Slide 1: Third Quarter 2025 Earnings Presentation
Third Quarter 2025 Earnings Presentation September 2025
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: Third Quarter 2025 Results Summary
Third Quarter 2025 Results Summary Third Quarter 2025 Adjusted EBITDA of $19.5 Million and RNG Production of 1.3 Million MMBtu (1) ■ 3Q25 RNG production growth of 30% compared to 3Q24 ■ 3Q25 Adjusted EBITDA 37% lower compared to 3Q24 driven by lower RIN prices and expiration of ISSC pathway ■ FSS Ad
Slide 6: Adjusted EBITDA: 3Q24 to 3Q25
Adjusted EBITDA: 3Q24 to 3Q25 Third Quarter 2025 Adjusted EBITDA Impacted by Lower D3 RIN Prices Across RNG Fuel and Fuel Station Services, and Discontinuation of ISSC Pathway in Renewable Power ($ in millions) • Lower realized RIN price $35.0 • ISSC pathway expiration $30.0 $25.0 $11.9 $0.6 $3.1 $6
Slide 7: Adjusted EBITDA: 3Q25 to 4Q25
Adjusted EBITDA: 3Q25 to 4Q25 2025 Adjusted EBITDA Guidance Implies Fourth Quarter 2025 Growth Factors driving fourth quarter and full-year expectations: ■ Higher D3 RIN and Commodity Pricing ■ 45Z Tax Credits ■ Increased RNG Production ■ Fuel Station Services Segment Performance 6
Slide 8: Liquidity Update
Liquidity Update ■ As of September 30, 2025, our liquidity was $183.8 million, consisting of $138.4 million of unused capacity under our $450.0 million senior secured credit facility, $15.5 million of unused capacity under the associated revolver, and $29.9 million of cash and cash equivalents. ■ We
Slide 9: OPAL Fuels Overview
OPAL Fuels Overview
Slide 10: Leading Vertically Integrated Biogas Energy Company
Leading Vertically Integrated Biogas Energy Company “Naturally Occurring Biogas” – Long Life, Stable and Predictable Resource with Proven Technology to Create Low Carbon Intensity Energy that is Drop-In Fuel to Existing Energy Infrastructure and Offtake Markets RNG Capture & Conversion Dispensing &
Slide 11: Experienced Team with a History of Value Creation
Experienced Team with a History of Value Creation Name & Title Years of Experience Achievements Adam Comora Acquired, built and managed Co-CEO 30+ dispensing & monetization projects since 2012 Jonathan Maurer 35+ Acquired, built and managed Co-CEO capture & conversion projects since 1989 Kazi Hasan
Slide 12: 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 Construction (Million MMBtu) (1) (2) 14.0 In-Operation 12.9 (3) 12.0 In-Construction 1.0 11.4 In-Construction Guidance 2.8 10.0 9
Slide 13: Executing On Expanding Our Fueling Station Services Segment
Executing On Expanding Our Fueling Station Services Segment Total Volumes Sold, Dispensed, and Serviced (Million GGE) 160.0 140.0 Total Volumes Sold, Dispensed, 249.6 and Serviced (MM GGE) 120.0 202.1 100.0 145.0 80.0 150.2 96.1 133.2 60.0 115.9 96.4 40.0 20.0 0.0 2021 2022 2023 2024 12
Slide 14: OPAL Fuels Now Included in Major Indices
OPAL Fuels Now Included in Major Indices Including Russell 2000 Growth and Value Style Indexes Less than 20% of Russell 3000 Companies are included in Both the Russell Growth and Value Style Indexes; OPAL Exhibits Leading Growth While Trading at a Discount to Peers Consensus Estimates (Bloomberg) 20
Slide 15: Operating Segments
Operating Segments
Slide 16: 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 Dairy: Sunoma Road River Bend Location Pennsylvania Pennsylvania Arizona Ohio Florida Minnesota Type La
Slide 17: Landfill RNG Projects In-Construction
Landfill RNG Projects In-Construction 4 2.8 Million RNG MMBtu In-Construction Projects Total MMBtu(1) Landfill: Cottonwood Landfill: Burlington Landfill: Kirby Landfill: CMS Concord Location Illinois New Jersey California North Carolina Gas Rights Ownership % 100% 50% 50% 70% OPAL’s Share of 0.66 mi
Slide 18: Landfill RNG Projects’ Utilization Summary
Landfill RNG Projects’ Utilization Summary Inlet design capacity utilization expected to grow organically via growth in open and operating landfills and improvements in gas collection Three Months Nine Months Ended Ended 9/30 Ended 9/30 2025 2024 2025 2024 Landfill RNG Facility Capacity and Utilizat
Slide 19: 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 One of the Largest Operators of CNG / RNG Stations in the United States Fuel Station Services Segment is a Driver of G
Slide 20: Renewable Power
Renewable Power Legacy business with 25-year history based on fixed price PPAs 15 projects / 106 MW nameplate capacity in operation with 2.4 MW in construction Electric projects are largely contracted PPAs with investment grade off-takers Pipeline of projects for potential RNG conversion Potential N
Slide 21: Appendix
Appendix
Slide 22: 2025 Guidance
2025 Guidance Full Year 2025 Guidance (1) ▪ 2025 Adjusted EBITDA is projected to range between $90 million and $110 million. The projection assumes a $2.60/gallon D3 RIN price; each $0.10/gallon shift in D3 RIN price impacts 2025 Adjusted EBITDA by $5-$6 million ▪ Adjusted EBITDA is based on an RNG
Slide 23: Reconciliation of Adjusted EBITDA to GAAP Net Income (2025)
Reconciliation of Adjusted EBITDA to GAAP Net Income (2025) $000's Three Months Ended Nine Months Ended September 30, 2025 September 30, 2025 RNG Fuel FSS Ren. PowerCorporate Total RNG Fuel FSS Ren. Power Corporate Total Net income (loss) (1) $13,876 $9,848 $1,854 ($14,192) $11,386 $38,272 $26,849 $
Slide 24: Reconciliation of Adjusted EBITDA to GAAP Net Income (2024)
Reconciliation of Adjusted EBITDA to GAAP Net Income (2024) $000's Three Months Ended Nine Months Ended September 30, 2024 September 30, 2024 RNG Fuel FSS Ren. PowerCorporate Total RNG Fuel FSS Ren. Power Corporate Total Net income (loss) (1) $15,022 $10,262 $4,393 ($12,570) $17,107 $18,873 $23,053