Agilyx — Investor Presentation 2023

Apr 25, 2023

Plastic recycling technology for a sustainable future

FY22 Results Presentation

25 April 2023

This meeting is being recorded.

Important Information

The information contained in this presentation has largely been extracted from the annual report for the twelve months ended 31 December 2022.

The presentation may contain certain "forward-looking" statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements. Any forward-looking statements made by or on behalf of Agilyx speak only as of the date they are made and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared.

This presentation is published solely for information purposes.

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Significant steps taken in 2022; building momentum for the future

• First commercial plant into construction
• Launched TruStyrenyx with Technip Energies
• Developed and announced the first Cyclyx Circularity Center (CCC)
• Launched the 10 to 90 initiative
• Uplisted to the main Oslo Bors
• Delivered significant revenue growth

The market opportunity is enormous

Estimated market value by 2030

We estimate that by 2030 the chemical recycling market for plastic will be worth >\$50bn¹ globally from nothing in 2020

A further \$100bn¹ market in mechanical recycling (from \$45bn in 2020)

Opportunity for Agilyx by 2030

Agilyx and Cyclyx Continue to Strengthen Differentiation

Cyclyx engagement is gaining momentum

Agilyx conversion business continues to grow

• Toyo Styrene plant in Japan has broken ground and is progressing well
• Factory acceptance testing due in Q2
• Start-up expected in 1Q24
• Significant commercialization opportunities with TruStyrenyx
• Brings together Agilyx conversion technology with T:EN purification technology to enable closed loop recycling of polystyrene

• Signed an MOU with Kumho

• Integrated conversion and purification of PMMA demonstrated

• Confirmation by MCC of virgin equivalent material produced

Volume in construction 3.3kta (FY21: 0kta)

Benzene, Toluene, Xylene from waste is a significant emerging opportunity

• The BTX market is estimated to be 180 million tons by ~2030 and growing at 3.8%pa
• Benzene uses include various plastics, nylon, detergents, some lubricants, synthetic rubber and more
• Toluene is used to make paint, glue, nail polish and explosives
• Xylene is used to make PET, flexible PVC and in applications in the rubber and leather industries
• Collaboration with BioBTX will convert mixed waste plastic directly into BTX
• Agilyx conversion technology converts MWP
• Integrated with BioBTX system to produce pure BTX

Benzene, Toluene, Xylene (BTX) have very Broad Market Application

New and unique waste-to-product pathway

Solid financial performance with accelerating revenue growth

USD	2021	2022	Change
Revenue	4,889,227	16,457,319	237%
Gross margin	63,408	572,962	804%
Net profit / (loss)	(15,567,723)	(23,384,654)	-50%
Diluted earnings / (loss) per share	(0.19)	(0.28)	-47%
Period end net cash	19,570,154	13,671,319	-30%

Revenue grew to \$16.5m driven by Toyo Styrene and Cyclyx feedstock sales

Significant improvement in gross margin as the business begins to accelerate

Overhead cost increases were due to investment in the business and one-off costs associated with conversion to IFRS and the uplisting

\$13.7m

Cash position at the year end reflects timing differences, with significant cash inflow in the first quarter and unaudited net cash at 31 March 2023 of \$12.0m

The outlook is exciting

• FY22 operational achievements and solid financial performance position us well
• Making good progress on our target of two licenses for the year despite macroeconomic backdrop
• 29 high priority projects in the pipeline with increasing proportion of polystyrene
• INEOS Styrolution progressing to FID in 2023
• Previously announced EU project moving forward. Partner confirmed as Shell
• License discussions with Kumho underway
• Strategic collaboration with BioBTX opens up significant new opportunities
• Engineering for the first CCC is well advanced
• Anticipate moving into construction in the 2H
• Expect strong Cyclyx volume growth supported by further take back programs

Plastic recycling technology for a sustainable future Plastic recycling technology for a sustainable future