Core Viewpoint - Cabka N.V. has nominated Mark Letterie as the new Chief Financial Officer (CFO) and Anja Siegesmund for the Supervisory Board, with appointments to be considered at an upcoming Extraordinary General Meeting of Shareholders [1] Group 1: Management Changes - Mark Letterie brings over 15 years of international finance experience, previously serving as Finance Director Europe at Vinmar International, overseeing financial governance for revenues exceeding €500 million [2] - Letterie holds a Master of Science in International Economics and Finance and is a Certified Management Accountant (CMA), making him well-suited for Cabka's growth phase [3] - He will succeed Frank Roerink, who will assist during a handover period until the end of November 2025 [4] Group 2: Company Overview - Cabka specializes in transforming hard-to-recycle plastic waste into innovative Reusable Transport Packaging (RTP), contributing to sustainability in logistics [5][6] - The company is recognized for its integrated approach to recycling, manufacturing, and closing the loop from waste to end-products, supported by its own innovation center [6] - Cabka has been listed on Euronext Amsterdam since March 1, 2022, under the CABKA ticker [7]

Core Viewpoint - PureCycle Technologies has experienced significant stock performance due to successful capital raising and positive analyst sentiment, with shares trading nearly 21% higher week to date [1] Group 1: Capital Raising - PureCycle has raised $300 million in fresh capital commitments through the flotation of convertible preferred shares, attracting both former and new investors [2] - The funds will support the expansion of operations in Augusta, Georgia, and the establishment of new facilities in Asia (Thailand) and Europe (Belgium) [4] Group 2: Future Plans - The company aims to achieve 1 billion pounds of installed recycling capacity by 2030, utilizing the newly raised capital to execute its global growth plans [4][5] Group 3: Analyst Sentiment - Analyst Andrew Sheppard from Cantor Fitzgerald has reiterated a buy recommendation for PureCycle, maintaining a price target of $12 per share, citing the company's early-mover advantage, exclusive technology, and large addressable market as key factors [6]

Core Viewpoint - PureCycle Technologies has experienced a significant stock surge following a major investment announcement, indicating strong investor confidence in the company's growth potential and expansion plans [1][5]. Funding and Investment - PureCycle has raised $300 million through convertible preferred stock, which offers a 7% coupon and converts to common equity at a 30% premium to the stock's 10-day volume-weighted average price prior to the announcement [2]. - Notable investors in this funding round include Sylebra Capital Management, Samlyn Capital, and Stanley Druckenmiller's Duquesne Family Office, among others [2]. Expansion Plans - The company plans to expand its second U.S. facility in Augusta and construct two new international recycling plants in Thailand and Antwerp, with funding allocated for these developments [3]. - PureCycle anticipates generating $600 million in annual EBITDA by 2030 once the new facilities are fully operational [3]. Market Performance - Following the investment announcement, PureCycle's stock price increased significantly, nearing the preferred shares conversion threshold, driven by robust expansion plans and notable investor participation [5]. - The company's market capitalization is approximately $2.6 billion, which will increase by another $300 million upon conversion of the preferred shares to common stock [6].

Transaction Highlights - PureCycle is raising $300 million through a perpetual preferred offering with new and existing investors[7] - The capital raise aims to unlock a path to 1 billion pounds of installed capacity and $600 million in annual EBITDA by 2030[7] - The company expects the offering to de-risk the balance sheet and open additional capital sources exceeding capital expenditures by over $300 million during the investment period[7, 21] Capacity Expansion and Timeline - The company plans to reach approximately 1 billion pounds of installed capacity by the end of 2029[11] - Thailand facility (130 million pounds capacity) is expected to be operational by mid-2027[7, 11] - Antwerp facility (130 million pounds capacity) is expected to be operational by mid-2028[11] - Augusta Gen 2 Line 1 (300+ million pounds capacity) is targeted for commissioning in Q1 2029[18] - A second Gen 2 line (300+ million pounds capacity) is planned for either Thailand or Augusta, targeted for operation in Q3 2029[7, 13] Cost and Efficiency Improvements - The Thailand project is expected to have operating costs 40% below Ironton's[7, 11] - Future Gen 2 designs are projected to have operating costs approximately 50% below Ironton's[7, 11] - Capital expenditure for future Gen 2 lines is estimated to be less than $2 per pound[11] IRPC Partnership (Thailand) - PureCycle is partnering with IRPC, a Thai polyolefin producer, leveraging their existing infrastructure[7, 17] - IRPC holds approximately 31% local market share in Thailand[17] - The Thailand site will have a capacity of 130 million pounds per year[7]

Group 1 - Agilyx ASA's venture Plastyx Ltd. has achieved 75% of its goal to secure MOUs for 200,000 metric tons of waste plastic by the end of 2025, having executed MOUs for 150,000 tons to date [1] - Plastyx is on track to potentially double its target, contributing to advanced recycling growth by forming partnerships and enhancing material processing capabilities for high-quality polymers [2] - Agilyx ASA is a leader in advanced recycling, transforming post-use plastics into high-value feedstock and virgin-equivalent products, and operates through joint ventures with ExxonMobil and LyondellBasell [3] Group 2 - The company supports the collection and processing of post-use plastic waste into high-quality feedstock solutions for global plastic producers through its joint venture Cyclyx [3] - Agilyx, via its joint venture with Circular Resources, provides essential European-sourced feedstock to the global mechanical and advanced recycling markets [3] - The company is advancing the transition to a low-carbon future by shifting from a linear "make-take-waste" model to a circular economy [3]

Core Points - Cabka N.V. held its Annual General Meeting (AGM) on May 29, 2025, in Amsterdam, where all proposed resolutions were passed [1] - A total of 12,254,913 votes were cast, representing 49.40% of the total issued share capital of 24,808,378 shares [1] Agenda Items Summary - **Remuneration Report**: The remuneration report for the management and supervisory boards for the financial year 2024 received 12,253,660 votes in favor, with 975 against and 278 withheld [2][3] - **Financial Statements**: The adoption of the company and consolidated financial statements for the financial year 2024 was approved with 12,254,635 votes in favor, no votes against, and 278 withheld [4][5] - **Discharge of Managing Directors**: The discharge of managing directors for the financial year 2024 was supported by 12,254,160 votes in favor, with 475 against and 278 withheld [6][7] - **Discharge of Supervisory Directors**: The discharge of supervisory directors for the financial year 2024 also received 12,254,160 votes in favor, with 475 against and 278 withheld [8][9] - **Appointment of Supervisory Director**: The appointment of a supervisory director was approved with 12,254,135 votes in favor, 500 against, and 278 withheld [10][11] - **Reappointment of External Auditor**: The reappointment of the external auditor for the financial year 2025 was supported by 12,254,635 votes in favor, with no votes against and 278 withheld [12][13] - **Share Repurchase Authorization**: The management board was authorized to repurchase ordinary shares, receiving 12,253,091 votes in favor, 1,544 against, and 278 withheld [14][15] - **Issuance of Ordinary Shares**: The management board was designated as the competent body to issue ordinary shares, with 12,253,051 votes in favor, 1,584 against, and 278 withheld [16][17] - **Exclusion of Pre-emptive Rights**: The management board was also designated to restrict or exclude pre-emptive rights upon issuance of ordinary shares, receiving 12,253,051 votes in favor, 1,584 against, and 278 withheld [18][19] Company Overview - Cabka specializes in recycling plastics from post-consumer and post-industrial waste into reusable transport packaging (RTP), enhancing logistics chain sustainability [20][22] - The company is listed on Euronext Amsterdam under the CABKA ticker since March 1, 2022 [23]

Core Insights - CARBIOS has signed its first multi-year offtake contracts with L'ORÉAL and L'Occitane en Provence for biorecycled r-PET from its upcoming commercial plant in Longlaville, marking a significant step in its strategy to industrialize biological technologies for plastic recycling [1][5]. Company Developments - The contracts with L'ORÉAL and L'Occitane confirm the demand for recycled and recyclable PET from enzymatic recycling, aligning with the brands' circularity and quality objectives for packaging [2][5]. - CARBIOS aims to achieve its sales and supply targets, expressing confidence in signing additional contracts for its Longlaville site soon [3][5]. - The company’s biorecycling demonstration plant has been operational since 2021, and construction of the world's first industrial biorecycling plant is expected to restart between June and September 2025, pending additional funding [4]. Industry Context - The partnership with CARBIOS is seen as a decisive step for L'Occitane en Provence in enhancing circularity in packaging, reflecting a broader commitment to reducing environmental impact within the industry [3]. - The contracts highlight the growing market for high-quality, recycled PET derived from enzymatic recycling, indicating a shift towards sustainable practices in the packaging industry [2][5].

Core Viewpoint - Cabka N.V. announces the resignation of Tova Posner Henkin from the Supervisory Board and the interim appointment of Anja Siegesmund, reflecting the company's commitment to sustainability and strategic growth in the recycling industry [1][3][4]. Group 1: Resignation and Appointment - Tova Posner Henkin resigns from her position on the Supervisory Board for personal reasons, effective 30 May 2025 [1]. - Anja Siegesmund is appointed as an interim member of the Supervisory Board, pending approval at the Annual General Meeting of Shareholders [1][6]. Group 2: Contributions and Experience - Tova Posner Henkin has been a member of the Supervisory Board since 2021, significantly contributing to the company's strategic direction and playing a key role in its listing on Euronext Amsterdam in March 2022 [2]. - Anja Siegesmund brings extensive experience in sustainability and environmental policy, having served as the former Minister of the Environment in Thuringia, Germany, and currently as Executive President of the German Association of Waste Management, Water and Recycling Industry [3][5]. Group 3: Strategic Implications - The appointment of Anja Siegesmund is seen as a strategic move to enhance Cabka's focus on sustainable logistics and recycled material innovation [4]. - The company aims to strengthen its position in the recycling industry by leveraging Siegesmund's expertise in environmental protection and circular economy [4][5].

Financial Data and Key Metrics Changes - The first quarter of 2025 marked the first reported revenues in the company's history, indicating significant progress [6][25] - The company ended the quarter with $37.5 million in cash, including $22.5 million of unrestricted cash, and raised just under $55 million through various transactions [30][31] Business Line Data and Key Metrics Changes - The company is currently engaged in over 30 trials, with 24 progressing to industrial stages, representing over £300 million in potential product sales [8][16] - The operational improvements led to the production of 4.3 million pounds of resin in the quarter, with an inventory of approximately 14 million pounds [23][25] Market Data and Key Metrics Changes - The company has seen increased interest in its products, particularly in the fiber and film markets, with significant potential for growth in these segments [21][22] - The BOPP film market is highlighted as a major opportunity, with the company successfully testing its product with Bruckner, a leading equipment supplier [20][21] Company Strategy and Development Direction - The company is focusing on a compounding strategy to better serve customer needs and improve operational flexibility, introducing two product lines: Pur5 Ultra and Pure5 Choice [10][12] - Future growth plans include scaling technology to higher capacities, reducing capital and operational expenditures, and improving overall profitability [26][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving meaningful EBITDA and cash flow, with 2025 expected to be a transformative year for the company [9][118] - The company is optimistic about the demand for its products, which is expected to outstrip supply, and is preparing for a revenue ramp in the second half of 2025 [51][85] Other Important Information - The company has made significant operational progress, achieving an on-stream time of almost 90% in April, a substantial improvement from previous performance [23][25] - The company is pursuing multiple paths of financing for its growth plans and intends to update the market with details once finalized [28][29] Q&A Session Summary Question: Strategy for selling inventory - Management decided to hold back some inventory to sell at higher values later in the year due to faster-than-expected performance in customer trials [35] Question: Growth plans and future facilities - The company is excited about growth plans, leveraging learnings from Ironton to design larger, more efficient plants [39][41] Question: Backlog and trial momentum - Management confirmed that the backlog has increased and that there is momentum in converting trials from pilot to industrial stages [49] Question: Pricing structure for products - The company is seeing a shift towards feedstock plus pricing, which is gaining traction among customers [68] Question: Liquidity and cash burn - Management expects cash burn to improve in the second half of the year as inventory is sold and operations stabilize [76][77] Question: Impediments to achieving full nameplate capacity - The company has made significant progress in reliability and is confident in ramping production as customer demand increases [108][109]

First Quarter 2025 Corporate Update May 7, 2025 Confidential Information. Do Not Distribute. 11 Confidential Information. Do Not Distribute. Forward-Looking Statements This press release contains forward-looking statements, including statements about the continued execution of PureCycle's business plan, the expected results of tests and trials, the expected timing of commercial sales, and planned future updates. In addition, any statements that refer to projections, forecasts or other characterizations of f ...