Slide 1: First Quarter 2026 Earnings Presentation
First Quarter 2026 Earnings Presentation May 2026
Slide 2: Disclaimer
Disclaimer For the purposes of this notice, the “presentation” that follows shall mean and include the slides that follow, the oral presentation of the slides by members of management of OPAL Fuels Inc. (the “Company” or “OPAL Fuels”) or any person on their behalf and the question-and-answer session
Slide 3: Disclaimer (Cont'd)
Disclaimer (Cont’d) Financial Information: The financial and operating forecasts contained in this presentation represent certain estimates of the Company as of the date thereof. The Company’s independent public accountants have not examined, reviewed or compiled the forecasts and, accordingly, do n
Slide 4: Financial Results
Financial Results
Slide 5: First Quarter 2026 Results Summary
First Quarter 2026 Results Summary First Quarter 2026 Adjusted EBITDA of $16.7 Million and RNG Production of 1.2 Million MMBtu (1) ■ 1Q26 RNG production growth of 9% compared to 1Q25 ■ 1Q26 Adjusted EBITDA $3.4 million lower compared to 1Q25 primarily driven RIN pricing and additional sales of RNG p
Slide 6: Adjusted EBITDA: 1Q26 to 1Q25
Adjusted EBITDA: 1Q26 to 1Q25 First Quarter 2026 Adjusted EBITDA Decrease Primarily Driven by Lower RIN Price ($ in millions) • Lower D3 RIN price • Timing of LCFS sales • Lower RIN price • Construction and Service timing $4.0 $0.8 $1.7 $0.5 $1.0 • Production growth • 45Z • Lower compensation expens
Slide 7: Liquidity Update
Liquidity Update Recently Announced Preferred Equity Financing Increases Liquidity and Supports Next Phase of Growth ■ Completed new $180.0 million preferred stock facility financing in March. At closing, $120.0 million was issued from the facility, of which approximately $100.0 million was used to
Slide 8: OPAL Fuels Overview
OPAL Fuels Overview
Slide 9: Leading Vertically Integrated Energy Infrastructure and Services Company
Leading Vertically Integrated Energy Infrastructure and Services Company OPAL's Integrated Model is Driving Results With Peer Leading Growth Since Our IPO in 2022 Company Highlights Overview NASDAQ: OPAL The leading vertically integrated producer and distributer of Renewable Natural Gas (RNG) operat
Slide 10: RNG Value Chain
RNG Value Chain OPAL's Model Captures Value Across the RNG Value Chain From Production to Dispensing and Monetization RNG PATHWAY — Biogas Sources → Conversion → End Markets RINs¹ LCFS Voluntary Landfill Biogas Sold as RNG for Transportation Conversion OPAL distributes RNG via its market leading Sys
Slide 11: Business Mix
Business Mix OPAL’s Vertical Integration Maximizes the Value of the RNG Molecule and Drives Market Share Gains RNG Fuels Fuel Station Services Renewable Power Business Fuel Station Services Renewable Power RNG Production Market share leading builder and service provider Established owner of landfill
Slide 12: Portfolio Summary
Portfolio Summary ▪ OPAL Fuels is one of the largest RNG project RNG + Renewable Power Production Projects operators in the United States ▪ OPAL Fuels’ fueling station network leverages its RNG Fuels production through its vertically integrated value chain Current (3/31/2026) In-Construction RNG Pro
Slide 13: A Growth Company with Disciplined Execution Placing RNG Projects into Operation and Construction
A Growth Company with Disciplined Execution Placing RNG Projects into Operation and Construction OPAL’s Share of Year-End Design Capacity of RNG Projects in Operation and (1) (2) Construction (Million MMBtu) 14.0 In-Operation (3) 12.4 In-Construction 12.0 11.4 3.3 10.0 9.6 2.6 8.6 8.0 7.5 4.4 6.0 4.
Slide 14: Executing on Expanding Our Fueling Station Services Segment
Executing on Expanding Our Fueling Station Services Segment Total Volumes Sold, Dispensed, and Serviced (Million GGE) Total Volumes Sold, Dispensed, 180.0 and Serviced (MM GGE) 160.0 140.0 120.0 100.0 80.0 161.9 150.2 133.2 60.0 115.9 96.4 40.0 20.0 0.0 2021 2022 2023 2024 2025 13
Slide 15: Integrated Model Drives Growth as Market Conditions Evolve
Integrated Model Drives Growth as Market Conditions Evolve OPAL Fuels' Fuel Station Services' Nationwide Construction, Service, and Dispensing Platform Creates a Sustainable Competitive Advantage ✓ Provides Access to RFS Market for New RNG Project Development to Maximize Mutual Value for OPAL and Fe
Slide 16: Operating Segment Summary
Operating Segment Summary
Slide 17: RNG Fuel: 12 RNG Facilities Online Today
RNG Fuel: 12 RNG Facilities Online Today 12 9.1 Million Operating RNG Assets RNG MMBtu Annual Design Capacity(1) Landfill: Noble Landfill: New Landfill: Pine Landfill: Imperial Landfill: Greentree Landfill: Emerald Road River Bend Location Pennsylvania Pennsylvania Ohio Florida Minnesota Michigan Ty
Slide 18: Fuel Station Services: Leveraging the Benefits of Vertical Integration
Fuel Station Services: Leveraging the Benefits of Vertical Integration Vertical Integration Maximizes the Value of RNG Production and Drives New Biogas Project Opportunities OPAL is the #2 Operator of RNG Stations in the U.S. Fuel Station Services Segment is a Driver of Growth $250 ($ Millions) $215
Slide 19: Renewable Power
Renewable Power Legacy business with 25-year history based on fixed price PPAs 15 projects / 106 MW nameplate capacity in operation Electric projects generally have PPAs with investment grade off-takers Pipeline of projects for potential RNG conversion Potential New Development Opportunities in Stre
Slide 20: Environmental Attribute Markets Overview
Environmental Attribute Markets Overview
Slide 21: Renewable Fuels Standard Program History and Program Requirements
Renewable Fuels Standard Program History and Program Requirements OPAL operates within the EPA’s Renewable Fuel Standard as an RNG producer whose qualifying transportation fuel volumes can generate D3 cellulosic RINs History Program Requirements: ➢ The Renewable Fuel Standard (RFS) is a national pol
Slide 22: Historical Trends in the RFS/RINs Market
Historical Trends in the RFS/RINs Market ($/RIN) L10Y Average: $2.31 $4.00 L5Y Average: $2.74 $3.50 L3Y Average: $2.67 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD Last 10Y Last 5Y Last 3Y • Structurally depressed by 2019- • Captures the transi
Slide 23: Appendix
Appendix
Slide 24: 2026 Guidance
2026 Guidance Full Year 2026 Guidance (1) ▪ 2026 Adjusted EBITDA is projected to range between $95 million and $110 million. ▪ Assumes a $2.45/gallon D3 RIN price; each $0.10/gallon shift in D3 RIN price impacts 2025 Adjusted EBITDA by $5-$6 million ▪ Assumes RNG production range of 5.4 to 5.8 milli
Slide 25: Reconciliation of Adjusted EBITDA to GAAP Net Income (1Q26)
Reconciliation of Adjusted EBITDA to GAAP Net Income (1Q26) $000's Three Months Ended March 31, 2026 RNG Fuel FSS Ren. Power Corporate Total Net (loss) income (1) ($954) $8,114 $312 ($13,063) ($5,591) Adjustments to reconcile net (loss) income to Adjusted EBITDA Interest and financing expense, net 6
Slide 26: Reconciliation of Adjusted EBITDA to GAAP Net Income (1Q25)
Reconciliation of Adjusted EBITDA to GAAP Net Income (1Q25) $000's Three Months Ended March 31, 2025 RNG Fuel FSS Ren. Power Corporate Total Net (loss) income (1) $6,457 $8,711 ($1,463) ($12,421) $1,284 Adjustments to reconcile net (loss) income to Adjusted EBITDA Interest and financing expense, net