From a developer to a platform, Agilyx has emerged as a scaled, cash-generative European circular plastics leader. The move caps the fundamental strategic transformation of the company following the restructuring of Cyclyx and the acquisition of majority control of GreenDot. This transition marks a decisive shift from a capital-intensive project developer to a scaled operator with immediate EBITDA contribution and strong earnings visibility. We reinitiate coverage with a central valuation of NOK 32.3 per share.