Slide 1: Q1 2027 Presentation
Q1 2027 Presentation For April-June 2026 4 September 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 domestic fast-track option for net- zero trucks with ~90% lower emissions and reduced fuel cost
Slide 5: A clean fuel infrastructure platform with two revenue streams
A clean fuel infrastructure platform with two revenue streams 40%1 60%2 CNG Fuels 78.4% ownership CNG Producers Aggregator Retailer Customer Produced from domestic waste, Biomethane sourcing x Dispensed volumes x Buys fuel at the customer price3 e.g. food waste and agricultural certificates margin u
Slide 6: Cash-generative station model unlocking value
Cash-generative station model unlocking value Warrington Bio-CNG station highlights – opened November 2019 Gas Fuel inlet dispensers Bio-CNG compressor High pressure storage ~300 ~8,000 >30m truck refuellings tonnes biomethane dispensed certificates (RTFCs) generated per day per year and sold per ye
Slide 7: Highlights
Highlights Dispensed volume Certificates (RTFC) sold1 Tonnes Million 17,200 15,906 65.4 • CNG Fuels Q1 2027 adj. EBITDA more than tripled 40.2 to GBP 4.9 million3 • FY 2027 adj. EBITDA guidance of GBP 16-20 million, reiterated on increased station profitability and Q1 2026 Q1 2027 Q1 2026 Q1 2027 at
Slide 8: Operational review
Overview 2 Operational review 3 Financial review 4 Summary and outlook 5 Appendix
Slide 9: Sustained cost advantage over diesel and HVO
Sustained cost advantage over diesel and HVO 20-40% lower cost of using Bio-CNG1 • Available storages? Bio-CNG price Bulk Diesel price HVO price £2.5 • Not running out of gas £2.0 £1.5 Savings vs. HVO £1.0 Savings vs. diesel £0.5 £- Jul-24 Jan-25 Jul-25 Jan-26 Jul-26 1 Bulk Diesel and HVO biodiesel
Slide 10: Growing Bio-CNG volumes despite soft truck market
Growing Bio-CNG volumes despite soft truck market UK haulage sector under pressure Consistent biomethane volume growth Monthly dispensed volume (tonnes) -1% goods moved last 12 months 7 000 Calendar-year 2025 alone down 4% 6 000 5 000 >2,000 closures 2021-2025 4 000 Close to a doubling compared to 2
Slide 11: Biomethane is cleaner, cheaper and available at scale
Biomethane is cleaner, cheaper and available at scale 80-90% lower GHG 20-40% lower fuel Delivering emissions vs. diesel cost vs. diesel and HVO1 rapid payback2 Average 2023-2026 1,052 gCO2/km <1 year payback vs. HVO ~1.5 years payback vs. diesel 0 68,000 Annual ,000 fuel costs ,000 184 Additional ,
Slide 12: Accelerated investments in European biomethane
Accelerated investments in European biomethane s s U b EUR 36bn 88 of investments, up from EUR 28bn a year ago 0 9 bcm/year UK of additional production capacity by 2030 (22 bcm 2025 production) Backed by leading investors and energy companies 1,200+ new plants expected in the next five years 12 Sour
Slide 13: 6x2 adoption broadens across UK logistics
6x2 adoption broadens across UK logistics 172 6x2 CNG trucks in operation 161 End of quarter calendar year 156 113 79 96 22 fleets 56 12 fleets Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 15 >100 6x2 trials completed Fleet operators on in the quarter waiting list for 6x2 trial 13
Slide 14: Largest customers provide visibility to >8,000 HGVs
Largest customers provide visibility to >8,000 HGVs HGVs per day1 >8,000 We have chosen Bio-CNG as a key solution for decarbonising our logistics fleet W ’ s g 80 h -duty trucks to biomethane derived from waste materials by 2028 ~4,825 CNG has delivered both environmental and commercial benefits Mak
Slide 15: Growing support for a multi-fuel approach to net zero
Growing support for a multi-fuel approach to net zero Conservative Party • Pledge to repeal L b ’s 2035/2040 diesel HGV phase-out dates «We need a clear, long-term • Scrap Zero Emission Van and Truck Grants (~£877m) roadmap that creates the • Replacing mandatory electrification with a flexible, mult
Slide 16: Record-high construction activity
Record-high construction activity c tland Operational Under construction In development Opportunities d nb h MRS locations Expected to open October 2026 Expected to open H1 20272 Began construction August 2026 Magor, Swindon, Carlisle, n land South Wales South-West England North-West England Capacit
Slide 17: Financial review
Overview 2 Operational review ° 3 Financial review 4 Summary and outlook 5 Appendix
Slide 18: Growing EBITDA and guidance reiterated
Growing EBITDA and CNG Fuels adjusted EBITDA1 GBP million guidance reiterated £16-20m • Q1 2027 adj. EBITDA more than tripled from Q1 2026 to GBP 4.9 million • Quarterly certificate margin of 29%, reflecting 8 RTFC forward sales at 26.1 pence/certificate • Operational efficiencies and scale benefits
Slide 19: Strong financial results
Strong financial results CNG Fuels financial highlights Q1 2027 GBP million • Revenue growth driven by increased dispensed Revenue Gross profit volumes, higher natural gas price and more sold certificates £47.9m £9.4m +62% from Q1 2026 +74% from Q1 2026 • Improved gross profit from higher certificat
Slide 20: RTFC forward sales securing earnings visibility
RTFC forward sales securing earnings visibility RTFC price smoother than biodiesel premium Stable realised certificate prices pence/ pence/ s UC s C q … s C RTFC RTFC RTFC market price 35 Cs g s 30 0 6 8 6 25 0 0 0 00 20 0 8 8 6 6 15 6 6 10 0 0 5 0 0 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25
Slide 21: High investing activity
High investing CNG Fuels cash flow development Q1 2027 GBP million activity • Healthy cash generation 8 8 from the business 0 • Investments and financing 0 activities related to station 08 network expansions • Working capital fluctuating with sourcing of biomethane and generation of certificates C s
Slide 22: CNG Fuels financial position
CNG Fuels financial CNG Fuels balance sheet as at 30 June 20261 GBP million position h b s s C sh b s • Healthy balance sheet with GBP 86 million in L s b s equity and 37% equity ratio C ss s b gs b s • GBP 25 million credit facility with flexible payment terms, supporting station rollout plan G h h
Slide 23: Summary and outlook
Overview 2 Operational review 3 Financial review 4 Summary and outlook ] 5 Appendix
Slide 24: On track for delivering long-term profitable growth
On track for delivering long-term profitable growth Visibility to reach >8,000 HGVs per day Strong CNG Fuels EBITDA adj. potential1 GBP million >8,000 >100 14% of remaining diesel fleet across largest 15 customers Certificates Non-binding adoption plans from 15 largest customers end-2028 16-20 8 Sta
Slide 25: Summary
Summary Higher station profitability and Visibility to >8,000 HGVs in FY 2027 adj. EBITDA attractive certificate margins 2030 - record-high network guidance of GBP supporting EBITDA growth expansion activity 16-20m reiterated 25
Slide 26: Appendix
Overview Operational review Financial review Summary and outlook
Slide 27: CNG Fuels Group statement of profit and loss
CNG Fuels Group statement of profit and loss 27
Slide 28: CNG Fuels Group balance sheet
CNG Fuels Group balance sheet 28
Slide 29: CNG Fuels Group cash flow statement
CNG Fuels Group cash flow statement 29
Slide 30: ReFuels statement of profit and loss
ReFuels statement of profit and loss 30
Slide 31: ReFuels statement of financial position
ReFuels statement of financial position 31
Slide 32: ReFuels cash flow development
ReFuels cash flow development 32
Slide 33: Heavy goods vehicles driving up emissions
Heavy goods vehicles driving up emissions ~1% 5% 17% of UK road transport fleet of UK traffic of UK transport GHG emissions 33 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 34: Aging truck fleet creates material growth opportunity
Aging truck fleet creates material growth opportunity ~162,000 articulated diesel-HGVs in the UK 60% of HGVs older than 5 years1 ~100,000 trucks to be replaced before 20352 Fuel technology choice made at replacement 0-5 years 5-10 years 10+ years 1 Per end-2024, UK Department for Transport 34 2 Assu
Slide 35: 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 Uncertainty and Work from home, food Bio-CNG costed more Pressure on customers Tariff war and Middle
Slide 36: 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 37: Clear path to create shareholder value
Clear path to create shareholder value EBITDA GBP ~100m End-2030 Illustrative value potential1 ~465m3 Value ReFuels, GBP million 12x EV/EBITDA Increased cash flow from certificates Mass adoption fuelling higher volumes Ramping up ~70m truck refuelling capacity Current market cap2 nd 1. Value of Refu
Slide 38: Illustrative value distribution
Illustrative value distribution 12x EV / EBITDA Distribution priorities Illustrative EV CNG Fuels, GBP million ~1,200m2 1 External debt (max GBP 25m) b Shareholder loans1 2 • Foresight GBP 90m • ReFuels GBP 10m Foresight 3 Management Incentive Program (MIP) minimum value GBP 2m Preference shares1 4
Slide 39: 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 ~106 employees across site CNG more accessible, unlocking truck orders p
Slide 40: 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 41: s s h UK’s g s f
s s h 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