Slide 1: Q2 2026 Presentation
Q2 2026 Presentation For July - September 2025 28 November 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: Overview
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 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: High activity at Warrington Bio-CNG station
High activity at Warrington Bio-CNG station Gas Fuel inlet dispensers Bio-CNG compressor High pressure storage 4x >500Trucks refuelling >700k increase in land value since acquisition kg monthly dispensed per day biomethane 5
Slide 6: Highlights
Highlights Dispensed volume Certificates (RTFC) sold1 Tonnes Million 15,968 72m 13,726 63m • Dispensed biomethane volume across the CNG Fuels station network up 16% year-over-year • Fleet operators starting to introduce Q2 2025 Q2 2026 Q2 2025 Q2 2026 larger 6x2 CNG trucks into operations • Progress
Slide 7: Operational review
1 Overview 2 Operational review 3 Financial review 4 Summary and outlook 5 Appendix
Slide 8: Continued mass adoption across UK fleets
Continued mass adoption across UK fleets Current fleet of >2,100 HGVs... …supporting steady volume growth (tonnes) Number of vehicles (lhs) 12% 6,000 2000 Share of UK 4x2 fleet (rhs) 10% 5,000 1600 8% 4,000 1200 6% 3,000 800 4% 2,000 400 2% 1,000 0 0% - Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-
Slide 9: Bio-CNG increasingly competitive to diesel and HVO
Bio-CNG increasingly competitive to diesel and HVO Currently ~40% savings vs. HVO1 SAF mandates driving HVO prices2 Bulk Diesel price Bio-CNG price HVO price HVO (UCO) spot Sustainable aviation fuel (SAF) spot £2.0 $3,000/mt £1.8 £1.6 $2,800/mt £1.4 $2,600/mt £1.2 $2,400/mt £1.0 £0.8 $2,200/mt £0.6
Slide 10: >70 new CNG trucks to Tesco and Co-op in 2025
>70 new CNG trucks to Tesco and Co-op in 2025 «These vehicles represent a significant step towards our goal of reducing emissions and achieving carbon neutrality in our operations by 2035. By investing in biomethane, we are committed to driving positive change.» «Following trials, we know that these
Slide 11: 6x2 replacement cycle in its infancy
Photo: LinkedIn 6x2 replacement cycle in its infancy 130 >100 Bio-CNG 6x2 trucks in fleet operators on operation, doubling YTD waiting list for 6x2 trials 144,000 >0.1% 6x2 diesel trucks in the UK, market share vs. ~10% a 6x larger market than 4x2 trucks and growing for 4x2s 11
Slide 12: First fixed-price Bio-CNG contract signed
First fixed-price Bio- CNG contract signed Multi-year agreement with a major UK logistics operator The customer gets fuel cost visibility to accelerate the transition from diesel CNG Fuels gets stable, low-risk cash flows Over time, such agreements could account for a material share of annual volume
Slide 13: Doubling capacity in high-demand freight corridors
Doubling capacity in high- Scotland Operational Under construction demand freight corridors 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 November 2025 2028E Blackburn Number of CNG Fuels’ stations and mobile
Slide 14: Progressing new stations at major trucking routes
Progressing new stations at major trucking routes Opened in May In construction Moving into development 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 capacity
Slide 15: Proven station development capabilities
Proven station development capabilities Magor development plan 2024 2025 2026 Land development Land option secured Land acquired Permits Planning Planning Discharge submitted approved of conditions Construction Construction commenced >800 Start-up Trucks per day capacity ReFuels’ extensive track rec
Slide 16: Multiple factors supporting higher RTFC prices
Multiple factors supporting higher RTFC prices 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 27.9p savings criteria across all bi
Slide 17: Financial review
1 Overview 2 Operational review 3 Financial review 4 Summary and outlook 5 Appendix
Slide 18: Raised CNG Fuels 2026 EBITDA expectation
Raised CNG Fuels 2026 CNG Fuels EBITDA GBP million EBITDA expectation £10-12m • Guidance increased ~20% for the financial year £8-10m • Continued favourable market conditions and growth in dispensed volumes • Improved visibility on EBITDA generation from station performance and RTFCs • Gross profit
Slide 19: CNG Fuels financial highlights
CNG Fuels financial highlights (Figures in GBP million) Q2 2026 Q2 2025 H1 2026 H1 2025 FY 2025 • Revenue growth driven by higher dispensed volumes Revenue 35.7 31.2 65.3 54.1 134.3 and increased value generation of RTFCs Gross profit 7.7 5.0 13.2 9.1 23.6 EBITDA 2.9 1.0 4.3 0.8 6.7 • Gross profit s
Slide 20: CNG Fuels financial position
CNG Fuels financial CNG Fuels proforma balance sheet as of 30 September 20251 GBP million position 227 227 • No external debt end-Q2 except lease liabilities Other assets Other liabilities Trade receivables and shareholder loans Trade payables Contract assets Lease liabilities • Signed GBP 25 millio
Slide 21: Summary and outlook
1 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 Record Bio-CNG volumes Raising EBITDA guidance New stations and considering driven by truck growth to GBP 10-12m listing venue in 2026 23
Slide 24: Appendix
1 Overview 2 Operational review 3 Financial review 4 Summary and outlook 5 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 1Adjusted for equity settled share-based payment expense, fair value remeasurement and EPC timing 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 Trump’s
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 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