Slide 1: Q1 2026 Presentation
Q1 2026 Presentation For the period April - June 2025 29 August 2025
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: Agenda
1 Overview 2 Operational review 3 Financial review 4 Summary and outlook 5 Appendix
Slide 4: Decarbonising Europe's truck fleet
Decarbonising Europe’s truck fleet Owns 40% of CNG Fuels, a clean fuel infrastructure platform with a growing network of refuelling stations for heavy goods vehicles Supplying biomethane, a fast-track option for net-zero trucks with ~90% lower emissions and reduced fuel costs compared to diesel Mark
Slide 5: A typical Bio-CNG station
A typical Bio-CNG station Gas inlet Fuel dispensers Bio-CNG compressor High pressure storage 8 minutes to fill a 80 trucks per hour tank with 400+ in capacity miles (650 km) range 5
Slide 6: Highlights
Highlights Dispensed volume Certificates (RTFC) sold1 Tonnes Million 15,906 13,582 40m 35m • Dispensed volumes of biomethane (Bio-CNG) up 8% quarter-over-quarter and 17% year-over-year • Bio-CNG-fuelled trucks steadily growing amidst Q1 2025 Q1 2026 overall declining HGV registrations in the UK Q1 2
Slide 7: Operational review
1 Overview 2 Operational review 3 Financial review 4 Summary and outlook 5 Appendix
Slide 8: Amidst a temporary soft truck market
Amidst a temporary soft truck market Declining new truck registrations1 Aging UK truck fleet – need for replacement2 H1 2024 H1 2025 33 % -15% 183,668 155,367 60% of HGVs older than 5 years 40 % 27 % -11% 26,915 23,907 0-5 years 5-10 years 10+ years EU UK 1 Commercial truck registrations, Acea – Eur
Slide 9: Growing adoption of Bio-CNG
Growing adoption of Bio-CNG Current fleet of >2,075 HGVs... …supporting steady volume growth (tonnes) 2200 12% 6 000 5 527 2000 1800 10% 5 000 1600 8% 4 000 1400 1200 6% 3 000 1000 800 4% 2 000 600 400 2% 1 000 200 0 0% - Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 J
Slide 10: From waste to wheel through acquisition of biomethane plant
From waste to wheel through acquisition of biomethane plant Producing biomethane from waste, which is injected into the gas grid and qualifies for RTFCs Increased optionality for upstream sourcing while maintaining focus on large-scale offtake 2014 13 ~1 Started GWh in annual TWh dispensed through o
Slide 11: Bio-CNG becoming increasingly competitive
Bio-CNG becoming increasingly competitive Bio-CNG savings currently >40% vs. HVO1 Early impact from SAF mandates spiking prices2 Bulk Diesel price Bio-CNG price HVO price HVO (UCO) spot Sustainable aviation fuel (SAF) spot £2.0 $2,700/mt £1.8 £1.6 $2,500/mt £1.4 $2,300/mt £1.2 £1.0 $2,100/mt £0.8 £0
Slide 12: Tightening feedstock markets supportive of RTFC
Tightening feedstock markets are supportive of renewable transport fuel certificates (RTFC) GBPp RTFC price 50 45 Sustainable aviation fuel (SAF) 40 ~25p competing for the same feedstock as biodiesel and HVO Average RTFC price Jan 2018-Aug 2025 35 6-months HVO supply contracts 30 coming up for renew
Slide 13: Doubling capacity to meet future demand
Doubling capacity to meet future demand Refuelling capacity roll-out plan HGV/day ~20,000 ~10,500 ~1,600 2020 August 2025 2028E Number of CNG Fuels’ stations and mobile refuelling stations 6 2 16 101 >25 ~30 Plan to build >9 high-capacity stations next three years complemented by a fleet of addition
Slide 14: Ready to build new stations at major trucking routes
Ready to build new stations at major trucking routes Opened in May Moving into development Moving into development Livingston, Magor, Swindon, Scotland South Wales South-West England Capacity1 20m 26m 26m 14 1 Million kg of Bio-CNG annually in total capacity
Slide 15: Financial review
1 Overview 2 Operational review 3 Financial review 4 Summary and outlook 5 Appendix
Slide 16: Biomethane margins returning to >30%
Biomethane margins returning to >30% Biomethane gross profit margins1 60% • Continued increase in certificate prices with 26p 55% per RTFC in Q1, up 39% from 19p in Q1 2025 • 40 million RTFCs sold in Q1 at a volume-weighted price of 24p 40% Estimated to stay around • Gross profit margin improved to
Slide 17: Utilising flexibility in biomethane sourcing
Utilising flexibility in biomethane sourcing Illustration of biomethane sourcing for financial year 2026 • Dispensed volumes from CNG Fuels’ stations gradually increase in line with growing truck fleet Over- Over- sourced sourced • RTFCs are generated when biomethane sourced is matched against volum
Slide 18: CNG Fuels financial highlights
CNG Fuels financial highlights (Figures in GBP million) Q1 2026 Q1 2025 FY 2025 • ReFuels owns 40% of CNG Fuels, which is a fully Revenue 29.6 22.8 134.3 integrated biomethane sourcing, refuelling and Gross profit 5.5 4.1 23.6 certificates company EBITDA 1.4 (0.2) 6.7 Profit/(loss) before tax (3.0)
Slide 19: Financial position
Financial position CNG Fuels proforma balance sheet as of 30 June 20251 GBP million 214 214 • The restructuring has significantly improved CNG Other Other assets Fuels balance sheet strength • CNG Fuels had at the end of Q1 no external debt except lease liabilities and shareholder loans Goodwill Sha
Slide 20: Summary and outlook
1 Overview 2 Operational review 3 Financial review 4 Summary and outlook 5 Appendix
Slide 21: CNG Fuels expects GBP 8-10m in EBITDA in 2026
CNG Fuels expects GBP 8 - 10m in EBITDA in 2026 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 25 ~25% 20 estimated annual growth Certificates 15 10 ~2,000 Stations 5 0 2025 2025 202
Slide 22: Summary
Summary Mass-adoption of Scaling the clean fuel Profitable foundation Bio-CNG continues infrastructure platform for further value creation 22
Slide 23: Appendix
1 Overview 2 Operational review 3 Financial review 4 Summary and outlook 5 Appendix
Slide 24: ReFuels statement of profit and loss
ReFuels statement of profit and loss 24
Slide 25: ReFuels statement of financial position
ReFuels statement of financial position 25
Slide 26: ReFuels cash flow development
ReFuels cash flow development 26
Slide 27: 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 27 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 28: 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 >30% Uncertainty and Work from home, food and Bio-CNG costed more Pressure on customers and Trump’s
Slide 29: 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 30: 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 ~95 employees across site design, CNG more accessible, unlocking truck o
Slide 31: 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 32: ReFuels is the UK's leading supplier of alternative fuels
ReFuels is the UK’s leading supplier of 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