Slide 1: Q4 2026 Presentation
Q4 2026 Presentation For January – March 2026 29 May 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: Operational review, Financial review, Summary and outlook
Operational review 3 Financial review 4 Summary and outlook 5 Appendix
Slide 4: Decarbonising Europe's truck fleet
Decarbonising Europe’s truck fleet 40% ownership in CNG Fuels, a clean fuel infrastructure platform with a growing network of refuelling stations for heavy goods vehicles Supplying biomethane (Bio-CNG), a domestic fast-track option for net- zero trucks with ~90% lower emissions and reduced fuel cost
Slide 5: 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 p
Slide 6: Cash-generative station model unlocking value
Cash-generative station model unlocking value Warrington Bio-CNG station – 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: Highlights
Highlights Dispensed volume Certificates (RTFC) sold1 Tonnes Million 16,682 14,788 73m 63m • FY 2026 CNG Fuels EBITDA of GBP 14.2 million, in line with guidance and more than doubled from FY 2025 • Biomethane gains momentum as a domestic Q4 2025 Q4 2026 Q4 2025 Q4 2026 low-carbon and low-cost fuel •
Slide 8: Overview
Overview 3 Financial review 4 Summary and outlook 5 Appendix
Slide 9: Diesel price spike and growing fuel crisis concerns
Diesel price spike and growing fuel crisis concerns Diesel and HVO up >30% since February • Available storages? Bulk Diesel price Bio-CNG price HVO price £2.5 • Not running out of gas £2.0 £1.5 £1.0 £0.5 £- May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 9 Source: Quantum Commodity Intelligence
Slide 10: Hormuz supply shock drives record trial activity
Hormuz supply shock drives record trial activity Initial contact Demo period Purchase >30% 10 of 10 >50% increase in customer Demo trucks currently on trial Historically completing a inquires YTD purchase after 4x2 trials 9 months 60-70% Waitlist for 6x2 demo trucks1 Expected conversion rate for 6x2
Slide 11: Consistent growth with 6x larger market ramping up
Consistent growth with 6x larger market ramping up Monthly dispensed volume (tonnes) Vehicles daily 7,000 2,500 21,500 ~10% 6,000 CNG s’ 4x2 trucks1 2,000 customers 5,000 1,500 4,000 3,000 1,000 2,000 1,000 500 144,000 ~0.1% 6x2 trucks 1 CNG s’ customers 0 0 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25
Slide 12: M&S agreement validating CNG at scale
M&S agreement «Moving to lower-carbon logistics with reduced dependency on diesel and the increased use of new technologies and lower carbon fuels is key to validating CNG at scale achieving our Plan A Net Zero ambitions» Julian Bailey, Transport Director at M&S • Now serving have 8/10 Up to 4 New M
Slide 13: Bio-CNG – cleaner, cheaper and available today
Bio-CNG – cleaner, cheaper and available today 80-90% lower GHG 20-40% lower fuel Delivering emissions vs. diesel cost vs. diesel and HVO1 rapid payback2 Average 2023-2026 1,052 gCO2/km <1 year payback vs. HVO ~1.5 years payback vs. diesel 6 Annual fuel costs 184 Additional capex s s s s 1 Average J
Slide 14: Biomethane delivering energy security
Biomethane delivering energy security Vast untapped feedstocks across Europe1 Biogases could cover half of gas demand in 20502 205 132 bcm 12% 47% f EU’s g s f EU’s g s demand demand 35 bcm 22 bcm 2025 production 2030E 2040E 2050E Announced Pledges Stated Policies biomethane biomethane biomethane Sc
Slide 15: Short delivery time and growing second-hand activity
Short delivery time and growing second-hand activity Rigid 19-26 Articulated 4x2 truck 27-40 Articulated 6x2 truck 44 Fixed tractor and trailer tonnes Tractor and trailer (one rear axle) tonnes Tractor and trailer (two rear axles) tonnes 15
Slide 16: Doubling capacity to meet accelerating UK fleet conversion
Doubling capacity to meet tland Operational accelerating UK fleet conversion Under construction In development Opportunities d nbu MRS locations HGVs/day In development 6 6 E umb f Fu ls’ stat ns and m b l fu ll n stat ns 6 2 16 11 >25 ~30 Plan to build >9 high-capacity stations by end-2028 compleme
Slide 17: Station build-out on track at major trucking routes
Station build-out on track at major trucking routes Opened in May 2025 Expected to open H2 20262 Construction starting 1 June Construction starting late Summer Livingston, Magor, Swindon, Carlisle, Scotland South Wales South-West England North-West England Capacity1 20m 30m 30m 20m 1 Million kg of B
Slide 18: Multiple drivers supporting long-term RTFC demand
Multiple drivers supporting long-term RTFC demand Biodiesel (UCOME) premium to diesel in RTFC equivalent price 1 RTFC price Sustainable aviation fuel (SAF) GBPp competing for the same feedstock as 50 biodiesel and HVO 40 EU’s RE III g s tightened GHG savings criteria across all biofuels 30 UK’s TR s
Slide 19: Financial review
1 Overview 2 Operational review 3 Financial review 4 Summary and outlook 5 Appendix
Slide 20: EBITDA growth continuing
EBITDA growth CNG Fuels EBITDA GBP million continuing £16-20m • Delivering FY 2026 EBITDA of GBP 14.2 million, within guidance and up >2x from the year before 1 • Quarterly certificate margin of 26%, up from 23% in Q4 2025 • Expecting 15-20% growth in dispensed volumes for the 2027 financial year •
Slide 21: Steady financial results
Steady financial results CNG Fuels financial highlights GBP million Q4 2026 FY 2026 • Stable quarterly revenues as higher volumes were Revenue Revenue offset by lower gas prices and fewer certificates sold £42.2m £154.1m stable from Q4 2025 +15% from FY 2025 • Improved gross profit from higher certi
Slide 22: Attractive RTFC prices
Attractive Realised certificates (RTFCs) per quarter Financial year RTFC prices RT Cs g s RT C • 63.4m RTFCs sold in the quarter at average 25.8 6 pence from forward contracts, above market price of 19.1 pence in March 2026 • 248m RTFCs sold in financial 6 6 6 2026, ensuring that customers received
Slide 23: Reinvesting in growth
Reinvesting CNG Fuels cash flow development Q4 2026 GBP million in growth • Healthy cash generation from the business • Investments related to construction of new station in Magor • Increase in inventory of RTFCs and biomethane sourcing C s s g g N s g N g C s s s s s f g s 6 g 23
Slide 24: CNG Fuels financial position
CNG Fuels financial CNG Fuels balance sheet as at 31 March 20261 GBP million position • Healthy balance sheet with GBP 76 million in I ss s s s equity and 32% equity ratio T s T s C ss s • GBP 25 million credit facility with flexible s s C s payment terms, supporting station rollout plan • Property,
Slide 25: Summary and outlook
Overview Operational review Financial review Appendix
Slide 26: On track for delivering long-term profitable growth
On track for delivering long-term profitable growth Number of trucks set to grow Illustrative CNG Fuels EBITDA Annualised GBP >100m end-2030 Quarterly certificates EBITDA (GBPm) Quarterly station EBITDA (GBPm) ~8,000 30 ~25% 25 estimated annual growth Certificates 20 15 10 ~2,000 Stations 5 0 2025 2
Slide 27: Summary
Summary Growing volumes and attractive Agreement with M&S for mobile FY 2027 certificate margins supporting refuelling of >300 HGVs and two Adj. EBITDA guidance EBITDA growth stations in-build of GBP 16-20m 27
Slide 28: Appendix
Overview Operational review 3 Financial review 4 Summary and outlook
Slide 29: CNG Fuels Group statement of profit and loss
CNG Fuels Group statement of profit and loss 29
Slide 30: CNG Fuels Group balance sheet
CNG Fuels Group balance sheet 30
Slide 31: CNG Fuels Group cash flow statement
CNG Fuels Group cash flow statement 31
Slide 32: ReFuels statement of profit and loss
ReFuels statement of profit and loss 32
Slide 33: ReFuels statement of financial position
ReFuels statement of financial position 33
Slide 34: ReFuels cash flow development
ReFuels cash flow development 34
Slide 35: Heavy goods vehicles driving up emissions
Heavy goods vehicles driving up emissions ~1% of UK road 5% of 17% of UK transport transport fleet UK traffic GHG emissions 35 Vehicles at the end of Q2 2024, road traffic in 2023 and greenhouse gas emissions from transport in 2022. Source: Department for Transport (2024)
Slide 36: Aging truck fleet creates material growth opportunity
Aging truck fleet creates material growth opportunity 33% ~162,000 articulated diesel-HGVs on UK roads 60% ~100,000 trucks to be replaced before 20352 of HGVs older 40% than 5 years1 27% Fuel technology choice made at replacement 0-5 years 5-10 years 10+ years 1 Per end-2024, UK Department for Trans
Slide 37: Resilient customer adoption during uncertainty
Resilient customer adoption during uncertainty 2500 Brexit Covid Energy crisis High inflation Trade tensions Average lifetime 2000 fuel cost savings1 compared to diesel and HVO CNG truck numbers 1500 Uncertainty and Work from home, food Bio-CNG costed more Pressure on customers Tariff war and Middle
Slide 38: Robust market-based certificates scheme
Robust market-based certificates scheme Biomethane 1 Obligated producer fuel supplier CNG Awarded 3.8 Pay buy-out price if Food waste certificates (RTFCs) insufficient obligatory and manure per kg Bio-CNG renewable fuels sold Annual obligation on UK suppliers to supply biofuels (as % of total) 21.1%
Slide 39: Raising biofuel mandates in Europe support long-term certificate demand
Raising biofuel mandates in Europe support long-term certificate demand Annual obligation on suppliers to supply biofuels (as % of total) G ’s s RED III legislation ends 59% double counting of advanced biofuels from 2026 36% UK Department for 25% Includes double counting Transport is concurrently re
Slide 40: Clear path to create shareholder value
Clear path to create shareholder value EBITDA GBP ~100m End-2030 Illustrative value potential1 ~465m3 Value ReFuels, GBP million 12x EV/EBITDA Increased cash flow from certificates Mass adoption fuelling higher volumes Doubling ~85m truck refuelling capacity Current market cap2 nd 1. Value of Refuel
Slide 41: Illustrative value distribution
Illustrative value distribution Distribution priorities 12x EV / EBITDA Illustrative EV CNG Fuels, GBP million ~1,200m2 1 External debt (max GBP 25m) E Shareholder loans1 2 • Foresight GBP 90m • ReFuels GBP 10m Foresight 3 Management Incentive Program (MIP) minimum value GBP 2m Preference shares1 4
Slide 42: Solidifying market leadership and increasing barriers to entry
Solidifying market leadership and increasing barriers to entry as station coverage expands Network effect Attractive locations Right competencies An expanded network increases range and makes 16 grid connected stations and >100 ~105 employees across site CNG more accessible, unlocking truck orders p
Slide 43: Experienced team with incentives highly aligned with shareholders
Experienced team with incentives highly aligned with shareholders Philip Fjeld – CEO, Board of Directors Mike Scott – Operations and Construction Director • 22 years of experience in the gas industry • 22 years' experience within the civil engineering and construction • Founded FLEX LNG in 2006, lis
Slide 44: ReFuels N.V. contact
R s s UK’s gs f alternative fuels to commercial ReFuels N.V. vehicles, supplying 100% renewable Evert van de Beekstraat 1-104, biomethane to heavy goods vehicles The Base B from our rapidly growing network of 1118 CL Amsterdam Bio-CNG stations. refuels.com