Opal Fuels Inc. · NASDAQ:OPAL
Opal Fuels — Q1 2025 Earnings Presentation
22 slides from Opal Fuels's earnings presentation, May 2025
Slide 1: First Quarter Earnings Presentation
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: First Quarter 2025 Results Summary
First Quarter 2025 Results Summary Adjusted EBITDA of $20.1 Million Supported By Growth in RNG Fuel and Fuel Station Services ✓ 1Q25 Adjusted EBITDA 32% higher compared to 1Q24 ✓ 1Q25 RNG production growth of 38% compared to 1Q24 ✓ EBITDA growth in our Fuel Station Services segment of greater than 8
Slide 6: Adjusted EBITDA: 1Q24 to 1Q25
Adjusted EBITDA: 1Q24 to 1Q25 First Quarter 2025 Adjusted EBITDA Grew 32% Compared with the Prior Year Period • ISCC pathway termination ($ in millions) $1.4 • Lower RIN price in $4.2 1Q25 $2.1 $8.0 • Increased environmental credit sales $3.9 • Increase in Service volumes and revenues $22.2 $19.4 $2
Slide 7: Driving Shareholder Value through Disciplined Execution
Driving Shareholder Value through Disciplined Execution Industry Leading Operations ▪ Peer leading margins across our business segments ▪ Improve production metrics and drive growth in Fuel Station Services Disciplined Growth and Capital Allocation ▪ >30% annual RNG production growth in 2025 ▪ 30%-5
Slide 8: Liquidity Update
Liquidity Update ▪ Liquidity of approximately $240 million as of March 31, 2025 o Approximately $178 million of unused capacity under the $450 million credit facility o Approximately $21 million of unused capacity under the associated revolver o Approximately $40 million in cash, cash equivalents, a
Slide 9: OPAL Fuels Overview
OPAL Fuels Overview
Slide 10: Leading Vertically Integrated Biogas Energy Company
Leading Vertically Integrated Biogas Energy 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 Capture & Conversion Dispensing &
Slide 11: Experienced Team with a History of Value Creation
Experienced Team with a History of Value Creation Name & Title Years of Experience Achievements Adam Comora Acquired, built and managed Co-CEO 30+ dispensing & monetization projects since 2012 Jonathan Maurer 35+ Acquired, built and managed Co-CEO capture & conversion projects since 1989 Kazi Hasan
Slide 12: 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) 16.0 In-Operation 14.0 13.4 (3) In-Construction In-Construction Guidance 2.0 12.0 11.4 10.0
Slide 13: Executing On Expanding Our Fueling Station Services Segment
Executing On Expanding Our Fueling Station Services Segment Total Volumes Sold, Dispensed, and Serviced (Million GGE) 160.0 140.0 Total Volumes Sold, Dispensed, 249.6 and Serviced (MM GGE) 120.0 202.1 100.0 145.0 80.0 150.2 96.1 133.2 60.0 115.9 96.4 40.0 20.0 0.0 2021 2022 2023 2024 12
Slide 14: Operating Segments
Operating Segments
Slide 15: RNG Fuel: 11 RNG Facilities Online Today
RNG Fuel: 11 RNG Facilities Online Today 11 8.8 Million Operating RNG Assets RNG MMBtu Annual Design Capacity(1) Landfill: Imperial Landfill: Greentree Dairy: Sunoma Landfill: Noble Road Landfill: New River Location Pennsylvania Pennsylvania Arizona Ohio Florida Type Landfill Landfill Dairy Landfill
Slide 16: Landfill RNG Projects In-Construction
Landfill RNG Projects In-Construction 4 2.1 Million RNG MMBtu In-Construction Projects Total MMBtu(1) Landfill: Atlantic Landfill: Cottonwood Landfill: Burlington Landfill: Kirby Location New Jersey Illinois New Jersey California Gas Rights Ownership % 50% 100% 50% 100% OPAL’s Share of 0.33 million
Slide 17: RNG Projects' Utilization Summary
RNG Projects’ Utilization Summary Inlet design capacity utilization expected to grow organically via growth in open and operating landfills and improvements in gas collection Three Months Ended 3/31 2025 2024 RNG Facility Capacity and Utilization Design Capacity (Million MMBtus) (1) 2.1 1.3 Volume o
Slide 18: 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 $200 $180 ($ Millions)
Slide 19: 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 are largely contracted PPAs with investment grade off-takers Pipeline of projects for potential RNG conversion 18
Slide 20: Appendix
Appendix
Slide 21: 2025 Guidance
2025 Guidance Full Year 2025 Guidance (1) ▪ 2025 Adjusted EBITDA is projected to range between $90 million and $110 million. The projection assumes a $2.60/gallon D3 RIN price; each $0.10/gallon shift in D3 RIN price impacts 2025 Adjusted EBITDA by $5-$6 million ▪ Adjusted EBITDA is based on an RNG
Slide 22: Reconciliation of Adjusted EBITDA to GAAP Net Income
Reconciliation of Adjusted EBITDA to GAAP Net Income $000's Three Months Ended Three Months Ended March 31, 2025 March 31, 2024 RNG Fuel FSS Ren. Power Corporate Total RNG Fuel FSS Ren. Power Corporate Total Net income (loss) (1) $8,034 $9,115 ($502) ($15,363) $1,284 $7,131 $5,722 ($73) ($12,103) $6