Clean Energy Fuels Corp. · NASDAQ:CLNE
Clean Energy Fuels — Q2 2026 Earnings Presentation
24 slides from Clean Energy Fuels's earnings presentation, Aug 6, 2026
Slide 1: Company Overview
Company Overview August 2026
Slide 2: Safe harbor
Safe harbor This presentation contains forward-looking statements within the meaning of Section 27A of the natural gas for non-vehicle purposes via virtual natural gas pipelines and interconnects, as well Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
Slide 3: Who we are
Who we are Why RNG Vehicles & infrastructure RNG production & supply Industrial solutions Financial summary 3
Slide 4: Clean Energy at a glance
Clean Energy at a glance 600+ stations across N. America Blue chip customer base Leading dairy RNG producer Partnerships w/energy leaders Sustainability services Delivering natural gas solutions 4
Slide 5: Our businesses
Our businesses Fuel sales & 3rd party Owned station servicing RNG supply RNG production • RNG fuel sales at Clean • Largest supplier of RNG • 8 RNG production facilities Energy owned stations for transportation in currently in operation North America • Operations and maintenance • 3 projects in deve
Slide 6: Why RNG as a transportation fuel?
Why RNG as a transportation fuel? Cleaner Affordable Proven As a sustainable biofuel, RNG is a domestically RNG fuels engines built RNG dramatically reduces produced, stable-priced by Cummins, supported by carbon emissions vs. diesel. fuel that costs significantly major OEMs, and trusted less than d
Slide 7: Switching from diesel to RNG
Switching from diesel to RNG Vehicle cost Fuel cost Emissions Performance TCO Where RNG • High annual mileage • Long-term assets (5+ years) delivers the most • Regional or fixed route operations value for fleets: • Proximity to RNG stations 7
Slide 8: Heavy-duty RNG trucks
Heavy-duty RNG trucks 15-liter big bore natural gas engine Available through major truck OEMs: Leasing through major providers, made by Cummins Peterbilt, Kenworth, and Freightliner such as Penske, Ryder, PacLease, and Pioneer 8
Slide 9: RNG stations
RNG stations Los Angeles, CA Carneys Point, NJ Lakewood, FL 9
Slide 10: Our station infrastructure
Our station infrastructure 600+ Public & private fueling stations 100+ Tractor-trailer friendly public stations 50k+ Vehicles fueling daily 10
Slide 11: Owned dairy RNG production
Owned dairy RNG production • Produce RNG from manure at dairy farms • JV partners TotalEnergies, bp, and Maas • All gas supplied to our vehicle fuel customers • Diversified income streams from the sale of produced gas, environmental credits (RIN, LCFS), and federal tax credits (45Z) Project count an
Slide 12: How dairy RNG is made?
How dairy RNG is made? Clean Energy Gas Cleanup Injection Pipeline Clean Energy Station
Slide 13: Third-party RNG supply
Third-party RNG supply 100+ projects operating 50,000 vehicles or in development across 600+ stations Heavy-duty Landfill Livestock Manure Transit RNG supply & offtake services Wastewater Refuse 13
Slide 14: Industrial solutions
Industrial solutions LNG marine fuel bunkering systems CNG virtual pipeline delivery LNG supply systems for and bulk LNG fuel and mobile CNG fueling power generation projects 14
Slide 15: Financial summary
Financial summary 15
Slide 16: Financial summary
Financial summary Total revenue Adjusted EBITDA* Cash and long-term debt 442 77 304 303 425 416 425 68 66 263 254 253 217 44 156 138 115 98 86 41 2023 2024 2025 TTM 6.30.26 2023** 2024** 2025 TTM 6.30.26 12.31.23 12.31.24 12.31.25 06.30.26 in $ millions **Includes AFTC, but AFTC expired 12/31/24 in
Slide 17: Balance sheet highlights
Balance sheet highlights 12.31.23 12.31.24 12.31.25 06.30.26 Cash and short-term investments $263M $217M $156M $138M (unrestricted) Land, property, and equipment $332M $365M $324M $313M Total assets $1,259M $1,244M $1,057M $1,026M Long-term debt $304M $303M $254M $253M Total stockholders’ equity $73
Slide 18: Statement of operations highlights
Statement of operations highlights Year ended December 31, Three months ended Jun 30, Six months ended Jun 30, 2023 2024 2025 2025 2026 2025 2026 Total revenue $ 425,159 $ 415,865 $ 424,833 $ 102,613 $ 106,359 $ 206,377 $ 223,915 Total operating expenses 501,559 452,218 584,697 111,845 111,487 341,9
Slide 19: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation Non-GAAP financial measure Adjusted EBITDA To supplement the Company’s unaudited consolidated financial statements presented in Adjusted EBITDA, which the Company presents as a non-GAAP measure of its performance, accordance with accounting principles generally accepte
Slide 20: Adjusted EBITDA by year
Adjusted EBITDA by year (see disclaimer on previous page) Year ended December 31, 2023 2024 2025 Net income (loss) attributable to Clean Energy Fuels Corp. $ (99,497) $ (83,070) $ (222,024) Income tax expense (benefit) (423) 2,692 (2,820) Interest expense 22,924 32,179 52,687 Interest income (11,148
Slide 21: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation (see disclaimer on page 19) Three months ended Jun 30, Six months ended Jun 30, 2025 2026 2025 2026 Net income (loss) attributable to Clean Energy Fuels Corp. $ (20,240) $ (14,853) $ (155,207) $ (27,265) Income tax expense (benefit) 72 128 (2,860) 146 Interest expense
Slide 22: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation (see disclaimer on page 19) Three months ended Jun 30, Six months ended Jun 30, 2025 2026 2025 2026 Net income (loss) attributable to fuel distribution* $ (15,030) $ (10,071) $ (144,962) $ (15,373) Income tax expense (benefit) 72 128 (2,860) 146 Interest expense 7,735
Slide 23: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation (see disclaimer on page 19) Three months ended Jun 30, Six months ended Jun 30, 2025 2026 2025 2026 Net income (loss) from RNG upstream attributable to Clean Energy Fuels Corp.* $ (5,210) $ (4,782) $ (10,245) $ (11,892) Depreciation and amortization from RNG upstream 2
Slide 24: Clean Energy
ce —— Clean Energy Shifting carbon into reverse.