Refuels N.v. · OSL:REFL
Refuels — Pareto Energy Conference 2026
19 slides from Refuels's conference presentation, Sep 16, 2026
Slide 1: Fast-growing profitable clean fuel platform
Fast-growing profitable clean fuel platform Pareto Energy Conference 16 September 2026
Slide 2: Disclaimer
Disclaimer THIS DOCUMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, ITS TERRITORIES OR POSSESSIONS, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR TO ANY RESIDENT THEREOF, OR ANY JURISDICTION WHERE SUCH
Slide 3: Green refuelling stations across the UK
Green refuelling stations across the UK >2,250 >£65m >250k vehicles using fuel cost savings annual GHG emissions CNG Fuels’ 16 stations since 20201 savings (tonnes)2 Enabling ~180 customers decarbonising operations today Operational stations Opportunities 1 Compared to diesel, based on monthly dispe
Slide 4: A clean fuel infrastructure platform with two revenue streams
A clean fuel infrastructure platform with two revenue streams 40%1 60%2 CNG Fuels 78.4% ownership CNG Producers Aggregator Retailer Customer Produced from domestic waste, Biomethane sourcing x Dispensed volumes x Buys fuel at the customer price3 e.g. food waste and agricultural certificates margin u
Slide 5: Biomethane is the preferred green HGV fuel
Biomethane is the preferred green HGV fuel Refuelling/ Range recharging Maturity Cost Fully commercial and scalable, Cost leadership - unsubsidised Biomethane 1,000 km 8 minutes 65% of UK gas-powered HGVs1 20-40% below HVO/diesel HVO Concerns over feedstock More expensive than 1,000 km 4 – 6 minutes
Slide 6: Proven station model unlocking value
Proven station model unlocking value Warrington Bio-CNG station highlights – opened November 2019 Gas Fuel inlet dispensers Bio-CNG compressor High pressure storage ~300 ~8,000 >30m truck refuellings tonnes biomethane dispensed certificates (RTFCs) generated per day per year and sold per year 6
Slide 7: Sustained cost advantage over diesel and HVO
Sustained cost advantage over diesel and HVO Bio-CNG price Bulk Diesel price 1 HVO biodiesel price 1 £2.5 • Available storages? Record-high diesel premium in Europe • Not running out of gas £2.0 20-40% lower cost of using Bio-CNG1 Average 2023-2026 £1.5 Savings vs. HVO Delivering rapid payback2 £1.0
Slide 8: Accelerated investments in European biomethane
Accelerated investments in European biomethane nnoun e in est ents illion EUR 36bn en a of investments, up from EUR 28bn a year ago tal ain 1 9 bcm/year of additional production capacity by 2030 (22 bcm 2025 production) F an e Backed by leading investors and energy companies 1,200+ new plants expect
Slide 9: Growing support for a multi-fuel approach to net zero
Growing support for a multi-fuel approach to net zero Conservative Party • Pledge to repeal La ou ’s 2035/2040 diesel HGV phase-out dates «We need a clear, long-term • Scrap Zero Emission Van and Truck Grants (~£877m) roadmap that creates the • Replacing mandatory electrification with a flexible, mu
Slide 10: CNG Fuels cash-generative and fast-growing
CNG Fuels cash-generative and fast-growing Consistent volume and truck growth £154m Monthly dispensed volume (tonnes) Vehicles daily 7 000 2 500 +15% from FY 2025 CNG Fuels 6 000 Revenues FY 20261 2 000 5 000 £14.8m 1 500 4 000 >2x from FY 2025 3 000 CNG Fuels 1 000 Adj. EBITDA FY 20261,2 2 000 500
Slide 11: Expanding market leadership
Expanding market leadership Currently refuelling ~10% of UK’s 4x2 HGVs 6x2 trucks opens a 6x larger market 21,500 ~10% 144,000 ~0.1% 4x2 trucks1 6x2 trucks1 CNG Fuels’ usto e s Total CNG Fuels’ usto e s Total 11 1 End of 2024, Driver and Vehicle Licensing Agency (DVLA) UK data
Slide 12: 6x2 adoption broadens across UK logistics
6x2 adoption broadens across UK logistics 172 6x2 CNG trucks in operation 161 End of quarter calendar year 156 113 79 96 22 fleets 56 12 fleets Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 15 >100 6x2 trials completed Fleet operators on in the quarter waiting list for 6x2 trial 12
Slide 13: Largest customers provide visibility to >8,000 HGVs
Largest customers provide visibility to >8,000 HGVs HGVs per day1 >8,000 We have chosen Bio-CNG as a key solution for decarbonising our logistics fleet We’ e t ansitioning ou 5 hea -duty trucks to biomethane derived from waste materials by 2028 ~4,825 CNG has delivered both environmental and commerc
Slide 14: Record-high construction activity
Record-high construction activity cotland Operational Under construction In development Opportunities dinb r h MRS locations Expected to open October 2026 Expected to open H1 20272 Began construction August 2026 Magor, Swindon, Carlisle, n land South Wales South-West England North-West England Capac
Slide 15: Robust market-based certificates scheme
Robust market-based certificates scheme Fuel supplier must comply with blending obligation or buy 3.8 certificates (RTFCs) >55 MtCO e 2 £0 cost to the certificates/buy-out price1 awarded per kg Bio-CNG supplied2 saved since inception UK Government 18 years uninterrupted market obligation – continuin
Slide 16: RTFC forward sales securing earnings visibility
RTFC forward sales securing earnings visibility RTFC price smoother than biodiesel premium Stable realised certificate prices pence/ pence/ Biodiesel (UCOME) premium to diesel in RTFC equivalent price ealise FC i e en e e ti ate RTFC RTFC RTFC market price 35 5 illion FCs gene ate an sol 30 5 61 5 6
Slide 17: On track for delivering long-term profitable growth
On track for delivering long-term profitable growth Visibility to reach >8,000 HGVs per day Strong CNG Fuels EBITDA adj. potential1 GBP million >8,000 >100 14% of remaining diesel fleet across largest 15 customers Certificates Non-binding adoption plans from 15 largest customers ~2 2 0 end-2028 16-2
Slide 18: Summary
Summary Cash-generative business Visibility to >8,000 HGVs in Potential for model of stations 2030 - record-high network GBP >100m adj. EBITDA and certificates expansion activity by end-20301 18 1Adjusted for non-cash revaluation of share-based payment and fair value remeasurement
Slide 19: Driving fleet emissions to zero
Driving fleet emissions For further information please visit refuels.com 19 Footer: to insert go to "Insert" - "Header & Foooter" to zero