Opal Fuels Inc. · NASDAQ:OPAL
Opal Fuels — Q4 2025 Earnings Presentation
21 slides from Opal Fuels's earnings presentation, Mar 16, 2026
Slide 1: Fourth Quarter and Full-Year 2025 Earnings Presentation
Fourth Quarter and Full-Year 2025 Earnings Presentation March 2026
Slide 2: Disclaimer
Disclaimer For the purposes of this notice, the “presentation” that follows shall mean and include the slides that follow, the oral presentation of the slides by members of management of OPAL Fuels Inc. (the “Company” or “OPAL Fuels”) or any person on their behalf and the question-and-answer session
Slide 3: Disclaimer (Cont'd)
Disclaimer (Cont’d) Financial Information: The financial and operating forecasts contained in this presentation represent certain estimates of the Company as of the date thereof. The Company’s independent public accountants have not examined, reviewed or compiled the forecasts and, accordingly, do n
Slide 4: Financial Results
Financial Results
Slide 5: Fourth Quarter 2025 Results Summary
Fourth Quarter 2025 Results Summary (1) Fourth Quarter 2025 Adjusted EBITDA of $34.2 Million and RNG Production of 1.3 Million MMBtu ■ 4Q25 RNG production growth of 28% compared to 4Q24 ■ 4Q25 Adjusted EBITDA 51% higher compared to 4Q24 primarily driven by higher production volumes at new facilities
Slide 6: Adjusted EBITDA: 4Q24 to 4Q25
Adjusted EBITDA: 4Q24 to 4Q25 Fourth Quarter 2025 Adjusted EBITDA Increases Driven by Production Growth, 45z, and Higher FSS Construction Revenues ($ in millions) • Compensation and professional fees • Increased production • Higher construction revenues • 45z • Increased production • Major maintenan
Slide 7: Liquidity Update
Liquidity Update Recently Announced Preferred Equity Financing Increases Liquidity and Supports Next Phase of Growth ■ Completed new $180.0 million preferred stock facility financing in March. At closing, $120.0 million was issued from the facility, of which approximately $100.0 million was used to
Slide 8: OPAL Fuels Overview
OPAL Fuels Overview
Slide 9: Leading Vertically Integrated Energy Infrastructure and Services
Leading Vertically Integrated Energy Infrastructure and Services Company “Naturally Occurring Biogas” – Long Life, Stable and Predictable Resource with Proven Technology to Create Low Carbon Intensity Energy that is Drop-In Fuel to Existing Energy Infrastructure and Offtake Markets RNG PATHWAY — Bio
Slide 10: A Growth Company With Disciplined Execution Placing RNG Projects into Operation and Construction
A Growth Company With Disciplined Execution Placing RNG Projects into Operation and Construction OPAL’s Share of Year-End Design Capacity of RNG Projects in Operation and Construction (Million MMBtu) (1) (2) 14.0 In-Operation (3) 12.4 In-Construction 12.0 11.4 3.3 10.0 9.6 2.6 8.6 8.0 7.5 4.4 6.0 4.
Slide 11: Executing On Expanding Our Fueling Station Services Segment
Executing On Expanding Our Fueling Station Services Segment Total Volumes Sold, Dispensed, and Serviced (Million GGE) Total Volumes Sold, Dispensed, 180.0 and Serviced (MM GGE) 160.0 140.0 120.0 100.0 80.0 161.9 150.2 133.2 60.0 115.9 96.4 40.0 20.0 0.0 2021 2022 2023 2024 2025 10
Slide 12: EV / EBITDA 2022 – 2027 Growth CAGR
OPAL Fuels Included in Russell 2000 Growth and Value Style Indexes Less than 20% of Russell 3000 Companies are included in Both the Russell Growth and Value Style Indexes; OPAL Has Compounded EBITDA Growth 22% Over the Past Four Years 14.0x Consensus Estimates (Bloomberg) 25% 2026 EV / EBITDA 2027 E
Slide 13: Integrated Model Drives Growth as Market Conditions Evolve
Integrated Model Drives Growth as Market Conditions Evolve Tightening Dispensing Capacity Benefits Our Fueling Station Business ✓ Provides Access to RFS Market for New RNG Project Development ✓ Provides Certainty of Renewable Fuels Supply for Fleets ✓ Bolsters Market Share Capture for Both Segments,
Slide 14: Operating Segments
Operating Segments
Slide 15: RNG Fuel: 12 RNG Facilities Online Today
RNG Fuel: 12 RNG Facilities Online Today 12 9.1 Million Operating RNG Assets RNG MMBtu Annual Design Capacity(1) Landfill: Noble Landfill: New Landfill: Pine Landfill: Imperial Landfill: Greentree Dairy: Sunoma Road River Bend Location Pennsylvania Pennsylvania Arizona Ohio Florida Minnesota Type La
Slide 16: Fuel Station Services: Leveraging the Benefits of Vertical Integration
Fuel Station Services: Leveraging the Benefits of Vertical Integration Vertical Integration Maximizes the Value of RNG Production and Drives New Biogas Project Opportunities OPAL is the #2 Operator of RNG Stations in the U.S. Fuel Station Services Segment is a Driver of Growth $250 ($ Millions) $215
Slide 17: Renewable Power
Renewable Power Legacy business with 25-year history based on fixed price PPAs 15 projects / 106 MW nameplate capacity in operation with 2.4 MW in construction Electric projects generally have PPAs with investment grade off-takers Pipeline of projects for potential RNG conversion Potential New Devel
Slide 18: Appendix
Appendix
Slide 19: 2026 Guidance
2026 Guidance Full Year 2026 Guidance (1) ▪ 2026 Adjusted EBITDA is projected to range between $95 million and $110 million. ▪ Assumes a $2.45/gallon D3 RIN price; each $0.10/gallon shift in D3 RIN price impacts 2025 Adjusted EBITDA by $5-$6 million ▪ Assumes an RNG production range of 5.4 to 5.8 mi
Slide 20: Reconciliation of Adjusted EBITDA to GAAP Net Income (2025)
Reconciliation of Adjusted EBITDA to GAAP Net Income (2025) $000's Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2025 RNG Fuel FSS Ren. PowerCorporate Total RNG Fuel FSS Ren. Power Corporate Total Net income (loss) (1) $13,702 $12,805 ($337) ($9,988) $16,182 $44,194 $38,297 (
Slide 21: Reconciliation of Adjusted EBITDA to GAAP Net Income (2024)
Reconciliation of Adjusted EBITDA to GAAP Net Income (2024) $000's Three Months Ended Twelve Months Ended December 31, 2024 December 31, 2024 RNG Fuel FSS Ren. PowerCorporate Total RNG Fuel FSS Ren. Power Corporate Total Net (loss) income (1) ($6,983) $10,069 ($597) ($7,856) ($5,367) $14,337 $31,677