Slide 1: Fast-growing profitable biogas platform
Fast-growing profitable biogas platform CEO Philip Fjeld 4 March 2026
Slide 2: Cash-generative clean fuel platform
Cash-generative clean fuel platform Higher volumes on consistent Doubling capacity Raising FY 2026 CNG fleet growth, expecting to meet accelerating EBITDA guidance 15-20% growth in FY 2027 demand to GBP 13-15m 2
Slide 3: 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 3 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 4: Hydrogen and electricity unfit the next decade
Hydrogen and electricity unfit the next decade Refuelling/ Range Maturity Cost recharging Fully commercial and Cost leadership - Biogas 1,000 km 8 minutes scalable - 65% share of UK unsubsidised gas-powered HGVs1 25-40% below HVO/diesel Dependent on feedstock HVO More expensive than 1,000 km 4 – 6 m
Slide 5: Policy recognition and long-term supply visibility
Policy recognition and long-term supply visibility Vast untapped feedstocks across Europe1 EU’s Automotive Package validates biofuels as a key enabler for clean mobility 101 bcm Introducing flexibilities that allow biomethane to offset tailpipe emissions post-2035 EUR 27bn investments in A significa
Slide 6: A clean fuel infrastructure platform with two revenue streams
A clean fuel infrastucture platform with two revenue streams 40%1 60%2 CNG Fuels 78.4% ownership CNG Biomethane Aggregator Retailer Customer producers Biomethane sourcing x Dispensed volumes x margin per certificates kg 1 Including shareholder loan instruments of GBP 150.15 million from CNG Fuels ca
Slide 7: CNG Fuels is cash generative today
CNG Fuels is cash generative today £134m CNG Fuels revenues £6.7m £13-15m CNG Fuels EBITDA CNG Fuels EBITDA FY 20251 FY 20251 guidance FY 20262 >165 customers >2,200 vehicles using >222k GHG emissions CNG Fuels’ infrastructure saved (tonnes)3 1 Proforma financials 1 April 2024 – 31 March 2025 2 For
Slide 8: Proven station model unlocking value
Proven station model unlocking value Warrington Bio-CNG station – opened November 2019 Gas Fuel inlet dispensers Bio-CNG compressor High pressure storage ~300 ~8m >30m truck refuellings kg biomethane dispensed certificates (RTFCs) generated per day per year and sold per year 8
Slide 9: CNG gaining share in a soft truck market
CNG gaining share in a soft truck market Fewer new articulated Consistent CNG fleet growth Increasing CNG market share trucks in the UK1 -16% +38% ~144,000 ~22,000 6x2 CNG 156 trucks ~19,000 ~18,000 56 ~21,500 ~2,100 ~1,850 6x2 trucks ~1,600 4x2 CNG trucks 4x2 trucks ~10% ~0.1% 2023 2024 2025 2023 2
Slide 10: 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 Tr
Slide 11: Bio-CNG increasingly competitive to diesel and HVO
Bio-CNG increasingly competitive to diesel and HVO Currently ~40% savings vs. HVO1… …implying rapid payback for CNG2 Bulk Diesel price Bio-CNG price HVO price £2.0 £1.8 Additional Annual fuel capex costs £1.6 £1.4 Bio-CNG £-25,000 £34,000 £1.2 £1.0 £0.8 HVO £68,000 <1 year £0.6 payback £0.4 £0.2 Die
Slide 12: Doubling capacity to meet accelerating UK fleet conversion
Doubling capacity to meet Scotland Operational Under construction accelerating UK fleet conversion Glasgow Edinburgh In development Opportunities M77 MRS locations HGVs/day ~20,000 M74 A74(M) ~11,500 Middlesb rough ~1,600 M6 A1(M) 2020 February 2026 2028E Blackburn Number of CNG Fuels’ stations and
Slide 13: Robust market-based certificates scheme with no subsidies
Robust market-based certificates scheme with no subsidies 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
Slide 14: Unlocking value from certificates
Unlocking value from certificates Biodiesel (UCOME) premium to diesel in RTFC equivalent price RTFC price GBPp 50 Sustainable aviation fuel (SAF) 45 competing for the same feedstock 40 as biodiesel and HVO 35 EU’s RED III legislation tightened GHG 30 savings criteria across all biofuels 25 25.7p 26.
Slide 15: 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 16: Clear path to create shareholder value
Clear path to create shareholder value EBITDA GBP ~100m End-2030 Illustrative value potential1 ~530 Value ReFuels, GBP million 12x EV/EBITDA CNG Fuels Increased cash flow from certificates Mass adoption fuelling higher volumes Doubling ~60 truck refuelling capacity Current market cap2 End-2030 1. Im
Slide 17: Positioned for growth and material value creation
Positioned for growth and material value creation Higher volumes on consistent Doubling capacity Raising FY 2026 CNG fleet growth, expecting to meet accelerating EBITDA guidance 15-20% growth in FY 2027 demand to GBP 13-15m 17
Slide 18: Driving fleet emissions to zero
Driving fleet emissions For further information please visit refuels.com 18 Footer: to insert go to "Insert" - "Header & Foooter" to zero
Slide 19: 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