Slide 1: Creating a leading Bio-CNG clean fuel infrastructure platform
Creating a leading Bio-CNG clean fuel infrastructure platform Company presentation 20 March 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 FRO M THE UNITED STATES OF AMERICA, ITS TERRITORIES OR POSSESSIONS, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR TO ANY RESIDENT THEREOF, OR AN Y JURISDICTION WHERE SUC
Slide 3: Creating a leading Bio-CNG infrastructure platform
Creating a leading Bio-CNG infrastructure platform Fully integrated biomethane sourcing, refuelling and certificates company Direct ownership of 16 public access stations Fully equity-funded for doubling refuelling capacity by end-2028 Improved access to external growth financing 3
Slide 4: Transaction details
Transaction details • Funds managed by Foresight transfer ownership of 15 stations to CNGF, bringing the total to 16 stations (incl. 1 station in-build) • ReFuels transfers its 49% share of RTFS, giving CNG Fuels 78.4% ownership of the biomethane sourcing company • Approximately GBP 32 million in ex
Slide 5: Simplified structure and partnership with Foresight
Simplified structure and partnership with Foresight Fund manager with GBP 12 billion in AUM 40%1 60%2 CNG Fuels 78.4% ownership Producers Aggregator Retailer Customer Produces/sells Facilitates the supply of biomethane Sells biomethane to end-customers Buys fuel at the customer biomethane at a throu
Slide 6: Strong strategic rationale
Strong strategic rationale Former structure 78.4% Assets Growth Direct station Improved access ownership to funding 67% above priority return1 Off balance sheet stations with all CAPEX financed by funds managed by Simple Cash flows Foresight Fully integrated Stations and and consolidated certificate
Slide 7: Enabling decarbonisation of truck fleets at scale
Q1 Enabling decarbonisation of truck fleets at scale Long-term End-2028 European Doubling capacity expansion 2014-2024 Leading first to meet demand mover position ~20k Capacity 10k (HGV/day) Number of stations 151 >25 in operation Capacity 320 780 (tons Bio-CNG per year) Roll-out supported by blue-c
Slide 8: 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 8 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 9: Biomethane – a clean fuel available at scale
Biomethane – a clean fuel available at scale 80-90% lower GHG 25-40% lower fuel emissions vs. diesel cost vs. diesel and HVO1 1,052 2023 average gCO2/km 2024 average 39% 30% 27% 25% 184 Diesel 100% Bio-CNG Savings vs. Diesel Savings vs. HVO 9 1 Percentage average fuel cost saving of running a typica
Slide 10: Mass adoption fuelling higher volumes
Mass adoption fuelling higher volumes Current fleet of >1,970 HGVs... …supporting steady volume growth (tonnes) 2000 7 000 166 180 14% 1800 160 6 000 1600 12% 140 5 000 4,660 1400 10% 120 1200 4 000 100 8% 1000 3 000 80 800 6% 60 600 2 000 4% 400 40 2% 1 000 200 20 0 0% - - jan. 20 jan. 21 jan. 22 j
Slide 11: New class of CNG trucks unlocks 6x larger market
New class of CNG trucks unlocks 6x larger market Close to 1,000 HGVs in 6x2 trucks significantly increases confirmed order book the addressable market ~0.04% CNG Fuels’ customers Total estimated market 51,000 - 89,000 ~9.5% CNG Fuels’ customers Estimated future orders 21,000 124,000 ~2,500 4x2 truck
Slide 12: Doubling capacity to meet future demand
Doubling capacity to meet future demand Refuelling capacity roll-out plan HGV/day Number of CNG Fuels’ stations and mobile refuelling stations 6 2 151 91 >25 ~30 Plan to build >9 high-capacity stations next three years complemented by a fleet of additional mobile refuelling stations (MRS) Fully-fund
Slide 13: Attractive station economics
Attractive station economics Illustrative new station economics Accumulated cash flow excluding RTFCs (GBPm) 33.7 Break-even 26.0 in year 5 18.4 Station capex GBP ~8m 10.9 4.7 -0.3 Internal rate of return1 25-30% -3.7 -6.0 -8.2 -7.8 -7.2 0 1 2 3 4 5 6 7 8 9 10 Payback ~5 years Years in operation 13
Slide 14: Mobile refuelling stations accelerating adoption
Mobile refuelling stations accelerating adoption Increased demand for CNG Fuels’ proprietary mobile refuelling stations (MRS) A cost-effective and flexible solution until a CNG Fuels station opens in the area Unlocking truck orders and may in some cases be stationed as long-term solution 10 ~30 ~3,0
Slide 15: Robust market-based certificates scheme
Robust market-based certificates scheme Biomethane 1 Obligated fuel producer 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 16: Certificate prices decided by biodiesel premium
Certificate prices decided by biodiesel premium RTFC price Biodiesel (UCOME) premium to diesel in RTFC equivalent price 50 45 ~26p 40 35 Average RTFC 30 price 2018-2024 25 20 15 10 5 0 2018 2019 2020 2021 2022 2023 2024 2025 16
Slide 17: Competition for waste-oil feedstocks between biodiesel and SAF
Competition for waste-oil feedstocks between biodiesel and Sustainable Aviation Fuel (SAF) 34% Minimum share of SAF as % of total jet fuel Biodiesel 22% 20% 15% 10% Fats, oil and greases, including used cooking oil (UCO) 6% 2% Sustainable Aviation Fuel (SAF) 2025 2030 2035 2040 17 Sources: ReFuelEU/
Slide 18: Large upside potential from higher RTFC prices
Large upside potential from higher RTFC prices Illustrative gross profit/yr (GBPm) at different prices1 p p p 34p34p per RTFC p 30p 30p 26p 26p 22p 22p Current station network trucks trucks Current network trucks current order ook trucks 1 Assumptions: Constant biomethane sourcing cost of 18 pence p
Slide 19: Strong foundation for value creation
Strong foundation for value creation 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 25 ~25% 20 estimated annual growth Certificates 15 10 ~2,000 Stations 5 0 2025 2025 2026 2027 2028
Slide 20: Illustrative value distribution scenarios
Illustrative value distribution scenarios1 EBITDA GBP 100m End-2030 6x EV / EBITDA 8x EV / EBITDA 10x EV / EBITDA Illustrative EV CNG Fuels, GBP million Illustrative EV CNG Fuels, GBP million Illustrative EV CNG Fuels, GBP million ternal de t ternal de t ternal de t Foresight shareholder loan Foresi
Slide 21: Clear path to create material value
Clear path to create material value EBITDA GBP 100m End-2030 Illustrative value potential1 Value ReFuels, GBP million ~370 NOK ~86/sh 10x EV / EBITDA Increased cash flow from certificates ~265 NOK ~62/sh 8x EV / EBITDA Mass adoption fuelling higher volumes ~160 NOK ~37/sh Doubling 6x EV / EBITDA ~65
Slide 22: Key investment highlights
Key investment highlights • Consolidating biomethane sourcing, station ownership and certificates (RTFCs) into CNG Fuels Creating a leading integrated • Bio-CNG infrastructure platform ReFuels owns 40% with mechanisms to increase share of distributions up to 55% in certain future value realisation s
Slide 23: For further information please visit refuels.com
For further information please visit refuels.com 23
Slide 24: Appendix
SS Appendix
Slide 25: A typical Bio-CNG station
A typical Bio-CNG station Gas inlet Fuel dispensers Bio-CNG compressor High pressure storage 8 minutes to fill a 80 trucks per hour tank with 400+ in capacity miles (650 km) range 25
Slide 26: Transaction key terms
Transaction key terms Structure • CNG Fuels Limited acquires Foresig t’s s are in t e station owning J CNG Foresig t wit more t an GBP 115m of capital deployed since 2020 • Working capital loans from Foresight to CNG Fuels of GBP ~32m are deemed repaid • ReFuels contributes its 49% holding in RTFS,
Slide 27: Solidifying market leadership and increasing barriers to entry
Solidifying market leadership and increasing barriers to entry as station coverage expands Attractive locations Right competencies Network effect 15 stations, 1 in-build and >100 ~90 employees across site design, An expanded network increases range and makes potential sites in pipeline permitting, E
Slide 28: Resilient customer adaption during uncertainty
Resilient customer adaption during uncertainty 2000 Brexit Covid Energy crisis High inflation 1500 CNG truck numbers Uncertainty and ordering of Work from home, food and parcel Bio-CNG costed more Pressure on customers and EU goods and parts industry thrived but certain services- than diesel for con
Slide 29: Expanding network to meet future demand
Expanding network to meet future demand Substantial selection of sites in late-stage development Early-stage Late-stage In-build or Opportunities In operation development development under contract Once sites have been The complete Applications are drafted When application is CNG Fuels completes sel
Slide 30: Station capacity and steady state
Station capacity and steady state Capacity constraints Steady state assumptions Implied usage Max refueling Assumed steady Steady state truck Dispenser capacity Implied usage events state capacity • Dispenser: 12-14 • Time to dispense: 8 minutes Assumed steady Steady state Maximum refueling Implied
Slide 31: Green station network ready for a multi-fuel future
Green station network ready for a multi-fuel future, but H2 and BEV currently unfit for mass adoption Refuelling/ Range Cost recharging Cost-competitive fuel 1,000 8 using combustion Biomethane km minutes engines Not expected to be 6 - 800 20-40 Hydrogen cost-competitive before km minutes 2040-501 U
Slide 32: 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 industry • Co-Founder CNG Fuels
Slide 33: ReFuels is the UK's leading supplier of alternative fuels
ReFuels is t e UK’s leading supplier of ReFuels N.V. alternative fuels to commercial vehicles, Evert van de Beekstraat 1-104, supplying 100% renewable biomethane The Base B to heavy goods vehicles from our rapidly 1118 CL Amsterdam growing network of Bio-CNG stations. refuels.com