Refuels N.v. · OSL:REFL
Refuels — Investor Presentation (June 2026)
43 slides from Refuels's investor presentation, June 2026
Slide 1: Fast-growing profitable biogas platform
Fast-growing profitable biogas platform June 2026
Slide 2: Investment case, Q4 2026 financial results, Appendix
1 Investment case 2 Q4 2026 financial results 3 Appendix
Slide 3: Green refuelling stations across the UK
Green refuelling stations across the UK >2,250 >95% >50% vehicles using UK CNG1 truck of truck CNG Fuels’ 16 stations market share biomethane supply Enabling ~180 customers decarbonising operations today Operational stations Opportunities 3 1 CNG = Compressed Natural Gas
Slide 4: A clean fuel infrastructure platform with two revenue streams
A clean fuel infrastucture platform with two revenue streams 40%1 60%2 78.4% ownership CNG Biomethane Aggregator Retailer Customer producers Biomethane sourcing Dispensed volumes x certificates x margin per kg 1 Including shareholder loan instruments of GBP 15.95 million from CNG Fuels carrying 10%
Slide 5: 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 5 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 6: Biomethane is the preferred green HGV fuel
Biomethane is the preferred green HGV fuel Refuelling/ Range Maturity Cost recharging Fully commercial and Cost leadership - unsubsidised Biomethane 1,000 km 8 minutes scalable - 65% share of UK 20-40% below HVO/diesel gas-powered HGVs1 Dependent on feedstock HVO More expensive than 1,000 km 4 – 6 m
Slide 7: Bio-CNG – cleaner, cheaper and available today
Bio-CNG – cleaner, cheaper and available today 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 £1.47 payback vs. HVO £1.24 ~1.5 years payback vs. diesel £0.94 £68,000 Annual £49,000 fuel costs £34,000
Slide 8: Biomethane delivering energy security
Biomethane delivering energy security Vast untapped feedstocks across Europe1 Biogases could cover half of gas demand in 20502 205 132 bcm 12% 47% of EU’s gas of EU’s gas demand demand 35 bcm 22 bcm 2025 production 2030E 2040E 2050E Announced Pledges Stated Policies biomethane biomethane biomethane
Slide 9: CNG Fuels cash-generative and fast-growing
CNG Fuels cash-generative and fast-growing Consistent volume and truck growth £154m Monthly dispensed volume (tonnes) Vehicles daily 7,000 2,500 +15% from FY 2025 6,000 CNG Fuels 2,000 Revenues FY 20261 5,000 £14.2m 1,500 4,000 >2x from FY 2025 3,000 1,000 CNG Fuels EBITDA FY 20261 2,000 500 1,000 0
Slide 10: Proven station model unlocking value
Proven station model unlocking value Warrington Bio-CNG station – 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 year 10
Slide 11: M&S agreement validating CNG at scale
M&S agreement «Moving to lower-carbon logistics with reduced dependency on diesel and the increased use of new technologies and lower carbon fuels is key to validating CNG at scale achieving our Plan A Net Zero ambitions» Julian Bailey, Transport Director at M&S • Now serving have 8/10 Up to 4 New M
Slide 12: Diesel price spike and growing fuel crisis concerns
Diesel price spike and growing fuel crisis concerns Diesel and HVO up >30% since February • Available storages? Bulk Diesel price Bio-CNG price HVO price £2.5 • Not running out of gas £2.0 £1.5 £1.0 £0.5 £- May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 12 Source: Quantum Commodity Intelligence
Slide 13: Hormuz supply shock drives record trial activity
Hormuz supply shock drives record trial activity Initial contact Demo period Purchase >30% 10 of 10 >50% increase in customer Demo trucks currently on trial Historically completing a inquires YTD purchase after 4x2 trials 9 months 60-70% Waitlist for 6x2 demo trucks1 Expected conversion rate for 6x2
Slide 14: UK's largest truck market ramping up CNG adoption
UK’s largest truck market ramping up CNG adoption Rigid Articulated 4x2 truck Articulated 6x2 truck Fixed tractor and trailer Tractor and trailer combo (one rear axle) Tractor and trailer combo (two rear axles) 19-26 27-40 44 tonnes tonnes tonnes ~85,000 ~21,500 ~144,000 Total rigid trucks1 Total 4x
Slide 15: Bio-CNG gaining share in a soft truck market
Bio-CNG gaining share in a soft truck market Fewer new UK truck Consistent CNG fleet growth Increasing CNG market share registrations1 -16% +38% ~144,000 ~22,000 6x2 CNG 156 trucks ~19,000 ~18,000 56 ~21,500 ~2,100 ~1,850 6x2 trucks ~1,600 4x2 CNG trucks 4x2 trucks ~10% ~0.1% 2023 2024 2025 2023 202
Slide 16: Aging truck fleet creates material growth opportunity
Aging truck fleet creates material growth opportunity 33 % ~162,000 articulated diesel-HGVs on UK roads 60% ~100,000 trucks to be replaced before 20352 of HGVs older 40 % than 5 years1 27 % Fuel technology choice made at replacement 0-5 years 5-10 years 10+ years 1 Per end-2024, UK Department for Tr
Slide 17: Doubling capacity to meet accelerating UK fleet conversion
Doubling capacity to meet Scotland Operational Under construction accelerating UK fleet conversion Glasgow Edinburgh In development Opportunities M77 MRS locations HGVs/day ~20,000 M74 A74(M) ~13,500 In development Middlesb rough ~11,500 ~1,600 M6 A1(M) 2020 May 2026 2028E Blackburn Number of CNG Fu
Slide 18: Station build-out on track at major trucking routes
Station build-out on track at major trucking routes Opened in May 2025 Expected to open H2 20262 Construction starting 1 June Construction starting late Summer Livingston, Magor, Swindon, Carlisle, Scotland South Wales South-West England North-West England Capacity1 20m 30m 30m 20m 1 Million kg of B
Slide 19: Robust market-based certificates scheme with no subsidies
Robust market-based certificates scheme with no subsidies 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
Slide 20: Multiple drivers supporting long-term RTFC demand
Multiple drivers supporting long-term RTFC demand Biodiesel (UCOME) premium to diesel in RTFC equivalent price 1 RTFC price Sustainable aviation fuel (SAF) GBPp competing for the same feedstock as 50 biodiesel and HVO 40 EU’s RED III legislation tightened GHG savings criteria across all biofuels 30
Slide 21: Raising biofuel mandates in Europe support long-term certificate demand
Raising biofuel mandates in Europe support long-term certificate demand Annual obligation on suppliers to supply biofuels (as % of total) Germany’s proposed RED III legislation ends 59% double counting of advanced biofuels from 2026 36% UK Department for 25% Includes double counting Transport is con
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: 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 Doubling ~85m truck refuelling capacity Current market cap2 End-2030 1. Value of
Slide 24: Positioned for growth and material value creation
Positioned for growth and material value creation Growing volumes and attractive Doubling refuelling capacity FY 2027 certificate margins supporting to meet accelerating customer adj. EBITDA guidance EBITDA growth demand of GBP 16-20m 24
Slide 25: Q4 2026 financial results
1 Investment case 2 Q4 2026 financial results 3 Appendix
Slide 26: EBITDA growth continuing
EBITDA growth CNG Fuels EBITDA GBP million continuing £16-20m • Delivering FY 2026 EBITDA of GBP 14.2 million, within guidance and up >2x from the year before1 >2x • Quarterly certificate margin of 26%, up from 23% 14.2 in Q4 2025 Q4 • Expecting 15-20% growth in dispensed volumes for the 2027 financ
Slide 27: Steady financial results
Steady financial results CNG Fuels financial highlights GBP million Q4 2026 FY 2026 • Stable quarterly revenues as higher volumes were Revenue Revenue offset by lower gas prices and fewer certificates sold £42.2m £154.1m stable from Q4 2025 +15% from FY 2025 • Improved gross profit from higher certi
Slide 28: Attractive RTFC prices
Attractive Realised certificates (RTFCs) per quarter Financial year RTFC prices Million RTFCs generated and sold • 63.4m RTFCs sold in the RTFC price (pence/certificate) quarter at average 25.8 26.1 25.8 25.3 pence from forward 24.0 23.0 contracts, above market 21.0 price of 19.1 pence in March 20.0
Slide 29: Reinvesting in growth
Reinvesting CNG Fuels cash flow development Q4 2026 GBP million in growth 5.1 • Healthy cash generation from the business (2.0) • Investments related to 10.8 (2.0) 0.1 10.7 construction of new station (1.2) in Magor • Increase in inventory of RTFCs and biomethane sourcing Cash position Operating Wor
Slide 30: CNG Fuels financial position
CNG Fuels financial CNG Fuels balance sheet as at 31 March 20261 GBP million position 241 241 • Healthy balance sheet with GBP 76 million in Other assets Inventories Other liabilities equity and 32% equity ratio Trade receivables Trade payables Contract assets • GBP 25 million credit facility with f
Slide 31: Appendix
1 Investment case 2 Q4 2026 financial results 3 Appendix
Slide 32: CNG Fuels Group statement of profit and loss
CNG Fuels Group statement of profit and loss 32
Slide 33: CNG Fuels Group balance sheet
CNG Fuels Group balance sheet 33
Slide 34: CNG Fuels Group cash flow statement
CNG Fuels Group cash flow statement 34
Slide 35: ReFuels statement of profit and loss
ReFuels statement of profit and loss 35
Slide 36: ReFuels statement of financial position
ReFuels statement of financial position 36
Slide 37: ReFuels cash flow development
ReFuels cash flow development 37
Slide 38: 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 11 ~30 ~3,0
Slide 39: Illustrative value distribution
Illustrative value distribution Distribution priorities 12x EV / EBITDA Illustrative EV CNG Fuels, GBP million ~1,200m2 1 External debt (max GBP 25m) External debt Shareholder loans1 2 • Foresight GBP 90m • ReFuels GBP 10m Foresight 3 Management Incentive Program (MIP) minimum value GBP 2m Preferenc
Slide 40: 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 ~105 employees across site CNG more accessible, unlocking truck orders p
Slide 41: 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 42: Driving fleet emissions to zero
Driving fleet emissions For further information please visit refuels.com 42 Footer: to insert go to "Insert" - "Header & Foooter" to zero
Slide 43: 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