Agilyx: Preparing for a new phase of growth - Nordea

Agilyx will hold a Q3 trading update investor call on 28 November. We expect the primary focus to be on the recent transaction and strategy update announcements, as well as a brief update on operations. The first point includes a capital injection of around USD 135m by ExxonMobil and LyondellBasell in Cyclyx for a stake in the waste sourcing platform, with the use of proceeds meant to push the Cyclyx Circularity Center (CCC) forward to FID, as well as cover construction costs through commissioning. As part of this announcement, the company also highlighted an update to the strategy of Cyclyx, with the company moving to a build-own-operate model on the Cyclyx side in the form of the future CCC; we expect the company to touch upon further details regarding future CCC economics in the trading update call. Elsewhere, we expect to hear details around operational developments on both sides of the business (as this is just a trading update, we do not expect to see a full set of accounts); on the conversion side, we hope to hear about progress at the Toyo Styrene project, as well as any updates on the Kumho and Technip partnerships. On the Cyclyx side, we are looking for updates related to Cyclyx volume deliveries. Lastly, we expect the company to share progress on the search for a new CEO, after the departure of Tim Stedman.

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