Earnings call transcript: Agilyx narrows losses in Q2 2025

Agilyx (AGLX) reported its Q2 2025 earnings, showing a narrowing operating loss and improved cash flows. The company’s strategic moves in advanced recycling and its acquisition of Green Dot have positioned it well in a growing market. According to InvestingPro data, Agilyx’s stock saw a modest increase of 0.81% following the earnings announcement, though it remains down 31.11% year-to-date, reflecting cautious investor sentiment. With a market capitalization of $266.22 million, Agilyx operates as a niche player in the recycling industry.

Key Takeaways

• Operating loss narrowed to €5.3 million from €6.3 million in 2024.
• Cash position strengthened with €10.7 million in unrestricted cash.
• Green Dot acquisition enhances Agilyx’s market position.
• Advanced recycling market expected to grow significantly by 2030.
• Strategic focus on cost discipline and partnerships.

Company Performance

Agilyx’s performance in the first half of 2025 indicates a positive trajectory, with the company reducing its operating loss and bolstering its cash reserves. The acquisition of a 44.2% stake in Green Dot for €52 million is a strategic move aimed at strengthening Agilyx’s position in the advanced recycling sector. The company is leveraging its unique polystyrene depolymerization technology to capitalize on the growing demand for sustainable recycling solutions.

Financial Highlights

• Revenue: €400,000 for the first half of 2025.
• Operating expenses: Declined from €6.8 million to €5.7 million.
• Operating loss: Narrowed to €5.3 million from €6.3 million.
• Cash position: €10.7 million unrestricted and €40 million restricted cash.
• Operating cash outflows: Improved to €3.9 million from €6.7 million.

Outlook & Guidance

Agilyx projects significant growth potential from its Green Dot acquisition, with expected revenues of €600 million and €50 million EBITDA by 2030. The company is also targeting the development of five circularity centers by 2030 and plans a dual US stock exchange listing in 2026. While operating with a moderate debt-to-equity ratio of 0.33, the strategic focus remains on enhancing cost efficiency and expanding partnerships to drive future growth. Based on InvestingPro’s Fair Value analysis, the stock currently appears overvalued, suggesting investors should carefully consider entry points.

Executive Commentary

CEO Ranjit Bhatia emphasized the company’s strong positioning in the recycling industry, stating, "We are increasingly technology agnostic and well positioned to benefit from the long term growth of the plastic recycling industry." Laurent Auguste, CEO of Green Dot, added, "By 2030, we see the revenue growing by 50% and EBITDA being multiplied by close to four times."

Risks and Challenges

• Regulatory changes could impact market dynamics.
• Integration of Green Dot poses operational challenges.
• Economic downturns may affect recycling demand.
• Competition in the recycling sector is intensifying.
• Dependence on technological advancements for growth.

Q&A

During the earnings call, analysts inquired about the potential for geographic expansion in Europe and the turnaround of Agilyx’s Italian business. The company also clarified the revenue expectations from the Toyo Styrene service agreement, initially projected at $500,000.

Full transcript - Agilyx AS (AGLX) Q2 2025:

Anna, Call Moderator, Agilix: call, so I guess we’ll start things off. I’d like to firstly thank you for joining us today for the Agilix business update presentation. I would like to remind everyone that the meeting will be recorded and that the replay and the slide deck that we’re gonna be using will be available on our website under the reports and presentations section. We will also have a q and a session at the end, but I ask that you keep your mics on mute during the presentation itself. With that, I will start the recording and introduce one of our presenters today, Agilix CEO, Ranjit Bhatia.

Ranjit Bhatia, CEO, Agilix: Thank you, Anna, and welcome everyone to the Agilix ASA first half, 2025 update. We, I just switched to the presenters page here. So we sorry. Make sure I got the red page up there. K.

So first thing I’m joining me today, I’m I’m Ranjit Bhatia, Agilix’s chief executive. And joining me today are Bertrand LaRoche, chief financial officer of Agilix, and Laurent Auguste, chief executive of Green Dot Global, which is a company which we have recently committed to make a strategic investment and which is a truly transformative development for Agilix, and we hope also for Green Dot. We are pleased to have Laurent joining us today. He’ll speak to the very dynamic business he’s building at Green Dot and will also, be available for q and a at the end of the presentation. In the 2025, Agilix 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 the company’s strategy is to build long term equity positions in businesses with complementary geographies, technologies, and customer bases while also working in partnership with established operators to scale production and supply of high quality recycled plastic feedstock. So on the slide here, we’re showing our current corporate organization, which which comprises Agilix ASA as the holding company. US based Cyclix is a 50% owned joint venture with ExxonMobil and LyondellBasell and is building a platform for the creation of waste plastic feedstock for advanced and mechanical recycling. Styrenics is our original business where where we were first founded. It’s 100% owned by Agilix and holds our IP rich portfolio developed really to support the recycling of plastic waste into high value virgin quality materials.

And then lastly, on the right is, and just joining the portfolio as Europe based Green Dot. It’s a leading recycling brand with unique access to volumes high volumes of waste plastic sorting and recycling capabilities in Germany, Austria, and Italy, and will be a big focus of our discussion today. In May 25, Roland Berger estimated just so recently that global advanced recycling capacity will reach 10,000,000 metric tons by the year 2030. Europe is growing the most quickly at a 55% compounded annual growth rate. And Agilix at Agilix, we felt it’s really imperative for us to move to take a leadership position in the EU market and participate in this really dynamic growth opportunity.

So Cyclix is, developing to be the leading platform for recycled plastic feedstock sourcing in The US, and Green Dot is the clear leader in Europe with over €380,000,000 of revenue in 2025 and generating a healthy operating profit. Together, Adjuvant’s investment in these two platforms is really motivated by the recognition that global petrochem companies and brands, both need trusted counterparties to deliver high quality, reliable, and on spec volumes of plastic feedstock for recycling. So we’re focused on participating in assets that can secure high volumes of waste plastic that are supported and entering into long term offtake agreements with for feedstock supply or offtake contracts for feedstock supply and, and where we can leverage our proprietary technical capabilities built over over twenty years of r and d at AzureLyx itself. So we’re very pleased to have achieved these objectives while identifying an investment opportunity in Green Dot, which on a stand alone basis presents 30% IRR opportunity. So without absent the synergies for the group and for the business on its own, it’s a great it’s a great financial investment.

So just switching over to Green Dot. So the Green Dot’s been in business for thirty five years. It was the first company in Europe to develop the extended producer responsibility business model, which Laurent will speak more deeply about more in more detail. Originally, a German state owned enterprise, it was spun out in 2005 and privatized. And as part of that privatization, the Green Dot name and logo were made available on a licensing basis to other companies and entities that were pursuing a similar business model.

So today, that logo and name are licensed by Green Dot, the this Green Dot Global to 29 countries, including in Norway where it’s known as. So, certainly, some of you will be familiar with that, that organization here in Oslo. The company has significant scale in 2025. It’s 2025. First half revenues were €220,000,000 and operating profit of circa 7,000,000.

The company has circa a 100,000 customers in the German market. It processes over a million tons per year of packaging waste and including in that waste 300,000 tons of waste plastic in Germany alone. So very mature, you know, very exciting business, great platform. I’d like to, at this point, turn it over to Laurent, who, as I mentioned, CEO of Green Dot. And, Laurent, if you could provide a brief background on yourself, I think that’d be a particular interest to people and then also your view on Green Dot’s operations.

Laurent Auguste, CEO, Green Dot Global: Thanks, Ranjit, and good afternoon. Very pleased to be with you. So yes, my name is Laurent Guest. I’ve spent most of my business time with Veolia, twenty five years. My last position was chief growth strategy and innovation officer.

I had the opportunity to start and develop a number of businesses, namely in the late nineties in South Korea, then in early two thousands in in Japan. I’ve been also CEO of the North American business, a $2,000,000,000 business at a time, before coming back to the headquarter in 2013. And this is really when I started to get into circular economy and plastic recycling leading Veolia actually to consolidate part of the market and to have today a leading position in terms of capacity for mechanical recycling. I’ve founded the Drindot in 2022 with the understanding of the business opportunity around plastic recycling and also the need to have a different player in the sector from feedstock to to recycling. Maybe a few words on Rindal, Ranjit, next slide.

Yes. So today, the portfolio is really made of two businesses. On the one side, the established business in Germany under Dagro Nepunt. As Ranjit mentioned, this business started thirty five years ago with this extended producer responsibility business, EPR, where we collect fund from brand owners to finance collection, sorting, recycling. But we’ve got also our own mechanical recycling plant, in Germany.

We are the third largest player in the in the market in Germany and actually the first independent player. But we’ve got also a growing part of the business that’s based on the sorting activities that we’ve got today both in Italy and in Austria. And where we have started already to supply feedstock for advanced recycling and we dare say that we are the pioneer and the leader in sector, thanks to investment already made and already capacity that we have in the sector to service some of the first players. And hopefully, by the end of the year, we will be supplying feedstock to the first commercial size plant in Europe. You see some of our clients and partners, some of major brands, but also petrochemical companies.

On that specific business of feedstock for chemical recycling, if we look at next slide, you will see that out of more than 40 projects that have been announced in Europe, we are in contact or discussion with about half of them. We’ve the the perspective based on the pace of development of this project to, add more than 20,000,000 EBITDA to our activity by 02/1930. Next slide shows that we are actually looking at growth potential in all segment of the business. First, when it comes to access to feedstock, both for the EPR business, but also through partnerships with waste management company, we definitely see opportunity to grow from today’s where we have access to more than three three hundred thousand ton of plastic waste a year to more than 500,000 ton by 02/1930. We see definitely growth in the advanced recycling part of the business to supply feedstock to to the the coming project as I was mentioning earlier.

But we see also growth in the mechanical recycling part of the business. We’re about to add a new business line to to our portfolio to unable to have packaging to packaging, very high quality recycling also in that sector. When it comes to the financial profile of the company, today we have had mostly short term contracts, but we start to to have long term multiyear contracts, namely for supply of feedstock for advanced recycling. And we’re moving towards long term offtake agreement. It can be more than ten years with take or pay type clauses.

So, closer to something that, would be more usual in the infrastructure business. By 02/1930, we see the revenue, you know, being growing by 50% and EBITA, being multiplied by, close to four time. Bertrand, I think you want to, share elements about the financials?

Bertrand LaRoche, CFO, Agilix: Sure. Thank you all. Good afternoon, everyone. Turning now to slide 10, we can look at Green Dot’s financial profile today and its start of 02/02/2030. So in 02/2025, Green Dot Germany is projected to deliver over 380,000,000 of revenues and 18,600,000.0 of in EBITDA, a strong rebound from last year’s macro driven weakness.

Germany is a stable cash generative, EPR and recycling platform, which we expect to normalize around 30,000,000 of annual EBITDA by 2027 and rose steadily by 3% or 4% after that. Greenland Italy plans to execute an asset acquisition in Q3 ’twenty five, and that business is expected to reach breakeven by 2026 and then ramp up meaningfully thereafter as advanced recycling contracts start to take effect. As Laurent mentioned, Grindel is already engaged with 19 announced advanced recycling project in Europe, representing the most developed pipeline in Europe, and this project underpin incremental EBITDA of circa €20,000,000 by 2030 for Green Dot Italy. Altogether, we see Green Dot scaling to around €600,000,000 of revenues and €50,000,000 of EBITDAs by 02/1930. This excludes contributions from Tripath, which is Green Dot’s equally accounting joint venture in Austria, which is profitable and expanding.

So to sum up, Green Dot is profitable today as clear path to €50,000,000 of EBITDA by 02/1930, and it gives Agilix unique access to Europe’s deepest pipeline of advanced recycling contracts. Moving to the next slide, we can review the structure of our Grindel investment. So Agilix is acquiring a 44.2% stake in Green Dot for a total consideration of €52,000,000, which includes 32,000,000 in Agilix shares, which will be issued at the view up of NOK 25.76 per share, euros 13,000,000 in cash for secondary share purchases and €7,000,000 in cash contributed as part of a €27,500,000 primary capital raise at Green Dot. That round will be led by Pioneer Point Partners, a leading European sustainable infrastructure private equity firm. This new capital will fund Green Dot’s facility expansion and the M and A transaction in Italy to deliver on Green Dot’s pipeline of advanced recycling contracts.

Importantly, Green Dot’s gross plan is refunded with this raise. From a valuation standpoint, the German operation were acquired at 8.8 x 2,025 EBITDA, which is a discount to peers which are trading at 10 to 12 x. And the Italian and Australian businesses were acquired at their book value, which we see as highly attractive given their growth potential. Adjusting for €80,000,000 of net debt, enterprise value of €197,000,000 implies a stand alone IRR for 30% before any synergies or multiple expansion. So to summarize, we believe this is a very compelling entry evaluation into Europe’s leading recycling platform, fully funded for growth and expected to generate compelling returns for Agenix shareholders.

Ranjit Bhatia, CEO, Agilix: Thank you, Richard. The, so just an update on the transaction status. An Agile CGM will be scheduled likely for mid September. We expect to obtain shareholder approval for transaction at that point. We do have voting proxies supporting the transaction already secured, so we have a high level of confidence in shareholder approval.

The only remaining precondition to closing is receipt of regulatory approval. The German and Austrian foreign direct applications were filed in August, and Austria replied with consent on August 18. So and we expect a reply from the German regulator by by late September. We did announce on July 17 a loan financing facility, which fully funds the closing of the Green Dot transaction. The facility is a €20,000,000 unsecured subordinated loan interest to cruise and is capitalized, so there’s no cash impact on the business.

Maturity date is six months after the bond repayment our our outstanding bonds repayment date, so May 2028. We expect to close on the transaction immediately following receipt of the regulatory approval approval from Germany. Again, that’s likely late September. At that time, we’ll issue 32 per per Tron’s comments, we’ll issue €32,000,000 of Agilix shares to the Green Dot shareholders. We’ll draw on the loan financing, and we’ll pay the cash consideration.

And Green Dot will close on a 27 and a half million dollar financing round. I just want I’d like to emphasize that the governance of the business is balanced with a new Green Dot board comprising Agilix, Pioneer Point, and Circular Resources alongside Laurent as the chief executive of Green Dot. And we have been meeting regularly as a group and and individually over the last in this pre closing period. We we’re very pleased with the high level of collaboration, the alignment of the parties, and we’re looking forward to working closely together over the over the coming years. Switching gears to the current business.

With regards to Cyclix, we remain, you know, very excited about its direction. Certainly, there have been delays and adjustments since the capitalization of Cyclix at the time of the c c c one FID in late twenty twenty three. The company has made, you know, significant changes to system design, process, management, and personnel, even geographic location, but it’s very well positioned at this point to achieve its objectives. Exxon and Lyndell have been excellent partners in Cyclix and have really made significant contributions to the business’ prospects. As we announced in July, the scope of the CCC one, the first facility in Houston, has been refined following design optimizations and process changes.

The initial advanced recycling output is expected to be approximately 50,000 tons per annum, around 50% lower than the original plan at the FID. So this represents phase one of the of the facility, we which has been designed with space and infrastructure for modular additions of processing lines and allows for potentially to subsequently increase capacity. Mechanical completion of this first phase, as we’ve mentioned before, is targeted for the 2025. With regard to the second facility, CCC two in Dallas Fort Worth, it remains in the engineering phase. It’s incorporating lessons from c c c one’s design.

We expect c c c two to remain on schedule for completion by the ’26 and within budget. Both facilities, as as you know, are well supported by a long term offtake commitments from ExxonMobil and and LyondellBasell. Relative to Styrenics, we have been as we previously communicated, our our shift of emphasis to waste plastic feedstock sourcing is, is really a defining strategic priority of ours. But at the same time, we do continue to commercialize our polystyrene conversion technology platform suite of IP. We’re, you know, very pleased that Toyo Styrene is independently operating the Styrenics facility in Chiba, Japan at this point.

In h one, we formally completed project handover, and we have recently entered into a customer support contract to assist Toyo with ongoing technical and operating support. The facility is being run on a campaign basis as as Toyo increases its operational intensity and test a variety of feedstock sources. We we expect that facility to run with increasing frequency over the coming months. Very happy with the performance there today. The as I think we all know, the macroeconomic environment for within the petrochem market is certainly impacting, large scale budgets for CapEx and and allocations to new facilities, which has which has caused, no doubt, a delay in commercial rollout of Styrenics over the last periods.

But we, you know, we’re optimistic about its position in the market. It’s truly unique in terms of being the only really viable depolymerization technology for polystyrene, in the market, and we continue to get very high level engagement from industry partners. We do continue to see very significant interest from major styrene manufacturers who want to execute offtake agreements for supply of recycled styrene. We in the context of the overall market landscape, we are exploring creative ways to bring smaller facilities online, which decreases the capital intensity of the projects for our customers. Again, we’re licensing, so we’re not owning or building these facilities, but it does help our customers with financing.

Our our involvement in in Green Dot, I just would like to add, is certainly adds value to the project economics in the form of access to low cost and and reliable waste polystyrene feedstock for within the European Union in particular. And lastly, on Cyrenics further supporting the business cases, the recent, we’ve just announced it, formal confirmation from Sphera that the Styrenics technology decreases carbon intensity of styrene manufacturing by over 85% versus version production. So that, our perspective offtake customers, you know, place a high value on low carbon manufacturing and the magnitude of the decreased carbon intensity certainly supports a meaningful premium in our pricing discussions, and that’s been, certainly very helpful. That note, I’d like to turn it back to Bertrand for him to summarize h one trading and and financing and the financial reports.

Bertrand LaRoche, CFO, Agilix: Thank you, Ranjit. It’s Kai. Reported revenue. Go ahead. Reported revenues over the first half was 400,000.0, broadly stable from last year as we remain in the build out phase before psychic security centers begin operation.

Total operating expenses declined from 6,800,000.0 last year to 5,700,000.0, reflecting tighter cost control despite additional professional and legal fees to perform due diligence and structure the Green Dot investment. As a result of cost control, our operating loss narrowed to $5,300,000 versus 6,300,000.0 in the 2024. Net financials items were negative 6,400,000.0, including Agilix share of Cyclix losses for 6,200,000.0, together with 2,900,000.0 of net interest expense and partly offset by 2,600,000.0 fair value gain on warrants. Total comprehensive loss was 11,900,000.0, broadly in line with last year. And on liquidity, our position has strengthened significantly.

As of June 30, Agility fell €10,700,000 in unrestricted cash, plus €40,000,000 in restricted cash earmarked for our CC2 funding compared to just €1,700,000 a year ago. Operating cash outflows were €3,900,000 over the first half, an improvement from last year at €6,700,000 underscoring our improved cost discipline. So in summary, operating losses and cash burns are narrowing, we have a solid liquidity position in place to fund our investment in Cyclics, second facility, and our Green Dot acquisition.

Ranjit Bhatia, CEO, Agilix: Well, thank you, Bertrand. So just in conclusion, we are before we enter q and a, we are very pleased with the foundations in place halfway through the twenty five fiscal year. While we recognize the industry is in a challenging macro cycle, certainly the commercial and regulatory pressure to address the issue of waste plastic continues and presents an exceptional opportunity to build a really long term sustainable and profitable business. We are increasingly technology agnostic and well positioned to benefit from the long term growth of the plastic recycling industry. Our, strategic ownership in Green Dot is a really major milestone in our development.

The, in Europe, Green Dot today controls circa 400,000 tons of plastic waste, and in the German market alone has close to a 100,000 customers. In The US, Cyclix has offtake commitments for over 200,000 tons of advanced recycling feedstock and interest in offtake from an expanding list of of prospective partners. We we believe this foundation places Agilix on a trajectory for significant profits in 2030. Of course, we’ll, you know, we’ll get there in increments over the next few years. But Agilix our Green Dot is generating a a healthy EBITDA already in 2025 as Parchana summarized.

And the growth in its core business plus contribution from supply of advanced recycling feedstock should generate over 50,000,000 of EBITDA US dollars in 02/1930. And assuming Agilix, holds at 44% of that, of the company, contribute about 24,000,000 in US dollars in income to Agilex. And despite initial delays at Cyclix, the fundamentals of the business opportunity there are unchanged and, either in collaboration with existing members of Cyclix and and or additional companies seeking feedstock supply. Agilix anticipates five circularity centers in operation by 2030, and then our 50% ownership share has the potential to generate circa 60 plus million US dollars of income to to Agilix. So with this long term potential in view, you know, our focus is daily execution and focusing on near term steps that are required to to get there over the next twelve months.

You know, we will focus on on maintaining cost discipline at Agilix, which we’ve been doing now for the last couple years very carefully. We we will be working with Laurent to expand the Green Dot’s recycling volumes and EBITDA in Germany while achieving breakeven in, its Italian operations and expanding its EU advanced recycling, feedstock business. And the cyclists, you know, they will be focusing on advancing c one in Houston to commissioning and completion of c two in Dallas, and we’ll support that as much as we can. And, and we’ll continue to work to identify strong or strategic partnerships really for to monetize our Cyrenics technology. And lastly, and I think importantly, we expect to achieve a dual listing in The US, on on stock exchange to broaden our shareholder base and enhance liquidity.

That’s something that we really prioritize in the 2026 after we complete our 2025 audit, audit audits activities. So that that concludes our comments for today, and we’d be happy to answer any questions you may have. Really wanna thank you for your time and and joining the call today. Adam, you wanna go ahead?

Adam, Analyst/Questioner: Hi there. Hello, everybody. Very good half of progress. Congratulations. On Green Dot, the smaller Italian business at the moment, seeing it as making a loss at gross profit line.

Is that really just scale? And will that get fixed by the new investment that’s coming in with Pioneer? And then beyond that, you’re in Germany, Italy, Austria. Do you have any ambition to expand beyond those borders? It looks like the growth you’re signaling to 2030 is really new sites within those territories.

But I wonder if there’s reasons for not going into others or if that’s part of the plan.

Ranjit Bhatia, CEO, Agilix: Doran, do you want to pick that up on relative to the plans to get to the changes? It’s an extra not really coming in some of the expansion plans.

Laurent Auguste, CEO, Green Dot Global: Sure. You have to see this Italian business as a business that has been actually investing already a few years ago in supply of feedstock for advanced recycling. This business start to come to maturity now. And so this is an important element of, if you wish, the turnaround of that business. We’ve mentioned also expansion in the mechanical recycling part.

So we hope to be able to announce pretty soon also an acquisition there that should have a major contribution. As also this standing business have been working very closely with this mechanical recycling business to supply high quality feedstock, which support at the end of the day the supply of high quality recycled plastics. So yes, we’re fairly confident about turnaround. And, yes, the investment that is coming now is absolutely sufficient to secure this.

Ranjit Bhatia, CEO, Agilix: Yeah.

Adam, Analyst/Questioner: Right. And then further yeah. For just the further the geographic question, would look beyond your existing territories?

Laurent Auguste, CEO, Green Dot Global: So we are definitely having a look at potential beyond the three countries where we are. This would be also driven by the evolution of our business in the advanced recycling part of the business. Very often, this is also located towards the Northern part of of Europe, at least the Benelux. So we’re definitely having a look there. There’s also on the EPR business, a number of opportunities because a number of countries are coming to, to this model and evolution of regulation in in Europe, namely under what we call the PPWR, the packaging and packaging waste regulation, bring some some new opportunities.

So, yes, there might be opportunity for us to start stepping into some of the countries in Europe.

Adam, Analyst/Questioner: That’s great. That’s really helpful. Thanks.

Ranjit Bhatia, CEO, Agilix: Thank you, Adam. Helena?

Helena, Analyst/Questioner: Yes. I have a question related to the service agreement that you have gotten with the Toyo Staurin. I was wondering if you could provide some more flavor on that one, like how what should we expect in terms of revenues, for instance?

Ranjit Bhatia, CEO, Agilix: Breton, do you wanna take that?

Bertrand LaRoche, CFO, Agilix: I think it will depend on how much of a team is running, how much people do they need. I think at the outset, like, we expect around half a million per year, but those numbers could grow depending on the involvement that Toyo, Theron wants us wants from us.

Helena, Analyst/Questioner: Okay. Thank you.

Ranjit Bhatia, CEO, Agilix: I don’t see any other questions. There’s a question on text. Are you able to read that on that, Kim?

Anna, Call Moderator, Agilix: Yes. Can you provide an update on how Agilix is approaching trading window? This is related to, the options program that we have.

Ranjit Bhatia, CEO, Agilix: Yeah. We, you know, we we do have options outstanding as we’re fully disclosed in our annual reports. And, you know, we are focused on maintaining on abiding by our option plan requirements. And to the extent that the board feels it’s appropriate to open up windows, we will. But we don’t have any, advanced, expectations or timing to to propose today.

I don’t see any other questions.

Anna, Call Moderator, Agilix: No. I don’t notice any either. K. Shall we say thank you for today and just remind everybody that replay of this meeting is available on our website as will be the presentation. Thank you, everyone, for joining us.

Ranjit Bhatia, CEO, Agilix: Thank you. Thank you.

Bertrand LaRoche, CFO, Agilix: Thank you.

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