Foreword 3

Executive summary 4

1 The breakthrough moment 5

  1.1 Converging factors boost the business case for circularity 8

  1.2 The installed base is the breakthrough opportunity 8

  1.3 Unlocking new, recurring revenue pools 9

  1.4 Efficiency gains are tangible and show strong potential 10

  1.5 More room for optimizing working capital 11

  1.6 Circularity delivers greater resilience 13

2 Barriers to execution 14

3 The winning playbook 19

  3.1 Quantify: Map the risk, measure the opportunity 20

  3.2 Codify: Choose the actions that reduce risk and/or create value 24

  3.3 Amplify: Build the conditions to scale 30

Conclusion 32

Contributors 33

Endnotes 35