Slide 1: Flying Clean with Sustainable Aviation Fuels
FLYING CLEAN WITH SUSTAINABLE ' AVIATION FUELS’ tion / November 2025
Slide 2: Disclaimer
Disclaimer This presentation and any accompanying oral presentation (this “Presentation”) is provided for information purposes only. This Presentation is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities in any jurisdiction nor shall there be a
Slide 3: Forward-Looking Statements
Forward-Looking Statements This Presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as "may’, "shoul
Slide 4: Table of Contents
Table of Contents 01 02 03 04 05 Executive Summary Decarbonizing the Aviation Industry Understanding Sustainable Aviation Fuel Company Overview Commercial and Financial Overview
Slide 5: Mission
Mission Lead the transition to net-zero aviation emissions by building the most scalable Sustainable Aviation Fuel (“SAF”) company in the world.
Slide 6: Key Takeaways: SAF is the only viable near-term decarbonization solution
Key Takeaways 01 SAF is the only viable near-term decarbonization solution * Disproportionate impact on emissions * Decarbonization initiatives lag behind other industries * Securing development capital is challenging; balance sheets lack liquidity 02 XCF has an early-mover advantage * New Rise Reno
Slide 7: Executive Summary
Executive Summary
Slide 8: XCF Global at a Glance
XCF Global at a Glance ite1-NewRise Reno | { site2-NewRiseReno2 ) { sites3&4-Wilson, NC + Long-term agreement + Adjacent site ready to be jand Fort Myers; Et with Phillips 66: developed for SAF * Developmentinto SAF, — Provide waste- and production renewable fuels, and/or residue-based « Cost effici
Slide 9: Experienced Leadership Team
Experienced Leadership Team Executive Management Non-Executive Directors Chris Cooper NESTE wey gan Wray Thorn* & TWO SIGMA Chief Executive Officer, es Interim Board Chair Executive Director iO BGN : MARATH@9N AS MANAGEMENT.INC Simon Oxley an Si-Yeon Kim GLOBAL Chief Financial Officer BARCLAYS TELLU
Slide 10: XCF is Ahead of its Competition
XCF is Ahead of its Competition XCF holds a strategic early-mover advantage, with a production facility in Reno, Nevada, and a modular site design, configuration, and layout £0. A that can be replicated Calumet & across the globe. ry 6 ocFuels Northwest é Advanced Biofuels . 8 Gevo/Net Zero-1 Prins
Slide 11: Investing in the Decarbonization of the Aviation Industry
Investing in the Decarbonization of the Aviation Industry Strong Regulatory and Market Tailwinds for Sustainable Fuels Robust demand for SAF domestically and internationally drives long-term business growth; ~6.5 billion gallons of demand per year expected by 2030 Shift in customer sentiment and reg
Slide 12: Decarbonizing the Aviation Industry
Decarbonizing the Aviation Industry
Slide 13: Aviation's Disproportionate Impact
Aviation’s Disproportionate Impact” Aviation industry provides a large opportunity due to a historic lack of decarbonization efforts. ----» International Aviation: 145.8% ----> International Shipping: 33.8% ; i a ta Land Use and Forestry: 18.4% Share of Global CO2 Emissions Agriculture: (21.5%) Risa
Slide 14: Emissions Set to Explode: Passenger Traffic Grows
Emissions Set to Explode: Passenger Traffic Grows Long-term global passenger traffic forecast (2016-2053) 28 7) Pender 24 2053 x2.4 of 2024 level 22 Fy 2042 > 2045 te e200 x2 of the 2024 level Is = 18 | ql 2 ea g 16 fal 514 s =~ 12 2024 " recover to 2019 level 8 ee ea] 6 = 4 ; 5 8 ernese rae s[eaena
Slide 15: Sustainable Aviation Fuels are the only viable near-term option
Sustainable Aviation Fuels are the only viable near-term option to decrease emissions in the aviation sector, as they are compatible with current aircraft engines and fueling infrastructure and can power flights with no distance limits. McKinsey & Company
Slide 16: An Immediate Solution to Decarbonizing the Aviation Industry
An Immediate Solution to Decarbonizing the Aviation Industry SAF is the most effective near- % share of total industry CO, term solution to decarbonize _— aviation because it works as a Bee rasa | To 30%) drop-in replacement for conventional jet fuel; no changes to existing aircraft onoas or infrast
Slide 17: Understanding Sustainable Aviation Fuel
Understanding Sustainable Aviation Fuel
Slide 18: What is Sustainable Aviation Fuel?
What is Sustainable Aviation Fuel? SAF is a renewable, low-carbon alternative to traditional jet fuel designed to work seamlessly in existing aircraft engines and fuel infrastructure. * Synthetic kerosene derived from a variety of waste- and residue-based feedstocks not suitable for direct human con
Slide 19: A Drop in Fuel: From Waste to Wingtip
A Drop in Fuel: From Waste to Wingtip Cole Loo From waste to wingtip — Fuel is delivered the production journey to airport and into wing. for sustainable aviation (nd) Co) 6 | @) | up to 80% x t a onal COO L i fe ditional Sustainable Aviation Fuel to meet Traditional jet fuel is blended with (@® cur
Slide 20: Global Initiative for SAF Policy
Global Initiative for SAF Policy F. By 2030, more than 4 in people are expected to live in countries with SAF blending mandates or i Canada Clean Fuel Standard since 2022, (we) EU RefuelEU Aviation SAF mandate for British Columbia: 1% in 2028, 2% in 2029 fuel suppliers: 2% 2025, 6% by 2030, 70% @ im
Slide 21: Favorable U.S. Regulatory Environment
Favorable U.S. Regulatory Environment Renewable Fuel Low Carbon Fuel Clean Fuel Production Standard (“RFS”) Standard (“LCFS”) Tax Credit (“CFPC”) + Federal mandate to incorporate renewable content + States such as California, Oregon, and * Section 45Z clean fuel production tax credit into transporta
Slide 22: States Adopting SAF Credit Incentive Schemes
States Adopting SAF Credit Incentive Schemes Across the U.S., states are rolling out SAF credit incentive programs to stimulate local production, attract investment, and accelerate adoption alongside federal initiatives. port-2024/ ILLCFS or similar policy in force [lll Pending or failed LCFS or sim
Slide 23: Aviation Industry Working Toward Decarbonization
Aviation Industry Working Toward Decarbonization Top-Down Emissions Reduction Policies es Express Support for SAF) Consistent with the International Air Transport Airline SAFTarget —_— Climate Target Association ( IATA”) emissions reduction targets, Maska NA Net zero 2040 many airlines have now set
Slide 24: Beyond Airlines: Corporate Leaders Turning to SAF
Beyond Airlines: Corporate Leaders Turning to SAF Major global corporations are turning to SAF as a practical solution to meet net-zero and Scope 3 emissions targets. While airlines have led early adoption, a growing number of technology and consumer brands are incorporating SAF into their sustainab
Slide 25: S&P Global Demand and Price Forecast Through 2050
S&P Global Demand and Price Forecast Through 2050 EU27 SAF and Jet Fi (million b/d) (6used in air transport) 20 80 15 Right axis 40 @ sar mandate @ SF forecast Co e-fuels mandate 20 Left axis mm SAF demand = Jet Fuel demand 10 05 2026 ©2028» «2030» 20322084 «2036» 2038» «2040-2042 2044 += 2046.» 204
Slide 26: Company Overview
Company Overview
Slide 27: XCF Global at a Glance
XCF Global at a Glance ite1-NewRise Reno | { site2-NewRiseReno2 ) { sites3&4-Wilson, NC + Long-term agreement + Adjacent site ready to be jand Fort Myers; Et with Phillips 66: developed for SAF * Developmentinto SAF, — Provide waste- and production renewable fuels, and/or residue-based « Cost effici
Slide 28: Scaling a Global SAF Platform: Three Pillars for Growth
Scaling a Global SAF Platform: Three Pillars for Growth Domestic Growth International Expansion Consolidation & Leadership * New Rise Reno Blueprint: ¢ Licensing Model: ¢ Economies of Scale: scalable, capital-efficient model global rollout with equity and royalty fees reduce costs, improve efficienc
Slide 29: Flagship Site for Domestic Growth
Flagship Site for Domestic Growth Location Date Commissioned Nameplate Capacity Status Ramp-up Stage Production SAF Production Feedstock Pretreatment Production Pathway Efficiency Initiatives Supply/Offtake Agreement Modes of Transportation ston 2028 Reno, NV February 2025 38 million gallons Ramp-up
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Slide 32: Combine Onsite Feedstock Pretreatment with HEFA Technology
Combine Onsite Feedstock Pretreatment with HEFA Technology XCF facilities employ a two-stage production process, adding a pretreatment stage prior to hydrotreatment. Pretreatment of Feedstocks * Pretreating feedstock onsite allows XCF facilities to mitigate supply chain risk and facilitate longer ca
Slide 33: Reliable and Proven Hydrotreating Technology
Reliable and Proven Hydrotreating Technology Axens’ hydrotreating technology increases yields, lowers operating costs, and facilitates feedstock flexibility. I Proprietary Hydrogenation Technology @ Waste- and residue-based feedstocks are pretreated (4) Liquid feedstock with hydrogen is pumped over
Slide 34: Long-Term Agreement with World-Class Partner
Long-Term Agreement with World-Class Partner Phillips 66 is a Leading Integrated Downstream Energy Provider World-Class Partnership Reduced Working Capital Requirements Phillips 66, New Rise Reno’s feedstock and priority Access to Phillips 66’s balance sheet” enables Supply & Offtake offtake partner
Slide 35: Leveraging Existing Infrastructure for Organic Expansion
Leveraging Existing Infrastructure for Organic Expansion New Rise Reno 2 Wils NC and Fort Myers, FL* * Greenfield development adjacent to New Rise Reno * Biodiesel facilities, acquired in October 2023 * Site acquired in January 2025 * Plans to build out and reconstruct into SAF, renewable fuels, and
Slide 36: Efficient Site Development with Attractive Returns
Efficient Site Development with Attractive Returns et Delivery Schedule YEAR 1 YEAR 2 YEAR 3 Qi Q2 Q3 4 Qi Q2 Q3 Q4 Qi Q2 Q3 Q4 Plant Construction Post-Construction Operations ay praa% t Month 0-2 Month 3-9 Month 10-12 Month 13-28 Month 29-32 Month 33+ Land Acquisition Drawing/Site Plans Permitting
Slide 37: New Rise Australia
New Rise Australia Highlights ¢ Binding term sheet executed ¢ 15-year license to deploy XCF’s renewable fuel platform across Australia ¢ Target: Development of three SAF production facilities based on the New Rise Reno design, configuration, and layout ° XCF to receive — 12.5% equity stake — 12.5% l
Slide 38: Multiple Levers for Continued Growth
Multiple Levers for Continued Growth Near-Term Existing pipeline buildout Feedstock procurement and Decarbonization Existing owned and leased sites are supply chain optimization solutions expected to come online from 2028, In conversations to form a joint venture Carbon capture, utilization, and sta
Slide 39: Commercial and Financial Overview
Commercial and Financial Overview
Slide 40: Illustrative SAF Margin Overview and Unit Economics
Illustrative SAF Margin Overview and Unit Economics 45Z Credits shown retroactively for illustrative purposes only . ($/eal) SAF Margin $8.00 Calculation $6.00 1. SAF (Jet Fuel plus estimated SAF premium of ~$3/gal) oie mn | | 1 | | idiid Bias $2.00 i 2. LCFS(CA) Credit $0.00 Mi 1 | nal TL ! s DARIN
Slide 41: Ramp Up to Transformational Growth
Ramp Up to Transformational Growth Production optimization ramp-up process ongoing at New Rise Reno. 2025 2026 ¢ Apivotal period laying the foundation for future growth ¢ Production of SAF at nameplate capacity ¢ Operational flexibility at the New Rise Reno facility has expected as early as Q1 enabl
Slide 42: XCF's Public Peer Universe
XCF’s Public Peer Universe 2) 3) ia) 5 ] One of the few Fortune 50 Proven and reliable | Scalable, modular International public companies offtake partner technology plant design nsion strategy focused on SAF XCF Global = Pen 2% gevo YO) AEMETIS AmeREScOg DARLING Lanzalech NESTE 3 Green Plains @) MON
Slide 43: Key Takeaways: SAF is the only viable near-term decarbonization solution
Key Takeaways 01 SAF is the only viable near-term decarbonization solution * Disproportionate impact on emissions * Decarbonization initiatives lag behind other industries * Securing development capital is challenging; balance sheets lack liquidity 02 XCF has an early-mover advantage * New Rise Reno
Slide 44: Thank you.
Thank you.