\ufb01cantly. On December 10, 2025, Agilyx determined that it would not par\ue002cipate in future capital calls, announced its decision to its joint venture partners and did not fund a capital call due on December 10. This decision resulted in a signi\ufb01cant deteriora\ue002on in the expected \ufb01nancial posi\ue002on of Cyclyx, and the ini\ue002a\ue002on of discussions among the shareholders regarding restructuring and poten\ue002al unwind scenarios. Management considers the decision not to fund the capital call, together with the resul\ue002ng uncertainty around Cyclyx\u2019s ability to con\ue002nue as originally planned, to represent a clear impairment indicator under IAS 36 as of December 2025. Accordingly, two impairment analyses were required, one at the Cyclyx en\ue002ty level, so that the share of the result for the period can be included using the equity method, then secondly, at the Group level to assess if any of the remaining carrying value was impaired. Cyclyx performed an impairment assessment as of December 10, 2025 at the en\ue002ty level. The recoverable amount was determined using a fair value less cost to sell approach, with the key assump\ue002ons re\ufb02ec\ue002ng uncertainty regarding con\ue002nued funding, the contractual waterfall based on invested capital in a downside scenario, the es\ue002mated disposal value of assets, and the limited residual value a\ue001ributable to the Group\u2019s equity interest. Based on this assessment, at the Cyclyx en\ue002ty level, the assets and liabili\ue002es were adjusted and this is re\ufb02ected in the Group\u2019s share of total comprehensive loss of $101,916,148 below. At the Group level, the carrying value of the investment in Cyclyx, a\ufb05er taking in to account the share of the loss for the period was $26,667,289. The Group performed an addi\ue002onal impairment assessment no\ue002ng that the same triggers are in place, which require an impairment assessment in accordance with
The following tables summarize the \ufb01nancial informa\ue002on of Cyclyx Interna\ue002onal, LLC and GreenDot Global as included in their own \ufb01nancial statements prepared in accordance with IFRS Accoun\ue002ng Standards, adjusted for fair value adjustments at acquisi\ue002on. The table also reconciles the summarized \ufb01nancial informa\ue002on to the carrying amount of the Group's interest in Cyclyx Interna\ue002onal, LLC and GreenDot Global.
Addi\ue002onal informa\ue002on regarding the Cyclyx opera\ue002on can be seen in Note 2FINANCIAL SUMMARY (2024) As at December 31 Cyclyx Interna\ue002onal GreenDot Global Ownership interest Associate (50%) N/A Current assets 126,949,190 - Non-current assets 70,294,395 - Current liabili\ue002es 17,183,677 - Non-current liabili\ue002es 21,919,744 - Net assets (100%) 158,140,164 - Group's share of net assets 79,070,082 - Carrying value at 12/31/23 113,002,938 - Cash investments 22,500,000 - Group's share of total comprehensive loss (8,769,502) - Carrying value at 12/31/24 126,733,437 - For the period ended December 31 2024 2024 Revenue 11,234,108 - Total comprehensive loss (100%) (17,539,003) - Group's share of total comprehensive loss (8,769,502) - Note 17: Shares in subsidiaries, associates and related party transac\ue002ons FINANCIAL SUMMARY (2025) As at December 31 Cyclyx Interna\ue002onal GreenDot Global Ownership interest Associate (50%) Associate (46%) Current assets 50,942,857 140,415,878 Non-current assets 22,255,001 254,549,064 Current liabili\ue002es 117,128,273 144,982,151 Non-current liabili\ue002es - 203,486,103 Net assets (100%) (43,930,415) 46,496,688 Group's share of net assets (21,965,208) 21,388,476 Carrying value at 12/31/24 126,733,437 - Cash and equity investments 1,850,000 53,872,867 Group's share of total comprehensive loss (101,916,148) (5,326,803) Impairment in investment (26,667,289) - Carrying value at 12/31/25 - 48,546,064 For the period ended December 31 2025 2025 Revenue 16,574,621 446,175,491 Total comprehensive loss (100%) (203,832,296) (96,140,998) Group's share of total comprehensive loss (101,916,148) (5,326,803)
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"value": "SENIOR OFFICERS AND MEMBERS OF THE EXECUTIVE BOARD REMUNERATION \u2013 2024 Salary Other short-term bene\ufb01ts Pensions Share based compensa\ue002on Total Ranjeet Bha\ue002a, Group CEO 150,000 - - - 150,000 Bertrand Laroche, CFO 122,500 6,570 1,875 61,415 192,360 Chris Faulkner, CTO 263,528 62,404 6,976 74,793 407,701 Jessica Fletcher, VP of Engineering 207,000 40,251 6,696 26,847 280,794 Alex de Geofroy, VP of Informa\ue002on Technology 214,240 55,011 5,399 17,334 291,984 Russell Main, CEO and CFO (former)* 179,695 59,380 1,925 (23,089) 217,911 Mark Barranco, SVP Engineering & Educa\ue002on* 184,762 144,009 5,543 (29,566) 304,748 Louise Byrant, SVP Investor Rela\ue002ons* 45,539 76,783 8,865 (44,273) 86,914 Marie Conrad, VP Business Development* 81,731 30,831 3,255 (12,175) 103,642 Carsten Larsen, CCO* 75,346 121,900 21,619 (264,531) (45,666) Stephen Hamlet, VP of Human Resources* 128,934 122,791 4,786 (16,686) 239,825 2,230,213 SENIOR OFFICERS AND MEMBERS OF THE EXECUTIVE BOARD REMUNERATION \u2013 2025 Salary Other short-term bene\ufb01ts Pensions Share based compensa\ue002on Total Ranjeet Bha\ue002a, Group CEO 250,000 - 21,066 - 271,066 Bertrand Laroche, CFO 380,520 8,050 7,102 134,002 529,674 Chris Faulkner, CTO 346,592 20,851 7,238 106,851 481,532 Jessica Fletcher, VP of Engineering 242,012 14,653 7,260 36,040 299,965 Alex de Geofroy, VP of Informa\ue002on Technology 258,711 20,851 7,001 9,240 295,803 1,878,040
ants. SHARES AND OPTIONS HELD BY THE CEO AND MEMBERS OF THE BOARD OF DIRECTORS Name Title Op\ue002ons and warrants granted Shares owned Note Ranjeet Bha\ue002a CEO - 145,014 1. Steen Jakobsen Board member 75,000 - 2. Peter Norris Board member 75,000 174,955 3. Carolyn Clarke Board member 75,000 - 4. Catherine Keenan Board member 75,000 - 5. NOTES 1. Mr. Bha\ue002a is the CEO, represents Sa\ufb00ron Hill Ventures and controls 145,014 shares. 2. Mr. Jakobsen is a member of the board, represents Saxo Bank and was granted 75,000 op\ue002ons with an exercise price of $2.19. 3. Mr. Norris is a member of the board, represents Virgin Group Holdings Limited, controls 174,955 shares and was granted 75,000 op\ue002ons with an exercise price of $2.19. 4. Mrs. Clarke is a member of the board and was granted 75,000 op\ue002ons with an exercise price of $2.19. 5. Mrs. Keenan is a member of the board and was granted 75,000 op\ue002ons with an exercise price of $2.19.
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"value": "REMUNERATION TO AUDITOR Group Parent 2024 2025 2024 2025 Audit fees 139,139 146,644 83,164 87,894 Con\ufb01rma\ue002on services 2,649 49,919 2,174 49,919 Other non-audit services - 536 - 536 Total fees 141,788 197,099 85,338 138,349 Audit fees to the parent auditor include VAT.
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"reg-ix-372": {
"value": "ACCOUNTS PAYABLE Group Parent 2024 2025 2024 2025 Accounts payable 207,796 120,684 376 411 Related party payables - - - - Total accounts payable 207,796 120,684 376 411 Note 12: Accounts payable
The following table sets out the contractual maturi\ue002es (represen\ue002ng undiscounted contractual cash- \ufb02ows) of \ufb01nancial liabili\ue002es:
See note 8,19 and 20 for undiscounted contractual cash \ufb02ow informa\ue002on in rela\ue002on to the lease liabili\ue002es, bond payable and subordinated conver\ue002ble debt. CONTRACTURAL MATURITIES (GROUP \u2013 AS AT) Group \u2013 as at As at December, 31 2024 Due between 0-12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Accounts payable 207,796 - - 207,796 Payable to group companies - - - - 207,796 - - 207,796 As at December, 31 2025 Accounts payable 120,684 - - 120,684 Payable to group companies - - - - 120,684 - - 120,684 CONTRACTURAL MATURITIES (PARENT \u2013 AS AT) Parent \u2013 as at As at December, 31 2024 Due between 0-12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Accounts payable 376 - - 376 Payable to Group Companies 6,507,676 - - 6,507,676
6,508,052 As at December, 31 2025 Accounts payable 411 - - 411 Payable to group companies 17,055,505 - - 17,055,505 17,055,916 - - 17,055,916
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"mtpnn42": {
"value": "Note 13: Accrued expenses and other current liabili\ue002es ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Group Parent 2024 2025 2024 2025 Payroll and related accruals 1,001,298 541,366 210,281 94,162 Financing and acquisi\ue002on costs 683,887 586,928 683,887 586,929 Total accrued expenses and other current liabili\ue002es 1,685,185 1,128,294 894,168 681,091
Note 13: Accrued expenses and other current liabili\ue002es ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Group Parent 2024 2025 2024 2025 Payroll and related accruals 1,001,298 541,366 210,281 94,162 Financing and acquisi\ue002on costs 683,887 586,928 683,887 586,929 Total accrued expenses and other current liabili\ue002es 1,685,185 1,128,294 894,168 681,091
Note 13: Accrued expenses and other current liabili\ue002es ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Group Parent 2024 2025 2024 2025 Payroll and related accruals 1,001,298 541,366 210,281 94,162 Financing and acquisi\ue002on costs 683,887 586,928 683,887 586,929 Total accrued expenses and other current liabili\ue002es 1,685,185 1,128,294 894,168 681,091
",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"reg-ix-376": {
"value": "Note 14: Warrants The Company has granted warrants in connec\ue002on with various debt and equity issuances. The following table re\ufb02ects the total of outstanding warrants as of December 31, 2025 all warrants have been exercised or cancelled: During 2022, the Board of Directors authorized an extension on all warrants to have an expira\ue002on date of August 7, 2025. The warrants therefore expired on August 7, 2025 and are no longer outstanding As the outstanding warrants for Agilyx were well in the money as of the December 31, 2024, repor\ue002ng date, the valua\ue002ons performed determined that the preponderance of the amount, was intrinsic value in nature. Hence there was very li\ue001le \ue002me value associated with the es\ue002mate of value calculated. As a result of this rela\ue002onship, the change in the value of the instruments is going to be more closely correlated with the change in the underlying equity price as opposed to a change in vola\ue002lity. This determina\ue002on was corroborated with the sensi\ue002vity calcula\ue002ons completed. During 2024 and 2025, zero and 800,000 warrants were exercised, respec\ue002vely, with proceeds of $811,976. The sensi\ue002vity analysis of a reasonably possible change in one signi\ufb01cant unobservable input, being the underlying equity value, holding other inputs constant would be:
The ordinary share warrants and subscrip\ue002on rights, are \ufb01nancial instruments measured at fair value through the pro\ufb01t and loss. This treatment is required for the warrants because the terms of the warrant include a cash less exercise op\ue002on, which triggers deriva\ue002ve treatment in accordance with IFRS 9. This is because their values change in response to a speci\ufb01ed \ufb01nancial instrument price (Agilyx Group stock price), they required no ini\ue002al net investment and they will be se\ue001led at a future date. All ordinary share warrants and subscrip\ue002on rights are measured using level 3 inputs on the fair value hierarchy. There were no transfers between the levels of the fair value hierarchy during any of the years presented. The valua\ue002on of the warrant liability was performed using the Black Scholes Model, the following inputs were signi\ufb01cant in the computa\ue002on of fair values at each repor\ue002ng date:
WARRANTS AND SUBSCRIPTION RIGHTS Number of ordinary shares Exercise price per share \u2013 USD Expira\ue002on Ordinary share warrants converted to subscrip\ue002on rights 2,322,100 1.00 2025 Group and parent December 31, 2024 Group and parent December 31, 2025 Warrant liabili\ue002es 5,092,107 - Group and parent December 31, 2024 Group and parent December 31, 2025 Expected term 7-Aug-25 N/A Equity vola\ue002lity 35 N/A Risk free rate 4.16% N/A Equity value at expira\ue002on \u2013 5% Equity value at expira\ue002on + 5% At December 31, 2024 (254,605) 254,606
RECONCILIATION Warrant liability At January 1, 2024 3,293,206 Gain on warrant value \u2013 presented as fair value through pro\ufb01t and loss 1,798,901 At December 31, 2024 5,092,107 Loss on warrant value \u2013 presented as fair value through pro\ufb01t and loss (5,092,107) At December 31, 2025 - The reconcilia\ue002on of the opening and closing fair value balance of level 3 \ufb01nancial instruments is provided below (this is applicable for both the Group and Parent only \ufb01nancial statements):
The following table sets out the contractual maturi\ue002es (represen\ue002ng undiscounted contractual cash- \ufb02ows) of \ufb01nancial liabili\ue002es:
See note 8,19 and 20 for undiscounted contractual cash \ufb02ow informa\ue002on in rela\ue002on to the lease liabili\ue002es, bond payable and subordinated conver\ue002ble debt. CONTRACTURAL MATURITIES (GROUP \u2013 AS AT) Group \u2013 as at As at December, 31 2024 Due between 0-12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Accounts payable 207,796 - - 207,796 Payable to group companies - - - - 207,796 - - 207,796 As at December, 31 2025 Accounts payable 120,684 - - 120,684 Payable to group companies - - - - 120,684 - - 120,684 CONTRACTURAL MATURITIES (PARENT \u2013 AS AT) Parent \u2013 as at As at December, 31 2024 Due between 0-12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Accounts payable 376 - - 376 Payable to Group Companies 6,507,676 - - 6,507,676
6,508,052 - - 6,508,052 As at December, 31 2025 Accounts payable 411 - - 411 Payable to group companies 17,055,505 - - 17,055,505 17,055,916 - - 17,055,916
2024 SHAREHOLDERS 2024 Sa\ufb00ron Hill Ventures 2 LP 42,562,365 38.8 % Morgan Stanley & Co. Int. Plc. 21,507,304 19.6 % UBS Switzerland AG 8,784,386 8.0 % Skandinaviska Enskilda Banken AB 8,248,686 7.5 % Six Sis AG 6,115,796 5.6 % Merrill Lynch 4,642,713 4.2 % J.P. Morgan SE 3,442,358 3.1 % Ci\ue002bank 2,822,735 2.6 % Clearstream Banking S.A. 2,451,527 2.2 % MP Pension PK 1,802,678 1.6 % Goldman Sachs Interna\ue002onal 1,655,837 1.5 % UFI Capital AS 1,243,595 1.1 % Others 4,406,227 4.0 % Total 109,686,207 100.0 % 2025 SHAREHOLDERS 2025 Sa\ufb00ron Hill Ventures LP 42,562,365 33.9 % Skandinaviska Enskilda Banken AB 24,787,351 19.8 % UBS Switzerland AG 9,458,175 7.5 % Six Sis AG 7,682,036 6.1 % Caceis Bank Spain 7,040,285 5.6 % Merrill Lynch 4,697,657 3.7 % DNB Bank ASA 4,113,665 3.3 % Societe Generale 3,459,271 2.8 % The Bank of New York Mellon 3,325,327 2.7 % Ci\ue002bank 3,271,199 2.6 % J.P. Morgan SE 2,525,991 2.0 % Clearstream Banking S.A. 2,499,259 2.0 % MP Pensions 2,106,548 1.7 % Goldman Sachs Interna\ue002onal 2,032,929 1.6 % UFI Capital AS 1,318,653 1.1 % Others 4,599,248 3.7 % Total 125,479,959 100.0 % Ordinary shares include 125,479,959 shares at par value NOK 0.02, all issued and fully paid except for 8,000 shares held in treasury. Shareholders as of December 31 and shares held by the CEO and board members Ordinary shares include 109,686,207 shares at par value NOK 0.02, all issued and fully paid except for 8,000 shares held in treasury.
As at January 1, 2024 there were 109,686,207 Ordinary Shares. Within the statement of changes in equity the share capital column provides a reconcilia\ue002on of the par value of the Ordinary shares during 2024 and 2025. The tables above present the year end balances in total, the movements can be computed using the share capital column and adjus\ue002ng for the NOK exchange rate at the relevant transac\ue002on dates. There are no special rights or restric\ue002ons with regards the Ordinary shares, each is en\ue002tled to one vote and a propor\ue002onal share any remaining assets in the event of a liquida\ue002on. The total number of authorized shares was 145,624,500 and 167,721,700 at December 31, 2024 and December 31, 2025, respec\ue002vely. The di\ufb00erence between the authorized number of shares and those that are fully issued and paid relates to shares reserved by Agilyx Group to be issued under stock op\ue002on contracts. Note 16: Shareholders The following describes the nature and purpose of each reserve within equity: SHAREHOLDERS Reserve Descrip\ue002on and purpose Share premium Amount subscribed for share capital in excess of nominal value, in the post inversion period Addi\ue002onal paid in capital Pre inversion amounts related to the exercise of stock op\ue002ons and post inversion transac\ue002ons related to stock op\ue002ons and warrants.
SHARES AND OPTIONS HELD BY THE CEO AND MEMBERS OF THE BOARD OF DIRECTORS Name Title Op\ue002ons and warrants granted Shares owned Note Ranjeet Bha\ue002a CEO - 145,014 1. Steen Jakobsen Board member 75,000 - 2. Peter Norris Board member 75,000 174,955 3. Carolyn Clarke Board member 75,000 - 4. Catherine Keenan Board member 75,000 - 5. NOTES 1. Mr. Bha\ue002a is the CEO, represents Sa\ufb00ron Hill Ventures and controls 145,014 shares. 2. Mr. Jakobsen is a member of the board, represents Saxo Bank and was granted 75,000 op\ue002ons with an exercise price of $2.19. 3. Mr. Norris is a member of the board, represents Virgin Group Holdings Limited, controls 174,955 shares and was granted 75,000 op\ue002ons with an exercise price of $2.19. 4. Mrs. Clarke is a member of the board and was granted 75,000 op\ue002ons with an exercise price of $2.19. 5. Mrs. Keenan is a member of the board and was granted 75,000 op\ue002ons with an exercise price of $2.19.
2024 SHAREHOLDERS 2024 Sa\ufb00ron Hill Ventures 2 LP 42,562,365 38.8 % Morgan Stanley & Co. Int. Plc. 21,507,304 19.6 % UBS Switzerland AG 8,784,386 8.0 % Skandinaviska Enskilda Banken AB 8,248,686 7.5 % Six Sis AG 6,115,796 5.6 % Merrill Lynch 4,642,713 4.2 % J.P. Morgan SE 3,442,358 3.1 % Ci\ue002bank 2,822,735 2.6 % Clearstream Banking S.A. 2,451,527 2.2 % MP Pension PK 1,802,678 1.6 % Goldman Sachs Interna\ue002onal 1,655,837 1.5 % UFI Capital AS 1,243,595 1.1 % Others 4,406,227 4.0 % Total 109,686,207 100.0 % 2025 SHAREHOLDERS 2025 Sa\ufb00ron Hill Ventures LP 42,562,365 33.9 % Skandinaviska Enskilda Banken AB 24,787,351 19.8 % UBS Switzerland AG 9,458,175 7.5 % Six Sis AG 7,682,036 6.1 % Caceis Bank Spain 7,040,285 5.6 % Merrill Lynch 4,697,657 3.7 % DNB Bank ASA 4,113,665 3.3 % Societe Generale 3,459,271 2.8 % The Bank of New York Mellon 3,325,327 2.7 % Ci\ue002bank 3,271,199 2.6 % J.P. Morgan SE 2,525,991 2.0 % Clearstream Banking S.A. 2,499,259 2.0 % MP Pensions 2,106,548 1.7 % Goldman Sachs Interna\ue002onal 2,032,929 1.6 % UFI Capital AS 1,318,653 1.1 % Others 4,599,248 3.7 % Total 125,479,959 100.0 % Ordinary shares include 125,479,959 shares at par value NOK 0.02, all issued and fully paid except for 8,000 shares held in treasury. Shareholders as of December 31 and shares held by the CEO and board members Ordinary shares include 109,686,207 shares at par value NOK 0.02, all issued and fully paid except for 8,000 shares held in treasury.
As at January 1, 2024 there were 109,686,207 Ordinary Shares. Within the statement of changes in equity the share capital column provides a reconcilia\ue002on of the par value of the Ordinary shares during 2024 and 2025. The tables above present the year end balances in total, the movements can be computed using the share capital column and adjus\ue002ng for the NOK exchange rate at the relevant transac\ue002on dates. There are no special rights or restric\ue002ons with regards the Ordinary shares, each is en\ue002tled to one vote and a propor\ue002onal share any remaining assets in the event of a liquida\ue002on. The total number of authorized shares was 145,624,500 and 167,721,700 at December 31, 2024 and December 31, 2025, respec\ue002vely. The di\ufb00erence between the authorized number of shares and those that are fully issued and paid relates to shares reserved by Agilyx Group to be issued under stock op\ue002on contracts. Note 16: Shareholders 2025
The following describes the nature and purpose of each reserve within equity: SHAREHOLDERS Reserve Descrip\ue002on and purpose Share premium Amount subscribed for share capital in excess of nominal value, in the post inversion period Addi\ue002onal paid in capital Pre inversion amounts related to the exercise of stock op\ue002ons and post inversion transac\ue002ons related to stock op\ue002ons and warrants.
SHARES AND OPTIONS HELD BY THE CEO AND MEMBERS OF THE BOARD OF DIRECTORS Name Title Op\ue002ons and warrants granted Shares owned Note Ranjeet Bha\ue002a CEO - 145,014 1. Steen Jakobsen Board member 75,000 - 2. Peter Norris Board member 75,000 174,955 3. Carolyn Clarke Board member 75,000 - 4. Catherine Keenan Board member 75,000 - 5. NOTES 1. Mr. Bha\ue002a is the CEO, represents Sa\ufb00ron Hill Ventures and controls 145,014 shares. 2. Mr. Jakobsen is a member of the board, represents Saxo Bank and was granted 75,000 op\ue002ons with an exercise price of $2.19. 3. Mr. Norris is a member of the board, represents Virgin Group Holdings Limited, controls 174,955 shares and was granted 75,000 op\ue002ons with an exercise price of $2.19. 4. Mrs. Clarke is a member of the board and was granted 75,000 op\ue002ons with an exercise price of $2.19. 5. Mrs. Keenan is a member of the board and was granted 75,000 op\ue002ons with an exercise price of $2.19.
Ordinary shares include 109,686,207 shares at par value NOK 0.02, all issued and fully paid except for 8,000 shares held in treasury.
",
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"entity": "scheme:5493000E25PBC2PXV881",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"reg-ix-384": {
"value": "The following describes the nature and purpose of each reserve within equity: SHAREHOLDERS Reserve Descrip\ue002on and purpose Share premium Amount subscribed for share capital in excess of nominal value, in the post inversion period Addi\ue002onal paid in capital Pre inversion amounts related to the exercise of stock op\ue002ons and post inversion transac\ue002ons related to stock op\ue002ons and warrants.
SHARES AND OPTIONS HELD BY THE CEO AND MEMBERS OF THE BOARD OF DIREC",
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"reg-ix-386": {
"value": "COMPONENTS OF THE INCOME TAX EXPENSE There was no provision for income taxes recorded at both the group and parent level for the years
ended December 31, 2024 and 2025, respec\ue002vely. Realiza\ue002on of deferred tax assets is dependent upon future earnings, if any, the \ue002ming and amount of which are uncertain. Unrecognized net deferred tax assets totaled $72.9 million (2024: $65.6 million) and in Norway $5.3 million (2024: $1.9 million). As of December 31, 2025, net opera\ue002ng loss for federal income tax purposes in US of approximately $240.4 million, por\ue002ons of which will begin expire in 2030. Total state net opera\ue002ng loss carryforward in US of approximately $163.9 million, which will begin to expire in 2031. Agilyx Corp also has federal credits for approximately $2.5 million, which will begin to expire in 2030 and state research credits of approximately $0.7 million whose expira\ue002on date is not determined. U\ue002liza\ue002on of some of the federal and state net opera\ue002ng loss and credit carryforwards are subject to annual limita\ue002ons due to the \u201cchange of ownership\u201d provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limita\ue002ons may result in the expira\ue002on of net opera\ue002ng losses and credits before u\ue002liza\ue002on. Such an analysis will be prepared before the u\ue002liza\ue002on of the net opera\ue002ng losses and credits. Loss carried forward in Norway as of December 31, 2025, of approximately $24 million has no expira\ue002on date. INCOME TAXES Group Parent 2024 2025 2024 2025 Basis for income tax expense (22,039,472) (148,016,502) (3,251,488) (129,593,916) Basis for income tax expense \u2013 from con\ue002nuing opera\ue002ons Result before taxes (22,039,472) (148,016,502) (3,251,488) (129,593,916) State bene\ufb01t 1,450 (950) - - Permanent di\ufb00erences (4,996,159) 113,213,184 (1,798,848) 114,012,929 Changes in temporary di\ufb00erences 4,540,676 (12,089,845) - - Basis for payable taxes in the income statement - from con\ue002nuing opera\ue002ons (22,493,505) (46,894,113) (5,050,336) (15,580,987) Deferred tax asset Loss carried forward 58,239,019 68,354,054 1,850,200 5,278,017 Research and other credits 3,266,491 3,266,491 - - Note 18: Income taxes Capitalized R&D 2,259,173 - - - Reserves and accruals - 9,000 - - Other intangibles 73,766 42,936 - - Stock based compensa\ue002on 323,153 400,214 - - Unrealized gain/loss 1,207,012 (66,548) - - Lease liability 187,727 144,674 - - Investment in partnership 340,804 994,755 - - Total deferred tax assets 65,897,145 73,145,576 1,850,200 5,278,017 Deferred tax liabili\ue002es Fixed assets (37,848) (34,132) - - Prepayments (9,012) (14,154) - - Right of use assets (211,134) (153,644) - - Total deferred tax liabili\ue002es (257,994) (201,930) - - Net deferred tax assets 65,639,151 72,943,646 1,850,200 5,278,017 Recognized deferred tax assets - - - - Statutory tax rate 21% 21% 22% 22% Tax rate 0% 0% 0%
0% FIGURES IN USD On November 11, 2024, Agilyx AS entered into a $50 million senior secured green bond issue with a tenor of 3 years. The bond carries a \ufb01xed quarterly coupon at a rate of 13.5% per annum and will mature on November 29, 2027. The fair value of the bond at ini\ue002al measurement was $49 million, represen\ue002ng a 2% discount which will be amor\ue002zed over the term of the bond under the e\ufb00ec\ue002ve interest method. In connec\ue002on with the bond issuance, directly a\ue001ributable transac\ue002on costs of $4,134,420 were capitalized to the balance of the bond, and are being amor\ue002zed over the term of the bond under the e\ufb00ec\ue002ve interest method. As of December 31, 2025, the balance on the bond was $46,968,274 (December 31, 2024: $45,002,264), with an accrued coupon payment of $562,500. The carrying value of the bond approximates fair value. The bond is subject to certain covenants which, if not met, would result in the bond becoming repayable on demand. The \ufb01rst covenant is that the company's liquidity shall not, at any \ue002me, be less than $6,750,000. The second covenant is that the ra\ue002o of Market Capitalisa\ue002on to Net Interest-Bearing Debt at any \ue002me shall not be less than 3.00:1. The Company is to comply with these covenants at all \ue002mes, and such compliance to be measured on June 30 and December 31 each year. As at December 31, 2025, the Company was in compliance with both covenants. In accordance with the terms of the bond agreement, the proceeds from the bond are held in an escrow account which had a balance of $40,000,000 as of December 31, 2025 ($40,188,255 December 31, 2024) and is classi\ufb01ed as restricted cash on the Statement of Financial Posi\ue002on. The bond is secured by (i) a pledge on the escrow account, (ii) a guarantee from Agilyx, (iii) a pledge over all shares issued in Agilyx, (iv) a pledge over all LLC membership interests in Cyclyx owned by Agilyx, (v) a \ufb01rst priority assignment of any intercompany loans granted to or by Agilyx, (vi) \ufb01rst priority charges over the bank accounts of Agilyx, (vii) assignment over all insurances of each Obligor, and (viii) security over the IP por\ue003olio.
In 2025, interest income for Restricted cash totaled $1.7 million and interest expense for the Bond payable SENIOR SECURED GREEN BOND (IN USD) Year ending December 31: Group Parent 2026 (6,750,000) (6,750,000) 2027 (56,750,000) (56,750,000) (63,500,000) (63,500,000) Commi\ue001ed payments on the bond are as follows: Note 19: Bonds payable
FIGURES IN USD On November 11, 2024, Agilyx AS entered into a $50 million senior secured green bond issue with a tenor of 3 years. The bond carries a \ufb01xed quarterly coupon at a rate of 13.5% per annum and will mature on November 29, 2027. The fair value of the bond at ini\ue002al measurement was $49 million, represen\ue002ng a 2% discount which will be amor\ue002zed over the term of the bond under the e\ufb00ec\ue002ve interest method. In connec\ue002on with the bond issuance, directly a\ue001ributable transac\ue002on costs of $4,134,420 were capitalized to the balance of the bond, and are being amor\ue002zed over the term of the bond under the e\ufb00ec\ue002ve interest method. As of December 31, 2025, the balance on the bond was $46,968,274 (December 31, 2024: $45,002,264), with an accrued coupon payment of $562,500. The carrying value of the bond approximates fair value. The bond is subject to certain covenants which, if not met, would result in the bond becoming repayable on demand. The \ufb01rst covenant is that the company's liquidity shall not, at any \ue002me, be less than $6,750,000. The second covenant is that the ra\ue002o of Market Capitalisa\ue002on to Net Interest-Bearing Debt at any \ue002me shall not be less than 3.00:1. The Company is to comply with these covenants at all \ue002mes, and such compliance to be measured on June 30 and December 31 each year. As at December 31, 2025, the Company was in compliance with both covenants. In accordance with the terms of the bond agreement, the proceeds from the bond are held in an escrow account which had a balance of $40,000,000 as of December 31, 2025 ($40,188,255 December 31, 2024) and is classi\ufb01ed as restricted cash on the Statement of Financial Posi\ue002on. The bond is secured by (i) a pledge on the escrow account, (ii) a guarantee from Agilyx, (iii) a pledge over all shares issued in Agilyx, (iv) a pledge over all LLC membership interests in Cyclyx owned by Agilyx, (v) a \ufb01rst priority assignment of any intercompany loans granted to or by Agilyx, (vi) \ufb01rst priority charges over the bank accounts of Agilyx, (vii) assignment over all insurances of each Obligor, and (viii) security over the IP por\ue003olio.
In 2025, interest income for Restricted cash totaled $1.7 million and interest expense for the Bond payable SENIOR SECURED GREEN BOND (IN USD) Year ending December 31: Group Parent 2026 (6,750,000) (6,750,000) 2027 (56,750,000) (56,750,000) (63,500,000) (63,500,000) Commi\ue001ed payments on the bond are as follows: Note 19: Bonds payable
In accordance with the terms of the bond agreement, the proceeds from the bond are held in an escrow account which had a balance of $40,000,000 as of December 31, 2025 ($40,188,255 December 31, 2024) and is classi\ufb01ed as restricted cash on the Statement of Financial Posi\ue002on. The bond is secured by (i) a pledge on the escrow account, (ii) a guarantee from Agilyx, (iii) a pledge over all shares issued in Agilyx, (iv) a pledge over all LLC membership interests in Cyclyx owned by Agilyx, (v) a \ufb01rst priority assignment of any intercompany loans granted to or by Agilyx, (vi) \ufb01rst priority charges over the bank accounts of Agilyx, (vii) assignment over all insurances of each Obligor, and (viii) security over the IP por\ue003olio.
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"reg-ix-393": {
"value": "FIGURES IN USD (UNLESS STATED) On July 16, 2025, Agilyx entered into a subordinated loan facility with various shareholders to secure EUR 20,000,000 to par\ue002ally fund the acquisi\ue002on of GreenDot (see also note 17). The loan was subordinate to the Green Bonds described in note 19 and included a commitment fee of 2%, and an ini\ue002al interest rate of 8.5% that would have increased to 13.5% if the debt was s\ue002ll outstanding on December 1, 2025. Each lender had the right, at any \ue002me, to convert all or part of their respec\ue002ve loan balance into equity shares subject to the approval of the Agilyx board. The loan was drawn down on October 14, 2025 to fund the cash element of the GreenDot equity interest purchase. None of the loan was converted during the period.
On November 20, 2025, Agilyx AS entered into a subordinated conver\ue002ble bond which permits the issuance a series of bonds up to EUR 40,000,000 (excluding PIK Bonds). On November 20, 2025, an ini\ue002al EUR 24,176,989 of the subordinated conver\ue002ble bond were issued. EUR 20,000,000 of this was set o\ufb00 against the subscribers corresponding claims under the subordinated loan facility described above, which fully repaid those loans, such that the subordinated loan facility was terminated. The subordinated conver\ue002ble bond carries a \ufb01xed interest rate of 10% per annum and will mature on June 30, 2028. Interest is accrued via the issuance of PIK bonds. No repayment of the principal or interest is permi\ue001ed un\ue002l the Green Bond described in note 19 is repaid. The subordinated conver\ue002ble bond includes mul\ue002ple deriva\ue002ve features, several of which would be separable from the host liability contract, including; a Conversion feature which permits holders to convert at an ini\ue002al conversion price of EUR 1.9829 per share (this is a deriva\ue002ve due to it being denominated in a currency that di\ufb00ers from Agilyx ASA's func\ue002onal currency), a Conversion Price Reset, a Make Whole Adjustment, an Early Redemp\ue002on due to a tax event and a Put Op\ue002on Upon Change of Control Event.
The reconcilia\ue002on of the opening and closing fair value balance of the Subordinated Conver\ue002ble Bond, which is a level 3 \ufb01nancial instrument, is provided below (this is applicable for both the Group and Parent only \ufb01nancial statements):
SUBORDINATED CONVERTIBLE BOND (IN USD) At November 20, 2025 28,113,407 Conversions during the period with interest (291,622) Currency transla\ue002on 325,660 Change in fair value (798,445) At December 31, 2025 27,349,000 The transac\ue002on costs incurred on the Subordinated Loan facility, were capitalized during the period, however, when the Subordinated Loan was replaced with the Subordinated Conver\ue002ble Bond, (which is measured at fair value through pro\ufb01t and loss as described above), total transac\ue002on costs of $204,969 were charged to Other \ufb01nancial expense within the Statement of comprehensive income. There were subsequent Tap issuances of the Subordinated Conver\ue002ble Bond a\ufb05er the year end, which are described in Note 24. Commi\ue001ed payments on the Subordinated Conver\ue002ble Bond are as follows: SUBORDINATED CONVERTIBLE BOND (IN USD) Year ending December 31: Group Parent 2026 - - 2027 - - 2028 36,101,989 36,101,989 36,101,989 36,101,989 Note 20: Subordinated debt
FIGURES IN USD (UNLESS STATED) On July 16, 2025, Agilyx entered into a subordinated loan facility with various shareholders to secure EUR 20,000,000 to par\ue002ally fund the acquisi\ue002on of GreenDot (see also note 17). The loan was subordinate to the Green Bonds described in note 19 and included a commitment fee of 2%, and an ini\ue002al interest rate of 8.5% that would have increased to 13.5% if the debt was s\ue002ll outstanding on December 1, 2025. Each lender had the right, at any \ue002me, to convert all or part of their respec\ue002ve loan balance into equity shares subject to the approval of the Agilyx board. The loan was drawn down on October 14, 2025 to fund the cash element of the GreenDot equity interest purchase. None of the loan was converted during the period.
On November 20, 2025, Agilyx AS entered into a subordinated conver\ue002ble bond which permits the issuance a series of bonds up to EUR 40,000,000 (excluding PIK Bonds). On November 20, 2025, an ini\ue002al EUR 24,176,989 of the subordinated conver\ue002ble bond were issued. EUR 20,000,000 of this was set o\ufb00 against the subscribers corresponding claims under the subordinated loan facility described above, which fully repaid those loans, such that the subordinated loan facility was terminated. The subordinated conver\ue002ble bond carries a \ufb01xed interest rate of 10% per annum and will mature on June 30, 2028. Interest is accrued via the issuance of PIK bonds. No repayment of the principal or interest is permi\ue001ed un\ue002l the Green Bond described in note 19 is repaid. The subordinated conver\ue002ble bond includes mul\ue002ple deriva\ue002ve features, several of which would be separable from the host liability contract, including; a Conversion feature which permits holders to convert at an ini\ue002al conversion price of EUR 1.9829 per share (this is a deriva\ue002ve due to it being denominated in a currency that di\ufb00ers from Agilyx ASA's func\ue002onal currency), a Conversion Price Reset, a Make Whole Adjustment, an Early Redemp\ue002on due to a tax event and a Put Op\ue002on Upon Change of Control Event.
The reconcilia\ue002on of the opening and closing fair value balance of the Subordinated Conver\ue002ble Bond, which is a level 3 \ufb01nancial instrument, is provided below (this is applicable for both the Group and Parent only \ufb01nancial statements):
SUBORDINATED CONVERTIBLE BOND (IN USD) At November 20, 2025 28,113,407 Conversions during the period with interest (291,622) Currency transla\ue002on 325,660 Change in fair value (798,445) At December 31, 2025 27,349,000 The transac\ue002on costs incurred on the Subordinated Loan facility, were capitalized during the period, however, when the Subordinated Loan was replaced with the Subordinated Conver\ue002ble Bond, (which is measured at fair value through pro\ufb01t and loss as described above), total transac\ue002on costs of $204,969 were charged to Other \ufb01nancial expense within the Statement of comprehensive income. There were subsequent Tap issuances of the Subordinated Conver\ue002ble Bond a\ufb05er the year end, which are described in Note 24. Commi\ue001ed payments on the Subordinated Conver\ue002ble Bond are as follows: SUBORDINATED CONVERTIBLE BOND (IN USD) Year ending December 31: Group Parent 2026 - - 2027 - - 2028 36,101,989 36,101,989 36,101,989 36,101,989 Note 20: Subordinated debt
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"mtpnn49": {
"value": "On July 16, 2025, Agilyx entered into a subordinated loan facility with various shareholders to secure EUR 20,000,000 to par\ue002ally fund the acquisi\ue002on of GreenDot (see also note 17). The loan was subordinate to the Green Bonds described in note 19 and included a commitment fee of 2%, and an ini\ue002al interest rate of 8.5% that would have increased to 13.5% if the debt was s\ue002ll outstanding on December 1, 2025. Each lender had the right, at any \ue002me, to convert all or part of their respec\ue002ve loan balance into equity shares subject to the approval of the Agilyx board. The loan was drawn down on October 14, 2025 to fund the cash element of the GreenDot equity interest purchase. None of the loan was converted during the period.
The subordinated conver\ue002ble bond includes mul\ue002ple deriva\ue002ve features, several of which would be separable from the host liability contract, including; a Conversion feature which permits holders to convert at an ini\ue002al conversion price of EUR 1.9829 per share (this is a deriva\ue002ve due to it being denominated in a currency that di\ufb00ers from Agilyx ASA's func\ue002onal currency), a Conversion Price Reset, a Make Whole Adjustment, an Early Redemp\ue002on due to a tax event and a Put Op\ue002on Upon Change of Control Event.
On July 16, 2025, Agilyx entered into a subordinated loan facility with various shareholders to secure EUR 20,000,000 to par\ue002ally fund the acquisi\ue002on of GreenDot (see also note 17). The loan was subordinate to the Green Bonds described in note 19 and included a commitment fee of 2%, and an ini\ue002al interest rate of 8.5% that would have increased to 13.5% if the debt was s\ue002ll outstanding on December 1, 2025. Each lender had the right, at any \ue002me, to convert all or part of their respec\ue002ve loan balance into equity shares subject to the approval of the Agilyx board. The loan was drawn down on October 14, 2025 to fund the cash element of the GreenDot equity interest purchase. None of the loan was converted during the period.
The subordinated conver\ue002ble bond includes mul\ue002ple deriva\ue002ve features, several of which would be separable from the host liability contract, including; a Conversion feature which permits holders to convert at an ini\ue002al conversion price of EUR 1.9829 per share (this is a deriva\ue002ve due to it being denominated in a currency that di\ufb00ers from Agilyx ASA's func\ue002onal currency), a Conversion Price Reset, a Make Whole Adjustment, an Early Redemp\ue002on due to a tax event and a Put Op\ue002on Upon Change of Control Event.
On July 16, 2025, Agilyx entered into a subordinated loan facility with various shareholders to secure EUR 20,000,000 to par\ue002ally fund the acquisi\ue002on of GreenDot (see also note 17). The loan was subordinate to the Green Bonds described in note 19 and included a commitment fee of 2%, and an ini\ue002al interest rate of 8.5% that would have increased to 13.5% if the debt was s\ue002ll outstanding on December 1, 2025. Each lender had the right, at any \ue002me, to convert all or part of their respec\ue002ve loan balance into equity shares subject to the approval of the Agilyx board. The loan was drawn down on October 14, 2025 to fund the cash element of the GreenDot equity interest purchase. None of the loan was converted during the period.
The subordinated conver\ue002ble bond includes mul\ue002ple deriva\ue002ve features, several of which would be separable from the host liability contract, including; a Conversion feature which permits holders to convert at an ini\ue002al conversion price of EUR 1.9829 per share (this is a deriva\ue002ve due to it being denominated in a currency that di\ufb00ers from Agilyx ASA's func\ue002onal currency), a Conversion Price Reset, a Make Whole Adjustment, an Early Redemp\ue002on due to a tax event and a Put Op\ue002on Upon Change of Control Event.
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"reg-ix-394": {
"value": "On July 16, 2025, Agilyx entered into a subordinated loan facility with various shareholders to secure EUR 20,000,000 to par\ue002ally fund the acquisi\ue002on of GreenDot (see also note 17). The loan was subordinate to the Green Bonds described in note 19 and included a commitment fee of 2%, and an ini\ue002al interest rate of 8.5% that would have increased to 13.5% if the debt was s\ue002ll outstanding on December 1, 2025. Each lender had the right, at any \ue002me, to convert all or part of their respec\ue002ve loan balance into equity shares subject to the approval of the Agilyx board. The loan was drawn down on October 14, 2025 to fund the cash element of the GreenDot equity interest purchase. None of the loan was converted during the period.
The subordinated conver\ue002ble bond includes mul\ue002ple deriva\ue002ve features, several of which would be separable from the host liability contract, including; a Conversion feature which permits holders to convert at an ini\ue002al conversion price of EUR 1.9829 per share (this is a deriva\ue002ve due to it being denominated in a currency that di\ufb00ers from Agilyx ASA's func\ue002onal currency), a Conversion Price Reset, a Make Whole Adjustment, an Early Redemp\ue002on due to a tax event and a Put Op\ue002on Upon Change of Control Event.
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"mtpnn46": {
"value": "The subordinated conver\ue002ble bond includes mul\ue002ple deriva\ue002ve features, several of which would be separable from the host liability contract, including; a Conversion feature which permits holders to convert at an ini\ue002al conversion price of EUR 1.9829 per share (this is a deriva\ue002ve due to it being denominated in a currency that di\ufb00ers from Agilyx ASA's func\ue002onal currency), a Conversion Price Reset, a Make Whole Adjustment, an Early Redemp\ue002on due to a tax event and a Put Op\ue002on Upon Change of Control Event.
The subordinated conver\ue002ble bond includes mul\ue002ple deriva\ue002ve features, several of which would be separable from the host liability contract, including; a Conversion feature which permits holders to convert at an ini\ue002al conversion price of EUR 1.9829 per share (this is a deriva\ue002ve due to it being denominated in a currency that di\ufb00ers from Agilyx ASA's func\ue002onal currency), a Conversion Price Reset, a Make Whole Adjustment, an Early Redemp\ue002on due to a tax event and a Put Op\ue002on Upon Change of Control Event.
Agilyx Group is exposed through its opera\ue002ons to the following \ufb01nancial risks: \u2022 Credit risk; \u2022 Liquidity risk; \u2022 Foreign currency risk. In common with all other businesses, Agilyx Group is exposed to risks that arise from its use of \ufb01nancial instruments. This note describes Agilyx Group's objec\ue002ves, policies and processes for managing those risks and the methods used to measure them. Further quan\ue002ta\ue002ve informa\ue002on in respect of these risks is presented throughout these \ufb01nancial statements. There have been no substan\ue002ve changes in the Group's exposure to \ufb01nancial instrument risks, its objec\ue002ves, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. (i) Principal \ufb01nancial instruments, by category The principal \ufb01nancial instruments used by Agilyx Group are those listed in the table below, all of which are measured at amor\ue002zed cost, plus the warrant/subscrip\ue002on rights and subordinated conver\ue002ble bonds, which are measured at fair value through the pro\ufb01t and loss: (ii) Financial instruments not measured at fair value Financial instruments not measured at fair value includes all the instruments listed in the table above (except the warrants and Subordinated conver\ue002ble debt). Due to the short term nature of accounts receivable, cash and cash equivalents, restricted cash, accounts payable and the payable to Group Companies, amounts, the amor\ue002zed cost is considered to approximate fair value. The bond payable and lease liabili\ue002es both carry market rates of interest, for these amounts the amor\ue002zed cost is also considered to approximate fair value, measured using level 1 of the fair value hierarchy. (iii) Financial instruments measured at fair value The only \ufb01nancial instruments measured at fair value through pro\ufb01t and loss are the warrants and subscrip\ue002on rights, described in more detail in Note 14 and subordinated conver\ue002ble debt described in Note 20. (iv) General objec\ue002ves, policies, and processes The Board has overall responsibility for the determina\ue002on of Agilyx Group's risk management objec\ue002ves and policies and, whilst retaining ul\ue002mate responsibility for them, it has delegated the authority for designing and opera\ue002ng processes that ensure the e\ufb00ec\ue002ve implementa\ue002on of the objec\ue002ves and policies to the Agilyx Group \ufb01nance func\ue002on. The Board receives monthly reports from the V.P. and Corporate Controller through which it reviews the e\ufb00ec\ue002veness of the processes put in place and the appropriateness of the objec\ue002ves and policies it sets. PRINCIPAL FINANCIAL INSTRUMENTS Group \u2013 as at Parent \u2013 as at December 31, 2024 December 31, 2025 December 31, 2024 December 31, 2025 Accounts receivable 590,377 530,259 - - Restricted cash 40,188,255 40,000,000 40,188,255 40,000,000 Cash and cash equivalents 18,135,934 5,619,416 17,227,016 4,342,543 Total \ufb01nancial assets 58,914,566 46,149,675 57,415,271 44,342,543 Accounts payable 207,796 120,684 376 411 Payable to group companies - - 6,507,676 17,055,505 Bond payable, net of discount 45,002,264 46,968,274 45,002,264 46,968,274 Lease liabili\ue002es 822,283 664,558 - - Financial liabili\ue002es at amor\ue002zed cost 46,032,343 47,753,516 51,510,316 64,024,190 Warrant liability 5,092,107 - 5,092,107 - Subordinated conver\ue002ble debt - 27,349,000 - 27,349,000 Total \ufb01nancial liabili\ue002es 51,124,450 75,102,516 56,602,423 91,373,190 Note 22: Financial instruments \u2013 risk management
CREDIT RISK Credit risk is the risk of \ufb01nancial loss to Agilyx Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obliga\ue002ons. The Agilyx Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ra\ue002ngs are taken into account by local business prac\ue002ces. As noted in Note 1, historically Agilyx does not have issues with collectability of its receivable balances. Due to this historical experience and the procedures which are applied to new customers, no allowance for expected credit losses has been booked. Credit risk also arises from cash and cash equivalents and deposits with banks and \ufb01nancial ins\ue002tu\ue002ons. Agilyx Group only deals with highly reputable banks and \ufb01nancial ins\ue002tu\ue002ons. At \ue002mes, Agilyx Group does hold funds with certain banks that are beyond federally insured levels, however, management regularly monitor the banking rela\ue002onships to minimize any risk that may arise in this respect.
LIQUIDITY RISK Liquidity risk arises from Agilyx Group's management of working capital and the \ufb01nance charges and principal repayments on its debt instruments. It is the risk that Agilyx Group will encounter di\ufb03culty in mee\ue002ng its \ufb01nancial obliga\ue002ons as they fall due. The current policy is to ensure that it will always have su\ufb03cient cash to allow it to meet its liabili\ue002es when they become due. To achieve this aim, it seeks to maintain cash balances (or agreed facili\ue002es) to meet expected requirements for a period of at least 45 days. The Group also seeks to reduce liquidity risk by \ufb01xing interest rates (and hence cash \ufb02ows) on its long-term borrowings. Note that since all long term borrowings are at \ufb01xed rates, management do not consider there to be a signi\ufb01cant interest rate risk. The Board regularly receives cash \ufb02ow projec\ue002ons as well as informa\ue002on regarding cash balances. At the end of the \ufb01nancial year, these projec\ue002ons indicated that the Group expected to have su\ufb03cient liquid resources to meet its obliga\ue002ons under all reasonably expected circumstances. The budgets are set by management and agreed by the board in advance, enabling the Agilyx Group's cash requirements to be an\ue002cipated.
The following table sets out the contractual maturi\ue002es (represen\ue002ng undiscounted contractual cash- \ufb02ows) of \ufb01nancial liabili\ue002es:
See note 8,19 and 20 for undiscounted contractual cash \ufb02ow informa\ue002on in rela\ue002on to the lease liabili\ue002es, bond payable and subordinated conver\ue002ble debt. CONTRACTURAL MATURITIES (GROUP \u2013 AS AT) Group \u2013 as at As at December, 31 2024 Due between 0-12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Accounts payable 207,796 - - 207,796 Payable to group companies - - - - 207,796 - - 207,796 As at December, 31 2025 Accounts payable 120,684 - - 120,684 Payable to group companies - - - - 120,684 - - 120,684 CONTRACTURAL MATURITIES (PARENT \u2013 AS AT) Parent \u2013 as at As at December, 31 2024 Due between 0-12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Accounts payable 376 - - 376 Payable to Group Companies 6,507,676 - - 6,507,676
6,508,052 - - 6,508,052 As at December, 31 2025 Accounts payable 411 - - 411 Payable to group companies 17,055,505 - - 17,055,505 17,055,916 - - 17,055,916
FOREIGN CURRENCY RISK Foreign exchange risk arises when the Company or its subsidiaries or associates enter into transac\ue002ons denominated in a currency other than their func\ue002onal currency. The Company's main exposure is in rela\ue002on to the Subordinated Conver\ue002ble Bond which is denominated in Euro and Investment in GreenDot, which operates and reports in Euro. Management does not have speci\ufb01c risk mi\ue002ga\ue002on in place to cover this exposure, but note that there is a natural hedge because of the assets and liabili\ue002es that they have
which are denominated in the same currencyCAPITAL DISCLOSURES Agilyx Group's managed capital includes equity and debt. The objec\ue002ves for Agilyx Group when maintaining capital are: \u2022 to safeguard the en\ue002ty's ability to con\ue002nue as a going concern, so that it can con\ue002nue to provide returns for shareholders and bene\ufb01ts for other stakeholders, and \u2022 to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. Agilyx Group sets the amount of capital it requires in propor\ue002on to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic condi\ue002ons and the risk characteris\ue002cs of the underlying assets. In order to maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares, or sell assets to reduce debt. Due to recent market uncertainty, the Group's strategy is to preserve a strong cash base and ensure compliance with any covenants a\ue001ached to the bank and borrowing facili\ue002es.
Note 22: Financial instruments \u2013 risk management
LIQUIDITY RISK Liquidity risk arises from Agilyx Group's management of working capital and the \ufb01nance charges and principal repayments on its debt instruments. It is the risk that Agilyx Group will encounter di\ufb03culty in mee\ue002ng its \ufb01nancial obliga\ue002ons as they fall due. The current policy is to ensure that it will always have su\ufb03cient cash to allow it to meet its liabili\ue002es when they become due. To achieve this aim, it seeks to maintain cash balances (or agreed facili\ue002es) to meet expected requirements for a period of at least 45 days. The Group also seeks to reduce liquidity risk by \ufb01xing interest rates (and hence cash \ufb02ows) on its long-term borrowings. Note that since all long term borrowings are at \ufb01xed rates, management do not consider there to be a signi\ufb01cant interest rate risk. The Board regularly receives cash \ufb02ow projec\ue002ons as well as informa\ue002on regarding cash balances. At the end of the \ufb01nancial year, these projec\ue002ons indicated that the Group expected to have su\ufb03cient liquid resources to meet its obliga\ue002ons under all reasonably expected circumstances. The budgets are set by management and agreed by the board in advance, enabling the Agilyx Group's cash requirements to be an\ue002cipated.
GROUP \u2013 AS AT) Group \u2013 as at As at December, 31 2024 Due between 0-12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Accounts payable 207,796 - - 207,796 Payable to group companies - - - - 207,796 - - 207,796 As at December, 31 2025 Accounts payable 120,684 - - 120,684 Payable to group companies - - - - 120,684 - - 120,684 CONTRACTURAL MATURITIES (PARENT \u2013 AS AT) Parent \u2013 as at As at December, 31 2024 Due between 0-12 months Due between 1-2 years Due a\ufb05er 2 years or more Total Accounts payable 376 - - 376 Payable to Group Companies 6,507,676 - - 6,507,676
CAPITAL DISCLOSURES Agilyx Group's managed capital includes equity and debt. The objec\ue002ves for Agilyx Group when maintaining capital are: \u2022 to safeguard the en\ue002ty's ability to con\ue002nue as a going concern, so that it can con\ue002nue to provide returns for shareholders and bene\ufb01ts for other stakeholders, and \u2022 to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. Agilyx Group sets the amount of capital it requires in propor\ue002on to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic condi\ue002ons and the risk characteris\ue002cs of the underlying assets. In order to maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares, or sell assets to reduce debt. Due to recent market uncertainty, the Group's strategy is to preserve a strong cash base and ensure compliance with any covenants a\ue001ached to the bank and borrowing facili\ue002es.
NET EARNINGS PER SHARE Net earnings per share is computed under the provisions of IAS 33, Earnings Per Share. Basic earnings per share is computed by dividing net earnings or loss by the weighted average number of common shares outstanding during the period.
The following table sets forth the reconcilia\ue002on of the numerator and denominator used in the computa\ue002on of basic net earnings or loss per common share for the years ended December 31, 2024 and 2025: Since Agilyx Group incurred a loss from con\ue002nuing opera\ue002ons in both periods, all poten\ue002al shares would have an an\ue002-dilu\ue002ve impact on the Earnings per Share calcula\ue002on, therefore the diluted earnings per share is equal to the basic earnings per share is equal to the Basic Earnings per share for 2025 and 2024. Poten\ue002al shares include the outstanding warrants, subordinated conver\ue002ble bonds and stock op\ue002ons EARNINGS PER SHARE Years Ended December 31 2024 2025 Numerator Loss for the period a\ue001ributable to common stockholders ($22,039,472) ($148,041,760) Denominator Weighted average shares outstanding, basic and diluted 100,742,879 113,365,664 Earnings per share Earnings per share, basic and diluted ($0.22) ($1.31) Note 23: Earnings per share
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"value": "Net earnings per share is computed under the provisions of IAS 33, Earnings Per Share. Basic earnings per share is computed by dividing net earnings or loss by the weighted average number of common shares outstanding during the period.
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"reg-ix-402": {
"value": "SUBORDINATED CONVERTIBLE BONDS In the post balance sheet period, the following conversions were made of the subordinated conver\ue002ble bond: \u2022 January 9 2026 EUR 300,000 into 190,797 shares each with a nominal value of NOK 0.02; \u2022 February 5 2026 EUR 300,000 into 190,797 shares each with a nominal value of NOK 0.02. On February 6, 2026, the Company announced a bond tap issue of EUR 14,000,000 on the subordinated conver\ue002ble bonds. The tap issue was priced at 80% of par value. The terms of the issuance were con\ufb01rmed at an Extraordinary General Mee\ue002ng on March 2, 2026. Further to the above, on February 9, 2026, the Company announced a further tap issue of EUR 1,823,011 on the subordinated conver\ue002ble bonds. With this tap issue the full EUR 40,000,000 of the subordinated conver\ue002ble bonds have been issued. The tap issue was priced at 80% of par value. The terms of the issuance were con\ufb01rmed at an Extraordinary General Mee\ue002ng on March 2, 2026. STRATEGIC REORGANIZATION OF CYCLYX AND REDEMPTION OF BOND PAYABLE On February 2, 2026 the Company announced a series of ini\ue002a\ue002ves to simplify the Company's structure, which were completed on March 25, 2026. As part of the reorganiza\ue002on: \u2022 Cyclyx's Houston Circularity Center was transferred to exis\ue002ng joint venture partners; \u2022 The Dallas-Fort Worth Circularity Center was unwound, but the Company will be responsible for the long term lease, which represents a liability of $32.7 million. Management are reviewing mi\ue002ga\ue002ng ac\ue002ons including subleasing; \u2022 The $50,000,000 Secured Green Bond Payable (as described in note 19), was redeemed on a make whole basis with a total repayment of $54,100,000, on March 31, 2026; and \u2022 The Company assumed 100% ownership of Cyclyx Interna\ue002onal and its remaining assets and liabili\ue002es, which include all of its data, intellectual property, designs, commercial pla\ue003orm, remaining cash at bank of $14,100,000 and the long term lease for the Dallas-Fort Worth facility. Note 24: Subsequent events INCREASE IN OWNERSHIP AND CONSOLIDATION OF GREENDOT On 20 April 2026, Agilyx ASA completed a transac\ue002on to increase its ownership interest in GreenDot from 46.0% to 50.1%. Key highlights from the transac\ue002on are: \u2022 The transac\ue002on involved the joint acquisi\ue002on by Agilyx and Lafor of all shares in GreenDot previously held by Circular Resources (19.1%). Agilyx holds 50.1% of the shares in GreenDot, while Lafor, an investment vehicle managed by Pioneer Point Partners, holds 49.9%. \u2022 Agilyx\u2019s CEO will serve as Chairman of GreenDot. \u2022 As a result of the transac\ue002on, Agilyx has obtained control over GreenDot and will consolidate GreenDot in its consolidated \ufb01nancial statements in accordance with IFRS 10 Consolidated Financial Statements from the date control was obtained. \u2022 To \ufb01nance the acquisi\ue002on of the addi\ue002onal ownership interest, the Company has arranged a EUR 4.6 million short-term \ufb01nancing facility provided by Lafor with an interest rate of 7% repayable six months a\ufb05er the comple\ue002on date. The loan is secured by a pledge over the acquired shares.
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