2025 Half Year Report

1 2025 Half Year Report TURNING PLASTIC WASTE INTO VALUE

Agilyx ASA - 2025 Half Year Report

STRENGTHENING OUR POSITION AS A GLOBAL FEEDSTOCK INVESTMENT PLATFORM

In the first half of 2025, Agilyx ASA ("Agilyx" or the "Company") continued its transformation from a technology licensing business to a global investment platform supporting the development of plastic waste feedstock supply for the recycling industry. The Company's strategy is to build long-term equity positions in businesses with complementary geographies, technologies, and customer bases, while working in partnership with established operators to scale production and supply of high-quality recycled plastic feedstock.

Agilyx continues to develop its U.S. platform through its 50% interest in Cyclyx International, LLC ("Cyclyx"), a joint venture with ExxonMobil (25%) and LyondellBasell (25%). Cyclyx is focused on sourcing, aggregating, and processing post-use plastic waste into customformulated feedstock for advanced and mechanical recycling. Together, Cyclyx and, following completion of the transaction, GreenDot Global, will provide Agilyx with a unique transatlantic portfolio of feedstock supply businesses, each independently managed and operated by their respective boards and management teams.

OPERATIONAL HIGHLIGHTS

Cyclyx Circularity Centers (CCC):

During the first half of 2025, progress was made on the Houston-based CCC1 facility. The scope was refined following design optimization and process changes, resulting in Phase 1 being scaled to an initial advanced recycling output of approximately 50,000 tonnes per annum, around 50% lower than the original plan. This phased approach allows

for modular additions of processing lines and expanded capacity in the future. Mechanical completion is targeted by the end of 2025.

CCC2 in Dallas–Fort Worth is in the engineering phase, incorporating lessons from CCC1's design. It remains on schedule for completion by the end of 2026 and within budget. Both facilities are supported by long-term offtake agreements with ExxonMobil and LyondellBasell.

Styrenyx

During the first half, Agilyx formally completed commissioning and handover of the Chiba facility in Japan to Toyo Styrene (Denka Group) and has executed a customer support contract to assist Toyo with ongoing technical and operating support. Building on this successful commercial deployment, Agilyx has engaged Stifel as financial advisor to explore strategic partnership opportunities to monetize its proprietary polystyrene depolymerization technology.

FINANCIAL OVERVIEW

For the six months ended June 30, 2025, Agilyx ASA reported:

• Revenues: USD 0.4 million (H1 2024: USD 0.4 million) • Operating loss: USD 5.3 million (H1 2024: USD 6.3 million loss) • Net loss: USD 11.9 million (H1 2024: \$11.4 million loss) including USD 6.2 million for Agilyx share of loss from Cyclyx • Cash and equivalents: USD 10.7 million as of June 30, 2025 • Cash and restricted cash: USD 50.7 million as of June 30, 2025

-

- million for Agilyx share of loss from Cyclyx

EVENTS SUBSEQUENT TO THE PERIOD END

Subsequent to the period end, on July 17, 2025, Agilyx signed a binding agreement to acquire a 44% ownership stake in GreenDot Global ("GreenDot"), Europe's largest waste plastic recycling platform.

Through this investment, Agilyx gains exposure to a market-leading European platform with scale, technical capability, and growth potential.

GreenDot processes over one million tonnes of packaging waste annually as a leading EPR operator in Germany. Its operations span advanced sorting and mechanical recycling facilities in Germany, Austria, and Italy, with ongoing expansion into advanced recycling feedstock supply.

The transaction is expected to close in September 2025, subject to customary regulatory approvals.

Joint workstreams are underway with GreenDot's management to explore alignment in sourcing, technology, and customer engagement, while respecting its independent operations. Early focus areas include ramping up advanced recycling feedstock deliveries and achieving break-even in GreenDot's Italian operations.

GreenDot Global financials (100% basis, unaudited H1 2025 IFRS, converted from EUR to US\$ at average FX rate of 1.093 over the period):

Revenues: USD 239.6 million
Gross Profit: USD 28.0 million
EBITDA: USD 7.6 million, including USD 13.5 million at GreenDot Germany
Net loss: USD 2.6 million

Note: While the GreenDot acquisition was signed after the reporting period, we include its financials here to provide shareholders with visibility into the scale and performance of the platform. Upon closing, Agilyx will account for GreenDot using the equity method of accounting, recognizing its proportional share of GreenDot's earnings and financial position, rather than consolidating 100% of the results.

OUTLOOK AND MARKET CONTEXT

Global demand for recycled plastics continues to be driven by regulatory mandates, brand commitments, and rising green premiums. However, a significant bottleneck to growth is the availability of reliable, high-quality feedstock. In Europe alone, meeting 2030 recycled content targets for contact-sensitive packaging will require a twenty-fold increase in production capacity.

Over the next twelve months, Agilyx will focus on executing its strategic priorities to strengthen its position as a leading global investor in plastic waste feedstock supply:

Close and integrate the GreenDot Global investment: complete the acquisition process and progress strategic collaboration workstreams while respecting the partner's autonomy.
Ramp up advanced recycling volumes in Europe from GreenDot's Italian operations and achieve break-even in Synextra.
Commission CCC1 in Houston and progress CCC2 engineering while incorporating learnings from CCC1 to reach mechanical completion by end of 2026 and on budget
Advance Styrenyx monetization in collaboration with Stifel to secure a strategic partnership to accelerate commercial deployment of our proprietary polystyrene depolymerization technology.
Selectively evaluate complementary feedstock infrastructure and technology investments in key growth markets.

In addition, Agilyx is exploring a potential dual listing in the United States to broaden its shareholder base and enhance liquidity.

These initiatives are designed to build on the contracted cash flow potential from our existing platforms, drive operational performance improvements, and enhance our access to capital markets. Together, they support Agilyx's long-term ambition of delivering sustainable earnings growth and expanding its global feedstock supply footprint.

DIRECTORS' RESPONSIBILITY STATEMENT

The Board of Directors and the Chief Executive Officer have reviewed and approved the interim management report and the unaudited consolidated interim financial statements for Agilyx ASA as of 30 June 2025. The consolidated financial statements have been prepared in accordance with IFRS and IFRIC as adopted by the EU and applicable additional disclosure requirements in the Norwegian Accounting Act.

To the best of our knowledge:

The unaudited consolidated interim financial statements for 2025 have been prepared in accordance with applicable financial reporting standards;
The unaudited consolidated interim financial statements give a true and fair view of the assets, liabilities, financial position and profit as a whole as of 30 June 2025 for the Group;
The interim management report includes a fair review of the developmentand performance of the business and the financial position of the Group.

The Board of Directors

Peter Norris (Chair of the Board) Carolyn Clarke (Chair, Audit Committee) Steen Jakobsen (Chair, Compensation Committee) Catherine Keenan (Chair, Sustainability Committee)

Oslo, Norway 21 August 2025

			Unaudited
Operating revenue and operating expenses	Note	HY 2024	HY 2025

Revenues	2	448,476	391,732
Cost of revenues	3	(758,858)	(365,502)
Gross margin		(310,382)	26,230

Research costs		(1,446,529)	(721,785)
Sales and marketing		(427,609)	(103,390)
General and administrative		(4,154,688)	(4,460,298)
Total operating expenses	3 & 4	(6,028,826)	(5,285,473)
Operating loss		(6,339,208)	(5,259,243)
Financial income and financial expenses
Share of loss of equity accounted associates		(3,899,489)	(6,214,662)
Impairment of investment in associate	8	(49,382)	-
Fair value (loss) gain on financial instruments	11	(1,218,026)	2,579,153
Interest income (expense)		20,166	(2,942,261)
Other financial income		19,831	279,943
Other financial expense		(7,853)	(129,239)
Net financial items		(5,134,753)	(6,427,066)
Loss before tax		(11,473,961)	(11,686,309)
Income tax expense		-	-
Loss for the period		(11,473,961)	(11,686,309)
Other comprehensive profit (loss) for the period		99,256	(226,710)

AGILYX ASA INTERIM CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED JUNE 30 (AMOUNTS IN USD)

Operating revenue and operating expenses	Note	HY 2024	Unaudited HY 2025

Total comprehensive loss for the period		(11,374,705)	(11,913,019)
Loss for the period attributable to:
Equity holders of the parent		(11,473,961)	(11,570,427)
Non-controlling interest	-	(115,882)
		(11,473,961)	(11,686,309)

Total comprehensive loss for the period
attributable to:
Equity holders of the parent		(11,374,705)	(11,797,137)
Non-controlling interest		-	(115,882)
		(11,374,705)	(11,913,019)

Earnings per share
Earnings per share, basic and diluted		(0.12)	(0.11)

AGILYX ASA INTERIM CONSOLIDATED BALANCE SHEET (AMOUNTS IN USD)

ASSETS		Audited	Unaudited
	Note	As at December 31, 2024	As at June 30, 2025
Non-current assets
Intangible assets	6	2,673,802	2,584,427
Property, plant and equipment	7	851,571	765,386
Right of use asset		924,809	810,874
Investment in associate		126,733,437	121,368,775
Other non-current assets		53,784	17,982
Total non-current assets		131,237,403	125,547,444
Current assets
Accounts receivable	9	590,377	200,428
Inventory		4,811	4,811
Deferred project costs		2,451,619	2,456,815
Prepaid expenses and other current assets		174,169	792,252
Restricted cash		40,188,255	40,000,000
Cash and cash equivalents		18,135,934	10,736,795
Total current assets		61,545,165	54,191,101
TOTAL ASSETS		192,782,568	179,738,545
LIABILITIES AND SHAREHOLDERS' EQUITY
Equity
Share capital	13	188,851	190,395
Share premium		111,001,329	111,811,761
Additional paid-in capital		9,414,920	9,643,677
Total paid-in equity		120,605,100	121,645,833
Retained earnings		19,309,683	7,739,256
Foreign currency translation reserve		(112,118)	(338,828)
Non-controlling interest		-	(115,882)
Total equity		139,802,665	128,930,379

LIABILITIES Audited Unaudited

Note As at December 31, 2024 As at June 30, 2025

Non-current liabilities

Long-term lease liability 676,027 612,160

Bond payable, net of discount 45,002,264 45,886,398

Warrant liability 11 5,092,107 2,512,954

Total non-current Liabilities 50,770,398 49,011,512

Current liabilities

Accounts payable 207,796 220,343

Accrued expenses and other current liabilities 10 1,685,185 1,439,570

Contract liability 170,268 452

Current portion lease liability 146,256 136,289

Total current liabilities 2,209,505 1,796,654

TOTAL LIABILITIES 52,979,903 50,808,166

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 192,782,568 179,738,545

ASSETS Audited Unaudited

Note As at December 31, 2024 As at June 30, 2025

Non-current assets

Intangible assets 6 2,673,802 2,584,427

Property, plant and equipment 7 851,571 765,386

Right of use asset 924,809 810,874

Investment in associate 126,733,437 121,368,775

Other non-current assets 53,784 17,982

Total non-current assets 131,237,403 125,547,444

Current assets

Accounts receivable 9 590,377 200,428

Inventory 4,811 4,811

Deferred project costs 2,451,619 2,456,815

Prepaid expenses and other current assets 174,169 792,252

Restricted cash 40,188,255 40,000,000

Cash and cash equivalents 18,135,934 10,736,795

Total current assets 61,545,165 54,191,101

TOTAL ASSETS 192,782,568 179,738,545

LIABILITIES AND SHAREHOLDERS' EQUITY

Non-controlling interest - (115,882)

Total equity		139,802,665	128,930,379
LIABILITIES		Audited	Unaudited
	Note	As at December 31, 2024	As at June 30, 2025
Non-current liabilities
Long-term lease liability		676,027	612,160
Bond payable, net of discount		45,002,264	45,886,398
Warrant liability	11	5,092,107	2,512,954
Total non-current Liabilities		50,770,398	49,011,512
Current liabilities
Accounts payable		207,796	220,343
Accrued expenses and other current liabilities	10	1,685,185	1,439,570
Contract liability		170,268	452
Current portion lease liability		146,256	136,289
Total current liabilities		2,209,505	1,796,654
TOTAL LIABILITIES		52,979,903	50,808,166
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		192,782,568	179,738,545

OSLO, NORWAY

21 AUGUST 2025

Peter Norris Chairman

Ranjeet Bhatia CEO

Carolyn Clarke

Board Member

Catherine C. Keenan Board Member

Steen Jakobsen Board Member

Unaudited

HY 2024 HY 2025

Regenyx investment funding (49,382) -

Cyclyx investment funding - (850,000)

Purchases of property and equipment (10,284) (34,766)

Net cash from investments (59,666) (884,766)

Proceeds from the exercise of warrants - 811,976

AGILYX ASA INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30 (AMOUNTS IN USD) Net cash from operations (6,677,802) (3,878,515)

Principal paid on lease liabilities (105,720) (42,687)

Interest paid on lease liabilities (10,231) (31,147)

Payment of bond interest - (3,374,000)

Net cash from financing (115,951) (2,635,858)

Net (decrease) in cash and cash equivalents (6,853,419) (7,399,139)

Cash and cash equivalents at beginning of the period 8,527,632 18,135,934

Cash and cash equivalents at end of the period 1,674,213 10,736,795

					Unaudited
		Unaudited		HY 2024	HY 2025
	HY 2024	HY 2025	Regenyx investment funding	(49,382)
(Loss) for the period	(11,374,705)	(11,913,019)	Cyclyx investment funding	-	(850,000)
Depreciation and intangible amortization	310,756	210,326	Purchases of property and equipment	(10,284)	(34,766)
Amortization on ROU assets	109,326	107,682	Net cash from investments	(59,666)	(884,766)
Bond interest and related costs using effective interest method	-	4,098,038	Proceeds from the exercise of warrants	-	811,976
Asset impairment	927,538	-	Principal paid on lease liabilities	(105,720)	(42,687)
Result from investment in Cyclyx	3,899,489	6,214,662	Interest paid on lease liabilities	(10,231)	(31,147)
Result from investment in Regenyx	49,382	-	Payment of bond interest	-	(3,374,000)
Stock based compensation	(192,434)	228,757	Net cash from financing	(115,951)	(2,635,858)
Fair value (loss) gain on financial instruments	1,218,026	(2,579,153)	Net (decrease) in cash and cash equivalents	(6,853,419)	(7,399,139)
Interest expense	10,231	31,147	Cash and cash equivalents at beginning of the period	8,527,632	18,135,934
Change in operating assets and labilities:			Cash and cash equivalents at end of the period	1,674,213	10,736,795
Restricted cash	-	188,255
Accounts receivable	(331,896)	389,949
Prepaid expenses and other assets	(631,554)	(587,477)
Accounts payable and accrued liabilities	(1,557,747)	(437,141)
Contract liability	884,199	(169,816)
Other timing differences	1,587	339,275
Net cash from operations	(6,677,802)	(3,878,515)

Unaudited

HY 2024 HY 2025

(Loss) for the period (11,374,705) (11,913,019)

Depreciation and intangible amortization 310,756 210,326

Amortization on ROU assets 109,326 107,682

Bond interest and related costs using effective interest method - 4,098,038

Asset impairment 927,538 -

Result from investment in Cyclyx 3,899,489 6,214,662

Result from investment in Regenyx 49,382 -

Stock based compensation (192,434) 228,757

Fair value (gain) loss on financial instruments 1,218,026 (2,579,153)

Interest expense 10,231 31,147

Change in operating assets and labilities:

Restricted cash - 188,255

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) (AMOUNTS IN USD)

Group equity	Share capital	Share premium	Additional Paid-in capital	Retained earnings	Foreign currency translation	Total attributable to equity holders of the parent	Non controlling interest	Total
Balance, January 1, 2024	162,269	73,239,523	9,432,289	41,349,154	(223,858)	123,959,377	-	123,959,377
Equity settled share based payment	-	-	(192,434)	-	-	(192,434)	-	(192,434)
Other comprehensive loss	-	-	-	-	99,256	99,256	-	99,256
Net result for the period	-	-	-	(11,473,961)	-	(11,473,961)	-	(11,473,961)
Balance, June 30, 2024	162,269	73,239,523	9,239,855	29,875,193	(124,602)	112,392,238	-	112,392,238

Balance, January 1, 2025 Proceeds from exercise of stock	188,851	111,001,329	9,414,920	19,309,683	(112,118)	139,802,665	-	139,802,665
options and warrants Equity settled share based	1,544	810,432	-	-	-	811,976	-	811,976
payment	-	-	228,757	-	-	228,757	-	228,757
Other comprehensive income	-	-	-	-	(226,710)	(226,710)	-	(226,710)
Net result for the period	-	-	-	(11,570,427)	-	(11,570,427)	(115,882)	(11,686,309)
Balance, June 30, 2025	190,395	111,811,761	9,643,677	7,739,256	(338,828)	129,046,261	(115,882)	128,930,379

NOTE 1: ACCOUNTING POLICIES

Agilyx ASA is a Norwegian company, located in Oslo, Norway and the parent and ultimate parent company in the Agilyx Group. The Agilyx Group headquarters are located in Tigard, Oregon (USA) with a satellite offices located in Portsmouth, New Hampshire and Oslo, Norway.

These financial statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting ("IAS 34"). They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunc-tion with the 2024 annual report.

The accounting policies, significant estimates and judgements for the six months ended June 30, 2025 are consistent with those disclosed in the December 31, 2024 financial statements, other than any new amendments that became effective for periods beginning January 1, 2025, which are discussed below.

NEW STANDARDS INTERPRETATIONS AND AMENDMENTS ADOPTED JANUARY 1, 2025

The amendment to IAS 21 in relation to lack of exchangeability was the only amendment effective for the first time for periods beginning on or after January 1, 2025 and had no impact on the results of the Agilyx Group.

NEW STANDARDS INTERPRETATIONS AND AMENDMENTS NOT YET EFFECTIVE

There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt early. Agilyx Group is currently assessing the impact of these new accounting standards and amendments, but does not expect any a material measurement and recognition impact at this stage.

NOTE 2: REVENUES (AMOUNTS IN USD)

Geographical distribution of revenues	HY 2024	HY 2025
USA	15,000	86,853
APAC	433,476	304,879
Total sales by customers location	448,476	391,732
Product category
Project development	97,242	-
Services	319,467	119,840
License, membership and royalty fees	-	85,173
Sale of goods	31,767	186,719
Total sales by category	448,476	391,732

	HY 2024	HY 2025
Raw materials and consumables	5,292	8,544
Salaries and related costs (note 4)	2,888,246	2,935,340
Depreciation and amortization	420,082	216,579
Professional fees	2,221,511	1,946,722
Insurance	190,525	89,770
Office expenses	531,830	422,665
Other operating expenses	530,198	31,355
Total expenses	6,787,684	5,650,975

NOTE 3: OPERATING EXPENSES BY NATURE (AMOUNTS IN USD)

Agilyx presents the operating expenses by function in the profit and loss statement. Below is the total operating expenses presented by nature.

NOTE 4: SALARY AND SOCIAL COSTS (AMOUNTS IN USD)

Agilyx ASA is required to provide an occupational pension scheme pursuant to the Act relating to Mandatory Occupational Pensions. The company's pension scheme complies with the requirements under that law.

	HY 2024	HY 2025
Salaries	HY 2024 HY 2024 2,200,156	HY 2025 HY 2025 2,271,267
Salaries	2,200,156	2,271,267
Salaries	2,200,156	2,271,267
Social security and payroll tax costs	327,993	218,625
Social security and payroll tax costs	327,993	218,625
Social security and payroll tax costs	327,993	218,625
Share based compensation (note 12)	(192,434)	228,757
Share based compensation (note 12)	(192,434)	228,757
Share based compensation (note 12)	(192,434)	228,757
Pension costs	2,705	-
Pension costs	2,705	-
Pension costs	2,705	-
Benefits and other expenses	549,826	216,691
Benefits and other expenses	549,826	216,691
Benefits and other expenses	549,826	216,691
Total salaries	2,888,246	2,935,340
Total salaries	2,888,246	2,935,340
Total salaries	2,888,246	2,935,340

			Share based
	Salary	Other benefits	Share based Share based compensation	Total
Ranjeet Bhatia, Group CEO	Salary	Other benefits	compensation	Total
	Salary	Other benefits	compensation	Total
	125,000	-	-	125,000
Ranjeet Bhatia, Group CEO	125,000	-	-	125,000
Ranjeet Bhatia, Group CEO	125,000	-	-	125,000
Bertrand Laroche, CFO	163,875	10,517	75,620	250,012
Bertrand Laroche, CFO	163,875	10,517	75,620	250,012
Bertrand Laroche, CFO	163,875	10,517	75,620	250,012
Chris Faulkner, CTO	134,551	16,772	63,064	214,387
Chris Faulkner, CTO	134,551	16,772	63,064	214,387
Chris Faulkner, CTO	134,551	16,772	63,064	214,387
Jessica Fletcher, VP Engineering	105,689	10,004	21,445	137,138
Jessica Fletcher, VP Engineering	105,689	10,004	21,445	137,138
Jessica Fletcher, VP Engineering	105,689	10,004	21,445	137,138
Alex de Geofroy, VP Information Technology	109,386	14,893	6,321	130,600
Alex de Geofroy, VP Information Technology Alex de Geofroy, VP Information Technology Total salaries	109,386 109,386	14,893 14,893	6,321 6,321	130,600 130,600 857,137

Total salaries 857,137 Total salaries 857,137

		Other Other Other	Share based Share based Share based
	Salary	benefits	compensation	Total
	Salary	benefits	compensation	Total
	Salary	benefits	compensation	Total
Russell Main, CEO and CFO	165,681	59,951	14,479	240,111
Russell Main, CEO and CFO	165,681	59,951	14,479	240,111
Russell Main, CEO and CFO	165,681	59,951	14,479	240,111
Chris Faulkner, CTO	127,351	54,902	19,881	202,134
Chris Faulkner, CTO	127,351	54,902	19,881	202,134
Chris Faulkner, CTO	127,351	54,902	19,881	202,134
Mark Barranco, SVP Engineering and Education Mark Barranco, SVP Engineering and Education Mark Barranco, SVP Engineering and Education	141,815 141,815 141,815	55,545 55,545 55,545	25,279 25,279 25,279	222,639 222,639 222,639
Stephen Hamlet, VP of Human Resources	98,012	45,983	8,293	152,288
Stephen Hamlet, VP of Human Resources	98,012	45,983	8,293	152,288
Stephen Hamlet, VP of Human Resources	98,012	45,983	8,293	152,288
Total salaries Total salaries Total salaries				817,172 817,172 817,172

SENIOR OFFICERS AND MEMBERS OF THE EXECUTIVE BOARD REMUNERATION - HY2025 (AMOUNTS IN USD)

SENIOR OFFICERS AND MEMBERS OF THE EXECUTIVE BOARD REMUNERATION - HY2024 (AMOUNTS IN USD)

The below tables includes all relevant segment information as required by IFRS 8. There has been no change in the segments or basis of allocation from the basis described in the annual financial statements.

Profit and Loss	HY 2024			HY 2025
	Adjustments to remove			Adjustments to remove
	Cyclyx	Agilyx	Cyclyx	Total	Cyclyx	Agilyx	Cyclyx	Total
Revenues from external
customers	5,016,973	448,476	(5,016,973)	448,476	5,655,637	391,732	(5,655,637)	391,732
Depreciation and amortization	33,791	420,082	(33,791)	420,082	369,630	318,008	(369,630)	318,008
Segment loss	(9,155,188)	(6,339,208)	9,155,188	(6,339,208)	(12,429,324)	(5,259,243)	12,429,324	(5,259,243)
Result from investment in
Regenyx				(49,382)				-
Result from investment in Cyclyx Fair value (loss) gain on warrant				(3,899,489)				(6,214,662)
agreements				(1,218,026)				2,579,153
Interest expense Other financial income (expense),				20,166				(2,942,261)
net Group net loss before tax and				11,978				150,704
discontinued operations				(11,473,961)				(11,686,309)

Balance Sheet	FY 2024			HY 2025
			Adjustments to remove				Adjustments to remove
	Cyclyx	Agilyx	Cyclyx	Total	Cyclyx	Agilyx	Cyclyx	Total
Non-current asset additions	42,041,636	45,925	(42,041,636)	45,925	23,286,453	34,766	(23,286,453)	34,766
Reportable segment assets	197,243,585	66,049,131	(197,243,585)	66,049,131	215,765,201	58,369,770	(215,765,201)	58,369,770
Investment in associate				126,733,437				121,368,775
Total group assets				192,782,568				179,738,545
Reportable segment liabilities	38,558,567	47,887,796	(38,558,567)	47,887,796	66,596,756	48,295,212	(66,596,756)	48,295,212
Derivative financial liabilities				5,092,107				2,512,954
Total group liabilities				52,979,903				50,808,166

	HY 2024	HY 2025	Segment
Customer A	4,157,196	5,209,989	Cyclyx
Customer B	433,476	259,957	Agilyx

Revenue by geography - Revenue by geography is included in Note 2. 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 above major customers, which each accounted for at least 10% of revenues in the six months ended June 30, 2024 and 2025.

NOTE 6: INTANGIBLE ASSETS (AMOUNTS IN USD)

Intangible assets include the following contracts	Licensed technology	Exclusivity license	Total
Cost
Balance at January 1, 2024	3,575,000	1,188,378	4,763,378
Impairment charge	-	(1,188,378)	(1,188,378)
Balance at December 31, 2024	3,575,000	-	3,575,000

Balance at January 1, 2025	3,575,000	-	3,575,000
Balance at June 30, 2025	3,575,000	-	3,575,000
Accumulated amortization
Balance at January 1, 2024	722,448	454,250	1,176,698
Impairment charge	-	(572,750)	(572,750)
Amortization charge	178,750	118,500	297,250
Balance at December 31, 2024	901,198	-	901,198
Balance at January 1, 2025	901,198	-	901,198
Amortization charge	89,375	-	89,375
Balance at June 30, 2025	990,573	-	990,573
Net book value
Balance at December 31, 2024	2,673,802	-	2,673,802
Balance at June 30, 2025	2,584,427	-	2,584,427

NOTE 7: PROPERTY PLANT AND EQUIPMENT (AMOUNTS IN USD)

Property, plant and equipment	Leasehold improvements	Machinery and equipment	Total
Costs
At cost January 1, 2024	916,582	1,171,262	2,087,844
Additions	29,078	16,847	45,925
Asset impairment	(311,910)	-	(311,910)
At cost December 31, 2024	633,750	1,188,109	1,821,859
At cost January 1, 2025	633,750	1,188,109	1,821,859
Additions	28,732	6,034	34,766
At cost June 30, 2025	662,482	1,194,143	1,856,625
Depreciation Accumulated depreciation January 1, 2024 Depreciation for the year	265,121 45,904	486,504 172,759	751,625 218,663
Accumulated depreciation December 31, 2024	311,025	659,263	970,288
Accumulated depreciation January 1, 2025	311,025	659,263	970,288
Depreciation for the year	45,803	75,148	120,951
Accumulated depreciation June 30, 2025 Net book value December 31,	356,828	734,411	1,091,239
2024	322,725	528,846	851,571
Net book value June 30, 2025	305,654	459,732	765,386

NOTE 8: INVESTMENT IN REGENYX

Agilyx held a 50% interest in Regenyx. Regenyx was formed in April 2019 and shared its operation space with Agilyx and Cyclyx in Tigard, OR.

In the period between April 2021 and April 2024 under certain conditions Agilyx was subject to a contractual obligation to purchase all of AmSty's equity investment in Regenyx at the option of AmSty ("put option"). At the date of this report, no events occurred that initiated the purchase of AmSty's investment in Regenyx.

As of December 31, 2024, the Regenyx operation has been dissolved.

Balance sheet value January 1, 2024

Payroll and related accruals 1,001,298 786,028

Investment during 2024 Balance sheet value January 1, 2024

49,382

49,382

CALCULATION OF BALANCE SHEET VALUE OF INVESTMENT IN REGENYX (AMOUNTS IN USD)

Impairment charge – fully impair balance (49,382) Balance sheet value December 31, 2024 - Investment during 2024 Balance sheet value January 1, 2024

FY 2024 HY 2025 NOTE 9: ACCOUNTS RECEIVABLE (AMOUNTS IN USD) Balance sheet value December 31, 2024 - Impairment charge – fully impair balance (49,382)

Trade accounts receivable 230,161 8,794 The carrying amount of accounts receivable is measured at amortized cost, which approximates fair value. Balance sheet value December 31, 2024 -

Impairment charge – fully impair balance (49,382)

Products and services accruals 683,887 653,542 Total accrued expenses and other FY 2024 HY 2025 Payroll and related accruals 1,001,298 786,028 NOTE 10: ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (AMOUNTS IN USD)

Related party receivables (note 14)	360,216 FY 2024	191,634 HY 2025
Total accounts receivable Trade accounts receivable	590,377 230,161	200,428 8,794
Related party receivables (note 14)	FY 2024 360,216	HY 2025 191,634
Trade accounts receivable Total accounts receivable	230,161 590,377	8,794 200,428
Related party receivables (note 14)	360,216 FY 2024	191,634 HY 2025

current liabilities Products and services accruals	1,685,185 FY 2024 683,887	1,439,570 HY 2025 653,542
Total accrued expenses and other Payroll and related accruals	1,001,298	786,028
current liabilities Products and services accruals	1,685,185 1,439,570 683,887 653,542
Total accrued expenses and other

Investment during 2024

49,382

Total accounts receivable 590,377 200,428

Total accrued expenses and other current liabilities 1,685,185 1,439,570

		CONCESSION OF COLLEGION
		Property of Children THE CONSTITUTION OF THE COLLECT COLLECTION OF

NOTE 11: WARRANTS (AMOUNTS IN USD)

The Company has granted warrants in connection with various debt and equity issuances. The following table reflects the total of outstanding warrants as of June 30, 2025 that are exercisable into ordinary shares:

	Number of ordinary shares	Exercise price per share - USD	Expiration
Ordinary share warrants converted to subscription rights	1,522,100	1.00	2025
		FY 2024	HY 2025
Warrant liabilities		5,092,107	2,512,954

At January 1, 2024 3,293,206

Loss on warrant value - presented as fair

value gain through profit and loss 1,798,901

At December 31, 2024 5,092,107

Gain on warrant value - presented as fair

value gain through profit and loss (2,579,153)

At June 30, 2025 2,512,954

FY 2024 HY 2025 Expected term August 27, 2025 August 27, 2025 Equity volatility 35% 30% Risk free rate 4.16% 4.31% The ordinary share warrants and subscription rights, are the only financial instruments measured at fair value through the profit and loss. This treatment is required for the Warrants because the terms of the Warrant include a cashless exercise option, which triggers derivative treatment in accordance with IFRS 9. This is because their values change in response to a specified financial instrument price (Agilyx ASA stock price), they required no initial net investment and they will be settled at a future date. Number of ordinary shares Exercise price per share - USD Expiration Ordinary share warrants converted to subscription rights 1,522,100 1.00 2025

Equity value at expiration - 5% Equity value at expiration + 5% All ordinary share warrants and subscription 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 periods presented. The valuation of the Warrant liability was performed using the Black Scholes Model, the following inputs were significant in the computation of fair values at each reporting date: FY 2024 HY 2025 Warrant liabilities 5,092,107 2,512,954

At December 31, 2024	(254,605)	254,606
At June 30, 2025	FY 2024 (125,648)	HY 2025 125,648
Expected term	August 27, 2025	August 27, 2025
Equity volatility	35%	30%
Risk free rate	4.16%	4.31% Warrant liability

Equity value at expiration -

Equity value at expiration +

At December 31, 2024 (254,605) 254,606

At June 30, 2025 (125,648) 125,648

Warrant liability

At January 1, 2024 3,293,206

Loss on warrant value - presented as fair

value gain through profit and loss 1,798,901

At December 31, 2024 5,092,107

Gain on warrant value - presented as fair

value gain through profit and loss (2,579,153)

At June 30, 2025 2,512,954

Number of ordinary shares

Exercise price per

Ordinary share warrants converted to subscription rights 1,522,100 1.00 2025

Equity volatility 35% 30%

Risk free rate 4.16% 4.31%

Number of ordinary shares

Exercise price per

FY 2024 HY 2025

Expected term August 27, 2025 August 27, 2025

Loss on warrant value - presented as fair	Warrant liability
value gain through profit and loss At January 1, 2024	1,798,901 3,293,206
At December 31, 2024 Loss on warrant value - presented as fair	5,092,107
value gain through profit and loss	1,798,901
Gain on warrant value - presented as fair At December 31, 2024 value gain through profit and loss	5,092,107 (2,579,153)
At June 30, 2025 Gain on warrant value - presented as fair	2,512,954
value gain through profit and loss	(2,579,153)
At June 30, 2025	2,512,954

FY 2024 HY 2025 Warrant liabilities 5,092,107 2,512,954 FY 2024 HY 2025 Expected term August 27, 2025 August 27, 2025 Ordinary share warrants converted to subscription rights 1,522,100 1.00 2025 FY 2024 HY 2025 Warrant liabilities 5,092,107 2,512,954 As the outstanding warrants for Agilyx are well in the money as of the June 30, 2025 and December 31, 2024, the valuations performed determined that the preponderance of the amount, for each of the respective dates, was intrinsic value in nature. Hence there was very little time value associated with the estimate of value calculated. As a result of this relationship, 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 volatility. This determination was corroborated with the sensitivity calculations completed.

At December 31, 2024 (254,605) 254,606

Equity value at expiration - 5% Equity value at expiration + 5% At December 31, 2024 (254,605) 254,606 At June 30, 2025 (125,648) 125,648 Equity volatility 35% 30% Risk free rate 4.16% 4.31% Equity value at expiration - 5% Equity value at expiration + 5% underlying equity value, holding other inputs constant would be:

Warrant liability At January 1, 2024 3,293,206 At June 30, 2025 (125,648) 125,648 The reconciliation of the opening and closing fair value balance of level 3 financial instruments is provided below:

During the six months ended June 30, 2025, 800,000 warrants were exercised.

The sensitivity analysis of a reasonably possible change in one significant unobservable input, being the

NOTE 12: STOCK OPTION PLAN (AMOUNTS IN USD)

	Stock option activity
		Weighted average	Weighted average
	Number of Shares	exercise price	contractual term (years)	Aggregate intrinsic value
Balance at January 1, 2024	10,693,153	1.47	6.76	12,367,651
Options granted	1,320,000	2.95	Stock option activity
Options forfeited/expired	(681,054)	Weighted average 2.98	Weighted average
Balance at December 31, 2024	Number of Shares 11,332,099	exercise price 1.55	contractual term (years) 6.28	Aggregate intrinsic value 12,338,168
Balance at January 1, 2024 Options forfeited/expired	10,693,153 (80,000)	1.47 2.81	6.76	12,367,651
Options granted Balance at June 30, 2025	1,320,000 11,252,099	2.95 1.55	6.28	9,152,786
Options forfeited/expired Options vested and expected to vest at	(681,054)	2.98
Balance at December 31, 2024 June 30, 2025	11,332,099 11,252,099	1.55 1.55	6.28 6.28	12,338,168 9,152,786
Options forfeited/expired Options exercisable	(80,000) 9,862,067	2.81 1.35	5.24	8,993,176
Balance at June 30, 2025	11,252,099	1.55	6.28	9,152,786
Options vested and expected to vest at

Share price at grant date (weighted average)	All employees 2.93 -		Key management personnel 2.93 -
Exercise price (weighted average)	FY 2024 2.95	HY 2025 -	FY 2024 2.95	HY 2025 -
Option pricing model used Contractual life (weighted average)	Black-Scholes 11	Black-Scholes 0	Black-Scholes 11	Black-Scholes 0
Share price at grant date (weighted Expected volatility (weighted average)	33%	0%	33%	0%
average) Expected dividend growth rate	2.93 0%	- 0%	2.93 0%	- 0%
Exercise price (weighted average) Risk free interest rate (weighted average)	2.95 3.21%	- 0.00%	2.95 3.21%	- 0.00%
Contractual life (weighted average) The options outstanding have a range of exercise prices from \$0.06 to \$3.89	11	0	11	0
Expected volatility (weighted average)	33%	0%	33%	0%
Expected dividend growth rate	0%	0%	0%	0%
Risk free interest rate (weighted average)	3.21%	0.00%	3.21%	0.00%

All employees Key management personnel FY 2024 HY 2025 FY 2024 HY 2025 Option pricing model used Black-Scholes Black-Scholes Black-Scholes Black-Scholes June 30, 2025 11,252,099 1.55 6.28 9,152,786 Options exercisable 9,862,067 1.35 5.24 8,993,176 The following information is relevant in the determination of the fair value of options granted during the year under the equity share based remuneration schemes operated by the Group. There were no options granted for the six months ended June 30, 2025.

The options outstanding have a range of exercise prices from \$0.06 to \$3.89

NOTE 13: SHAREHOLDERS AS AT JUNE 30, 2025 AND SHARES HELD BY THE CEO AND BOARD MEMBERS (AMOUNTS IN USD)

	As at June 30, 2025
Saffron Hill Ventures	42,562,365	38.5 %
Skandinaviska Enskilda Banken	24,090,615	21.8 %
UBS	8,848,827	8.0 %
Six Sis AG	7,510,236	6.8 %
DMB Markets	4,987,423	4.5 %
Merrill Lynch	4,619,816	4.2 %
Citibank	3,008,627	2.7 %
JP Morgan	2,421,010	2.2 %
Clearstream Bankings	2,206,626	2.0 %
MP Pension	2,143,678	1.9 %
Goldman Sachs International	1,930,322	1.7 %
UFI Capital	1,308,653	1.2 %
Morgan Stanley & Co. Int. Plc.	1,200,964	1.1 %
Others	3,647,045	3.3 %
Total	110,486,207	100.0 %

Ordinary shares include 110,486,207 shares at par value NOK 0.02, all issued and fully paid.

As at January 1, 2025 there were 109,686,207 Ordinary Shares. Within the statement of changes in equity the share capital column provides a reconciliation of the par value of the Ordinary shares for the six months ended June 30, 2025. The table above presents the period end balance in total. The movements can be computed using the share capital column and adjusting for the NOK exchange rate at the relevant transaction dates.

The total number of authorized shares was 145,624,500 at December 31, 2024 and June 30, 2025.

NOTE 14: RELATED PARTY TRANSACTIONS

Included within related party receivables in Note 9, is USD 94K due from Regenyx as at June 30, 2025 (USD 94K at December 31, 2024), USD 97K due from Cyclyx International LLC (USD 247k at December 31, 2024), and USD 0K due from ExxonMobil (USD 19K at December 31, 2024).

Included within accruals in note 10, is USD 167K due to board members at June 30, 2025 (December 31, 2024: USD 249K).

NOTE 15: SUBSEQUENT EVENTS

On July 16, 2025, Agilyx entered into a loan facility with various shareholders to secure EUR 20 million to fund the acquisition of GreenDot Global. The loan is subordinate to the bonds the Company is carrying and has a commitment fee of 2%, and an initial interest rate of 8.5% that can increase to 13.5% on December 1, 2025 if the loan is still in effect. Additionally, each lender has the right, at any time, to convert all or part of the their respective loan balance into equity shares subject to the approval of the Agilyx board.

On July 17, 2025, the Company announced a binding agreement to purchase 44% of GreenDot Global. The investment of approximately EUR 52 million will be funded by both cash and equity.