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Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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Abundia Global Impact Group / Equity Bottom-Up

<div><ul><li>Today, Abundia announced a significant share buyback. AGIG is a waste-to-value company with a unique dual-platform model that converts waste plastics and biomass into SAF, other renewable fuels, and chemicals through commercially proven pyrolysis and upgrading technologies. </li><li>The near-term objective is a final investment approval (FIA) on a first plastics-to-fuels facility in Baytown, Texas, targeted for early 2027.</li><li>AGIG today announced a $5 million stock buyback program. The board authorized repurchases of up to ~12% of outstanding shares. </li></ul></div>

Today, Abundia announced a significant share buyback. AGIG is a waste-to-value company with a unique dual-platform model that converts waste plastics and biomass into SAF, other renewable fuels, and chemicals through commercially proven pyrolysis and upgrading technologies. The near-term objective is a final investment approval (FIA) on a first plastics-to-fuels facility in Baytown, Texas, targeted for early 2027.AGIG today announced a $5 million stock buyback program. The board authorized repurchases of up to ~12% of outstanding shares. 

AGIG: $5 Million Buyback Authorized; Large Relative to Free Float

<ul><li>Abundia is a waste-to-value company with a unique dual-platform model that converts waste plastics and biomass into SAF, other renewable fuels and chemicals through commercially proven pyrolysis and upgrading technologies. </li><li>The near-term objective is a final investment approval (FIA) on a first plastics-to-fuels facility in Baytown, Texas, targeted for early 2027. </li><li>2Q26 results show execution advancing, with customer-funded engineering revenue from newly acquired RPD Technologies, a completed scale-up facility, and an engineering design basis in hand.</li></ul>

Abundia is a waste-to-value company with a unique dual-platform model that converts waste plastics and biomass into SAF, other renewable fuels and chemicals through commercially proven pyrolysis and upgrading technologies. The near-term objective is a final investment approval (FIA) on a first plastics-to-fuels facility in Baytown, Texas, targeted for early 2027. 2Q26 results show execution advancing, with customer-funded engineering revenue from newly acquired RPD Technologies, a completed scale-up facility, and an engineering design basis in hand.

AGIG: RPD Delivers Revenue in 2Q26; $10-Million Facility Removes Dilution; FIA Early 2027

<div><ul><li>Abundia’s model is built on execution. Rather than developing proprietary technology, the company licenses commercially proven pyrolysis and upgrading processes.</li><li>Its competitive differentiation lies in integrating those processes all the way through to finished, drop-in fuels like SAF.</li><li>The approach eliminates scale-up risk and gives Abundia high confidence in product quality and project economics before breaking ground.</li></ul></div>

Abundia’s model is built on execution. Rather than developing proprietary technology, the company licenses commercially proven pyrolysis and upgrading processes.Its competitive differentiation lies in integrating those processes all the way through to finished, drop-in fuels like SAF.The approach eliminates scale-up risk and gives Abundia high confidence in product quality and project economics before breaking ground.

AGIG: WTR Symposium Series Podcast Recap - CEO on Building One of the World's Largest SAF Producers

<div><ul><li>Gillespie expects to unveil a major biomass-related development by later this summer. </li><li>The event could be a “game changer” in Abundia’s ambition to become one of the world’s largest SAF producers.</li><li>This would sit squarely on top of an already-advancing plastics plant in Baytown and significant expansion thereafter. How transformational could the biomass strategy be?</li></ul></div>

Gillespie expects to unveil a major biomass-related development by later this summer. The event could be a “game changer” in Abundia’s ambition to become one of the world’s largest SAF producers.This would sit squarely on top of an already-advancing plastics plant in Baytown and significant expansion thereafter. How transformational could the biomass strategy be?

AGIG: Circular Economy (SAF) Symposium Series Recap with CEO Ed Gillespie

Thematic (Sector/Industry)

<div><ul><li>The liquid renewable fuels sector has entered 2H26 in the strongest position it has occupied in years. </li><li>Margins across renewable diesel (RD), biodiesel, sustainable aviation fuel (SAF), and low-carbon ethanol are running near multi-year highs, balance sheets are healthier, and carbon credit revenue is maturing into a durable earnings stream that stands apart from physical fuel.</li><li>In this report, we walk through the five most resounding themes from companies’ interim results and recent WTR events, illustrated with company-level evidence and near-term catalysts with our thoughts on what we’re watching in the coming weeks for investors to follow.</li></ul></div>

The liquid renewable fuels sector has entered 2H26 in the strongest position it has occupied in years. Margins across renewable diesel (RD), biodiesel, sustainable aviation fuel (SAF), and low-carbon ethanol are running near multi-year highs, balance sheets are healthier, and carbon credit revenue is maturing into a durable earnings stream that stands apart from physical fuel.In this report, we walk through the five most resounding themes from companies’ interim results and recent WTR events, illustrated with company-level evidence and near-term catalysts with our thoughts on what we’re watching in the coming weeks for investors to follow.

WTR Circular Carbon Focus Report : Five Key Themes Driving Liquid Renewable Fuels

United States

Abundia Global Impact Group, Inc. operates as a biomass energy company. The Company develops scalable pyrolysis technologies that convert waste plastics and certified biomass into drop-in fuels and low-carbon chemical feedstocks. Abundia Global Impact Group serves customers worldwide.

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Abundia Global Impact Group (AGIG US)

AGIG: $5 Million Buyback Authorized; Large Relative to Free Float

AGIG today announced a $5 million stock buyback program. The board authorized repurchases of up to ~12% of outstanding shares.

Water Tower Research

AGIG: RPD Delivers Revenue in 2Q26; $10-Million Facility Removes Dilution; FIA Early 2027

The near-term objective is a final investment approval (FIA) on a first plastics-to-fuels facility in Baytown, Texas, targeted for early 2027.

Water Tower Research

AGIG: WTR Symposium Series Podcast Recap - CEO on Building One of the World's Largest SAF Producers

Abundia’s model is built on execution. Rather than developing proprietary technology, the company licenses commercially proven pyrolysis and...

Water Tower Research

AGIG: Circular Economy (SAF) Symposium Series Recap with CEO Ed Gillespie

Gillespie expects to unveil a major biomass-related development by later this summer. The event could be a “game changer” in Abundia’s ambition to...

Water Tower Research

WTR Circular Carbon Focus Report : Five Key Themes Driving Liquid Renewable Fuels

Margins across renewable diesel (RD), biodiesel, sustainable aviation fuel (SAF), and low-carbon ethanol are running near multi-year highs, balance...

Water Tower Research

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