Slide 1: Q3 2026 Presentation
Q3 2026 Presentation For October - December 2025 27 February 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: Overview
Overview Operational review 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 fast-track option for net-zero trucks with ~90% lower emissions and reduced fuel costs compared
Slide 5: 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 certificates margin per kg 1 Including shareholder loan instruments of GBP 15.95 million from CNG Fuels car
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 ~8m >30m truck refuellings kg 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 16,795 82m 14,835 69m • CNG s’ YTD 0 6 EBITD f GBP 9.7 , up ~10x from 2025 • FY 2026 EBITDA guidance raised to GBP 13-15 million (previously GBP 10-12 million) Q3 2025 Q3 2026 Q3 2025 Q3 2026 • Operational efficiencies, scale benef
Slide 8: Overview Financial review Summary and outlook Appendix
1 Overview 3 Financial review 4 Summary and outlook 5 Appendix
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 6 ,000 ,000 6x2 CNG 6 trucks 9,000 ,000 6 , 00 ~2,100 ~1,850 6x2 trucks ~1,600 4x2 CNG trucks 4x2 trucks 0 0. 0 0 0 0 0 0 s 6 s 9 1 Commercial truck registrations
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… … g 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 ,000 ,000 £1.2 £1.0 £0.8 6 ,000 <1 year £0.6 payback £0.4 £0.2 D s 9,000 ~1.5 years payback
Slide 12: Policy recognition and long-term supply visibility
Policy recognition and long-term supply visibility Vast untapped feedstocks across Europe1 EU’s P g sb f s s key enabler for clean mobility 101 bcm Introducing flexibilities that allow biomethane to offset tailpipe emissions post-2035 EUR 27bn investments in A significant shift from the previously s
Slide 13: Doubling capacity to meet accelerating UK fleet conversion
Doubling capacity to meet tland Operational accelerating UK fleet conversion Under construction In development Opportunities d nburg MRS locations HGVs/day , 00 ,600 0 0 b 0 6 0 E umber f Fuels’ stat ns and m b le refuell ng stat ns 6 2 16 11 >25 ~30 Plan to build >9 high-capacity stations by end-20
Slide 14: Station build-out on track at major trucking routes
Station build-out on track at major trucking routes Opened in May 2025 In construction FID expected shortly Moving into development Livingston, Magor, Swindon, Site to be Scotland South Wales South-West England confirmed Capacity1 20m 30m 30m [x]m 14 1 Million kg of Bio-CNG annually in total capacit
Slide 15: RTFCs driven by tightening feedstock markets
RTFCs driven by tightening feedstock markets 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 g s tightened GHG 30 savings criteria across all biofuels 25 25.7p
Slide 16: 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 17: Overview Operational review Financial review Summary and outlook
1 Overview 2 Operational review 3 Financial review 4 Summary and outlook 5 Appendix
Slide 18: Strong financial results
Strong financial results CNG Fuels financial highlights Q3 2026 GBP million • YTD 2026 revenue up 22% YoY, driven by higher Revenue Gross profit Bio-CNG volumes dispensed and increased value generation from RTFCs £46.5m £10.0m +23% from Q3 2025 +72% from Q3 2025 • Gross profit split 33:66 between th
Slide 19: Raised FY 2026 EBITDA guidance
Raised FY 2026 CNG Fuels EBITDA GBP million EBITDA guidance £13-15m • Guidance increased ~20% for the financial year £10-12m • Driven by scalable platform, continued growth in 0 dispensed volumes and favourable market conditions 9.7 • Improved visibility on EBITDA generation from station performance
Slide 20: CNG Fuels financial position
CNG Fuels financial CNG Fuels proforma balance sheet as at 31 December 20251 GBP million position 9 9 • Healthy balance sheet with GBP 80 million in ss s b s equity and 32% equity ratio T b s T b s • GBP 25 million credit facility with flexible C ss s s b s payment terms, supporting station rollout
Slide 21: Overview Operational review Financial review Summary and outlook
Overview 2 Operational review 3 Financial review 4 Summary and outlook 5 Appendix
Slide 22: 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 23: Summary
Summary Higher volumes on consistent Increasing capacity Raising FY 2026 CNG fleet growth, expecting to meet accelerating EBITDA guidance 15-20% growth in FY 2027 demand to GBP 13-15m 23
Slide 24: Appendix
Overview Operational review Financial review Summary and outlook Appendix
Slide 25: CNG Fuels Group statement of profit and loss
CNG Fuels Group statement of profit and loss 25
Slide 26: CNG Fuels Group balance sheet
CNG Fuels Group balance sheet 26
Slide 27: ReFuels statement of profit and loss
ReFuels statement of profit and loss 27
Slide 28: ReFuels statement of financial position
ReFuels statement of financial position 28
Slide 29: ReFuels cash flow development
ReFuels cash flow development 29
Slide 30: 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 30 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 31: 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 T ’s ord
Slide 32: 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 33: 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 34: 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 35: 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