Slide 1: Q3 2025 presentation
Q3 2025 presentation For the period October-December 2024 4 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 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
1 Overview 2 Operational review 3 Financial review 4 Summary and outlook
Slide 4: Decarbonising Europe's truck fleet
Decarbonising Europe’s truck fleet An integrated supplier of biomethane (Bio-CNG), with a growing network of refuelling stations, supported by a blue-chip customer base Biomethane is the fast-track option for net-zero trucks with ~90% lower emissions and reduced fuel costs compared to diesel Market
Slide 5: 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 5
Slide 6: Key highlights
Key highlights Dispensed volume (tonnes) 14,835 • 14,835 tonnes of renewable biomethane (Bio-CNG) dispensed, up 18% 13,582 13,726 12,869 12,582 • Annualised EBITDA run-rate across station portfolio1 of GBP 6.5m; expected to be GBP 12m on delivery of existing customer orders Q3 2024 Q4 2024 Q1 2025 Q
Slide 7: Operational review
1 Overview 2 Operational review 3 Financial review 4 Summary and outlook
Slide 8: Mass adoption fuelling higher volumes
Mass adoption fuelling higher volumes Current fleet of >1,970 HGVs... …supporting steady volume growth (tonnes) 2000 7 000 166180 1800 160 6 000 1600 140 4,660 1400 5 000 120 1200 4 000 100 1000 3 000 80 800 60 600 2 000 400 40 1 000 200 20 0 - - Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-20 Jan-
Slide 9: New class of CNG trucks unlocks 6x larger market
New class of CNG trucks unlocks 6x larger market Close to 850 HGVs in 6x2 trucks significantly increases confirmed order book the addressable market ~0.04% CNG Fuels’ customers Total estimated market 51,000 - 89,000 ~8.5% CNG Fuels’ customers Estimated future orders ~2,500 21,000 124,000 4x2 trucks1
Slide 10: Roll-out of new stations at major trucking routes
Roll-out of new stations at major trucking routes Opened in December In-build Doncaster, Livingston, Northcentral England Scotland Capacity1 Operational Late-stage development 19m 20m In-build 10 1 Million kg of Bio-CNG annually in total capacity
Slide 11: Increased demand for mobile refuelling stations
Increased demand for mobile refuelling stations CNG Fuels has developed a proprietary mobile refuelling station (MRS) A cost-effective mobile solution until a CNG Fuels station opens in the area The expanding MRS fleet is unlocking truck orders and can in some cases be a long-term solution 10 1 100
Slide 12: Large upside potential from higher RTFC prices
Large upside potential from higher RTFC prices Prices stabilizing around historical average Illustrative gross profit/yr (£m) at different prices1 RTFC price GBPp Biodiesel (UCOME) premium to diesel in RTFC equivalent price 60 50 34p 30p 45 40 ~26p 50 26p 34p per RTFC Average RTFC 22p 35 price 2018-
Slide 13: Simplifying structure for further growth
Simplifying structure for further growth Newark Bellshill Castleford Aylesford • A transaction to simplify the CNG station network ownership with funds managed by Foresight Group is in an advanced stage of legal drafting • Aiming to strengthen CNG Fuels’ balance sheet, Avonmouth Warrington Newton Cr
Slide 14: Financial review
1 Overview 2 Operational review 3 Financial review 4 Summary and outlook
Slide 15: Locking-in certificates at higher prices
Locking-in certificates at higher prices Biomethane gross profit margins 60% • Historical gross profit margin of RTFCs sold over the 55% cost of biomethane purchased have exceeded 30% • Margin recovery started late 2023 and continued in 2024 on lower biomethane cost and improved RTFC pricing 40% Est
Slide 16: Normalization adjustments to EBITDA
Normalization Adjusted EBITDA bridge Q3 2025 GBP thousand adjustments to EBITDA • EBITDA negative GBP 1 million and adjusted One-off Share-based Fair value EPC transaction Adjusted EBITDA negative GBP 0.8 million for the quarter EBITDA payments remeasurement timing costs EBITDA • Transaction costs o
Slide 17: Scalable economics as truck fleet grows
Scalable economics as truck fleet grows Station portfolio EBITDA adjusted (GBP ‘000)1 Note that all figures pertaining to station profitability of the CNG Foresight Group2 are • Station portfolio EBITDA of GBP 1.63 million in Q3 unaudited management account numbers for the April 23 to September 24 p
Slide 18: Financial highlights
Financial highlights (Figures in GBP million) Q3 2025 Q3 2024 YTD 2025 YTD 2024 • Q-o-Q revenue increase driven by natural gas, Revenue 44.1 34.6 107.5 80.7 station management fee income, RTFC sales and Gross profit 4.2 3.0 10.1 4.7 EPC revenue EBITDA (1.0) (0.1) (2.8) (6.8) • YTD 2025 revenues of G
Slide 19: Cash flow development
Cash flow development Cash flow Q3 2025 GBP million • GBP 1.8 million used in operations in Q3 8.3 • Net investment was GBP 0.3 million, reflecting mainly cash inflow from sale of subsidiary, Livingston -1.8 0.3 -0.4 6.3 • Net cash flow from financing of GBP 0.4 million due to lease repayments • No
Slide 20: Summary and outlook
1 Overview 2 Operational review 3 Financial review 4 Summary and outlook
Slide 21: Summary and outlook
Summary and outlook Steady volume growth More value from certificates Increasing capacity GBPm 7 000 180 166 34p 160 30p 6 000 26p 140 5 000 4,660 22p 34p per RTFC 120 4 000 100 30p 3 000 80 60 2 000 26p 40 1 000 20 22p - - Current station ~2200 trucks ~2400 trucks Current network + Jan-20 Jan-21 Ja
Slide 22: For further information please visit refuels.com
For further information please visit refuels.com
Slide 23: Appendix
Appendix Q3 2025
Slide 24: Statement of profit and loss
Statement of profit and loss 24 ReFuels | Q3'25
Slide 25: Statement of financial position
Statement of financial position 25 ReFuels | Q3'25
Slide 26: Cash flow development
Cash flow development 26 ReFuels | Q3'25
Slide 27: 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 27 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 28: Biomethane - a green fuel available at scale
Biomethane - a green fuel available at scale 80-90% lower GHG ~30% lower fuel emissions vs. diesel cost vs. diesel1 1 052 38% gCO2/km 14% 184 Diesel 100% Bio-CNG Jan-23 Mar-24 28 1 Percentage average fuel cost saving of running a typical Bio-CNG vs diesel HGV
Slide 29: ReFuels is a vertically integrated supplier of Bio-CNG
ReFuels is a vertically integrated supplier of Bio-CNG External parties ReFuels-linked External parties Producer Aggregator Retailer Customer Biomethane Renewable CNG producers and Transport Fuels Fuels traders Services (RTFS) Produces/sells Facilitates the supply of ReFuels sits at the centre of Se
Slide 30: Underlying market with blue-chip customers
Underlying market with blue-chip customers Licensed HGVs >18t in the UK Penetration of 4x22 articulated Blue-chip customer base (‘000) HGV market 230 21,000 217 220 221 220 212 2 670 204 196 85 82 83 84 82 910 78 81 75 1 760 103 108 112 115 117 118 124 97 24 23 23 22 22 21 20 21 2014 2015 2016 2017
Slide 31: Resilient customer adaption during uncertainty
Resilient customer adaption during uncertainty 2000 Brexit Covid Energy crisis High inflation Average lifetime fuel cost savings1 1500 compared to diesel of CNG truck numbers Uncertainty and ordering Work from home, food and Bio-CNG costed more Pressure on customers and 1000 of EU goods and parts pa
Slide 32: 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 grid connected stations, 1 in-build ~95 employees across site design, An expanded network increases range and makes and >100 potential sites in pipelin
Slide 33: 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 • Founded FLEX LNG in
Slide 34: ReFuels N.V. contact details
ReFuels is the 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