Slide 1: First quarter 2025
First quarter 2025 For the period April to June 2024 6 September 2024
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: Overview
Overview (2 Operational review e Financial review ® Market “®) Summary and outlook
Slide 4: Decarbonising Europe's truck fleet
Decarbonising Europe’s truck fleet An integrated supplier of alternative fuels with a growing network of refuelling stations, supported by a blue-chip customer base Offering biomethane (Bio-CNG), the fast-track option for net-zero trucks with up to 90% lower emissions and reduced costs compared to d
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 Strong underlying growth with dispensed Bio-CNG volumes up 30% year-on-year Annualised EBITDA for station portfolio 1 of GBP 6.9m in Q1; expected to be GBP >12m by end March 2025 Increased value generated from Renewable Transport Fuel Certificates (RTFCs) Construction of 16th grid-con
Slide 7: Key figures
Key figures Dispensed volume Average no. of trucks daily Unique customer fleets Certificates generated and sold tonnes millions 7
Slide 8: Operational review
e=-———- | wl mn i! J 1 Overview © Operational review 3 Financial review 4 Market 5, Summary and outlook
Slide 9: Mass adoption driven by customers' net-zero ambitions, cost advantages and network effect
Mass adoption driven by customers’ net-zero ambitions, cost advantages and network effect 13,582 tonnes of Bio-CNG 30% growth in dispensed volume in Q1 2025, up 30% y-o-y in dispensed volumes f mQ ’ 4 Q ’ 5 54,243 tonnes dispensed volume annualized run-rate1 per June 9,500 heavy goods vehicles (HGVs
Slide 10: Our proprietary mobile refuelling stations bring fleets on board
Our proprietary mobile refuelling stations bring fleets on board before a nearby station is opened Mobile refuelling stations (MRS) designed to MRS typically deployed to sites with planned stations dispense Bio-CNG s s’ f s: • A cost-effective mobile solution until a CNG Fuels station opens in the a
Slide 11: Roll-out of new stations at major trucking routes
Roll-out of new stations at major trucking routes Recently opened Under construction Bangor, Aylesford, Doncaster, Livingston, North Wales Southeast England Northcentral England Scotland Capacity1 25 19 19 20 11 1 Million kg of Bio-CNG annually in total capacity
Slide 12: Confirmed station pipeline with clear visibility to reach 30-40 stations
Confirmed station pipeline with clear visibility to reach 30-40 stations 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 appli
Slide 13: 5 highly attractive sites next in line to be built
5 highly attractive sites next in line to be built • 5 attractive higher-capacity station locations expected to be ready for construction within 2024, with 1 already in- build • The company expects the unlevered Internal Rate of Return (IRR)1 of these 5 new stations to be in the range of 25-45% • Th
Slide 14: More trucks will drive EBITDA contribution
More trucks will drive EBITDA contribution EBITDA contribution for current station network1 tion network at stead Sta state utilization 3 y ork inclu ion netw d tat t fleet order b ing S ren oo cu r k 30-40 stations (mid-term network estimate) station ne rrent te vol twork GBP ~49m a ume Cu run-r ~3
Slide 15: Simplifying structure and return profile
Simplifying structure and return profile Newark Bellshill Castleford Aylesford ReFuels and funds managed by the Foresight Group have signed a non-binding term sheet, simplifying ownership structure of the CNG station network Avonmouth Warrington Newton Crewe1 • The agreement aims to replace the prio
Slide 16: Withdrawn from the HyHAUL project
Withdrawn from the HyHAUL project CNG stations are well-placed to serve a future hydrogen market using three common distribution pathways: • ReFuels has decided to withdraw from the Hydrogen Aggregated UK Logistics (HyHAUL) project as of August 2024 Onsite • ReFuels' subsidiary, CNG Fuels, was a fir
Slide 17: Financial review
1 Overview 2, Operational review e Fi ial review 5, Summary and outlook
Slide 18: Station portfolio profitability driven by volume growth
Station portfolio profitability driven by volume growth Station portfolio monthly EBITDA adjusted1 • Station portfolio EBITDA of GBP 1.73 million in Q1 2025 Note that all figures pertaining to station profitability of the CNG Foresight Group2 compares to 764k in Q1 2024, corresponds to 125% growth a
Slide 19: Biomethane margins recovering
Biomethane margins recovering • Historical gross profit margins of RTFCs sold over the cost of biomethane purchased have had margins well in excess of 30% • Due to the dislocations in the biodiesel markets, these margins weakened for four of the six last quarters, but are now recovering with a combi
Slide 20: Financial highlights
Financial highlights • Consolidated revenue was GBP 27.6 million for the first quarter of the 2025 financial year and GBP 19.1 million (Figures in GBP million) Q1 2025 Q1 2024 FY 2024 for the comparative quarter ending 30 June 2023, Revenue 27.6 19.1 108.2 although this was a shortened period Gross
Slide 21: Financial position
Financial position • On 30 June 2024, total assets were GBP 176.2 million of which GBP 84.5 million was goodwill and GBP 10.7 Balance sheet GBP million million were customer/brand related intangible assets • Independent valuation work on the intangible assets 176 176 identified at acquisition has be
Slide 22: Cash flow development
Cash flow development Cash flow Q1 2025 GBP million • Net cash flow generated by operating activities was GBP 3.2 million in the first quarter while net cash flow generated from investment activities was GBP 0.1 million in the period • Operating cashflow was largely due to trade creditors increasing
Slide 23: Market
1 Overview 2, Operational review 3 Financial review 5, Summary and outlook
Slide 24: Underlying market with blue-chip customers
Underlying market with blue-chip customers Licensed HGVs >18t in the UK Penetration of 4x2 2 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 25: Clear cost advantage for customers driving CNG truck demand
Clear cost advantage for customers driving CNG truck demand Historical fuel cost savings2 compared to diesel Historical annual fuel cost savings of GBP 15k+ GBP 15k compared to diesel annual savings Historical vehicle upfront capex premium of GBP GBP20k-25k 20k to 25k, with OEM pricing becoming more
Slide 26: Per truck considerations
Per truck considerations 4x2 Fleet 6x2 Fleet Stable consumption – 6x2 will drive up average truck volume Average dispensed volume per truck (annualized, kg) Avg 32,000 Avg 45,000 Volume per truck / Volume per truck / annum annum ~31,600 ~31,600 ~31,300 ~31,200 GBP 0.26 GBP 0.26 Compression margin Co
Slide 27: More than 100 Iveco 6x2 CNG trucks ordered and long waiting lists for trials
More than 100 Iveco 6x2 CNG trucks ordered and long waiting lists for trials of Scania 6x2 4x2 trucks currently represent 14% Major truck suppliers are ramping up of the total articulated trucks in the UK production of 6x2 CNG trucks, a 6x larger market ~7.5 CNG s’ ~0.03 CNG s’ customers customers 1
Slide 28: Strong outlook backed by confirmed order book of trucks
Strong outlook backed by confirmed order book of trucks and additional unconfirmed orders CNG HGVs Gas truck penetration could reach 17- 30% of the HGV >18t GVW 1 segment Total market Total estimated market by 2030, resulting in up to 89,000 Total estimated market in 2030 51,000 - 89,000 natural gas
Slide 29: Signs of improving fundamentals for RTFC prices
Signs of improving fundamentals for RTFC prices RTFC prices are primarily influenced by the price spread between fossil diesel and waste-based biodiesel (UCOME) GBPp per RTFC Blending obligation (RTFO) Summer/fall 2023 Record biodiesel imports from China to Europe led to a significant decline in 30
Slide 30: Overview
Overview Operational review Financial review
Slide 31: 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 14 grid connected stations, 2 in-build ~95 employees across site design, An expanded network increases range and makes and >100 potential sites in pipelin
Slide 32: Ambition to become Europe's leading integrated supplier of alternative fuels
Q1 Ambition to become Europe's leading integrated supplier of alternative fuels for commercial fleets Long-term: European expansion End-2026: and multi-fuel 2014-2024: Ramp-up to enable Leading first mass adoption mover position 100 30-40 Number of stations 14 Capacity (number of trucks) 9,500 23,00
Slide 33: Summary and Outlook
Summary and Outlook Strong underlying growth Strong CNG truck pipeline Progressing attractive sites 33 ReFuels | Q1'25
Slide 34: For further information please visit refuels.com
For further information please visit refuels.com 34 ReFuels | Q1'25
Slide 35: Appendix
Appendix Q1 2025
Slide 36: Statement of profit and loss
Statement of Summary of result (Figures in GBP 1000) Q1 2025 Q1 2024 FY 2024 profit and Revenue 27,636.2 19,061.0 108,208.2 Gross profit 2,938.6 (1,102.3) 2,319.0 Gain on disposal of subsidiaries 100.0 - 1,200.2 loss Administrative expenses (3,982.3) (3,585.0) (16,317.9) Operating profit (EBIT) (943
Slide 37: Statement of financial position
(Figures in GBP 1000) Notes 30.06.2024 31.03.2024 Statement of Assets Goodwill 5 84,539.1 84,539.1 Intangible assets 5 10,694.1 10,887.2 financial Property, plant and equipment 3,698.5 3,556.2 Investments 5 31,020.1 31,223.3 Deferred tax asset 29.1 29.1 position Non-current assets Inventories Trade
Slide 38: Cash flow development
(Figures in GBP 1000) Q1 2025 Q1 2024 Cash flow from operations Cash flow Profit/(Loss) after income taxes (5,772.9) (5,105.6) Adjustments for: Taxation charged 74.6 121.3 development Investment income (3.1) (1.1) Depreciation 296.9 110.1 Amortisation 193.0 114.8 Share based payment expenses 472.8 1
Slide 39: Heavy goods vehicles are a large contributor to the growing global emissions problem
Heavy goods vehicles are a large contributor to the growing global emissions problem +60% Heavy Goods Vehicles account for 1% of the UK road s f … …b s s s they make up 5% of UK ff … … ss 18% of all transport greenhouse gas emissions in the UK. 1990 1994 1998 2002 2006 2010 2014 2018 2022 Growth in
Slide 40: Renewable biomethane is a fast-track solution to decarbonise long haul trucking
Renewable biomethane is a fast-track solution to decarbonise long haul trucking Government decarbonization mandate Bio-CNG emissions benefits (gCO2 / km) • The UK has committed to a legally binding target of -7% -83% Net negative net-zero emissions by 2050 1,052 979 • Transport was the largest green
Slide 41: All the largest truck manufacturers are offering CNG-fuelled trucks
All the largest truck manufacturers are offering CNG-fuelled trucks 41 ReFuels | Q1'25
Slide 42: Fuel cost savings of switching to Bio-CNG, but also resilient customer adaption
Fuel cost savings of switching to Bio-CNG, but also resilient customer adaption during uncertainty 2000 Brexit Covid Energy crisis High inflation Current fuel cost savings1 compared to 1500 diesel of CNG truck numbers Uncertainty and ordering of Work from home, food and Bio-CNG costed more Pressure
Slide 43: ~7 years to transition a trucking fleet to CNG trucks
~7 years to transition a trucking fleet to CNG trucks Sample customers Illustrative replacement cycle for a fleet 100% 3 13 90% 33 80% 53 70% 73 60% 93 50% 100 97 100 87 40% 67 30% 47 20% 27 10% 7 0% Trial Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Diesel CNG 43 ReFuels | Q1'25
Slide 44: 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 45: 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