Slide 1: Fast-growing profitable biogas platform
Fast-growing profitable biogas platform May 2026
Slide 2: Investment case
Investment case 2 Q3 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 F ’ o market share biomethane supply Enabling >165 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 payback vs. HVO ~1.5 years payback vs. diesel Annual fuel costs 184 Additional capex o 1 Average Jan 2023
Slide 8: Long-term supply visibility supporting energy security
Long-term supply visibility supporting energy security Vast untapped feedstocks across Europe1 Recent geopolitical events have highlighted the vulnerability of the global diesel supply chain 101 bcm Biomethane is produced from domestic waste, e.g. food waste and agricultural by-products EUR 27bn inv
Slide 9: CNG Fuels cash-generative and fast-growing
CNG Fuels cash-generative and fast-growing Consistent volume and truck growth £134m Monthly dispensed volume (tonnes) Vehicles daily 7 000 2 500 +39% from FY 2024 6 000 CNG Fuels 2 000 Revenues FY 20251 5 000 £6.7m 1 500 4 000 (-£14.3m) in FY 2024 3 000 1 000 CNG Fuels EBITDA FY 20251 2 000 500 1 00
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 ~8m >30m truck refuellings kg biomethane dispensed certificates (RTFCs) generated per day per year and sold per year 10
Slide 11: 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 12: 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 6x2 CNG trucks ~2,100 ~1,850 6x2 trucks ~1,600 4x2 CNG trucks 4x2 trucks 12 1 Articulated commercial truck registrations in the UK, Society of Motor Manufacturers an
Slide 13: 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 14: Doubling capacity to meet accelerating UK fleet conversion
Doubling capacity to meet tland Operational accelerating UK fleet conversion Under construction In development Opportunities d nbu MRS locations HGVs/day umb f Fu ls’ stat ns and m b l fu ll n stat ns 6 2 16 11 >25 ~30 Targeting >9 high-capacity stations in operation or development by end- 2028 comp
Slide 15: Station build-out on track at major trucking routes
Station build-out on track at major trucking routes Opened in May 2025 In construction FID expected shortly Moving into development Livingston, Magor, Swindon, Site to be Scotland South Wales South-West England confirmed Capacity1 20m 30m 30m [x]m 15 1 Million kg of Bio-CNG annually in total capacit
Slide 16: 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 17: Unlocking value from certificates
Unlocking value from certificates 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 U’ R g o tightened GHG savings criteria across all biofuels 30 UK’ TR o duties on biodiesel ~25
Slide 18: 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) G ’ o o RED III legislation ends 59% double counting of advanced biofuels from 2026 36% UK Department for 25% Includes double counting Transport is concurrently r
Slide 19: 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 20: Clear path to create shareholder value
Clear path to create shareholder value EBITDA GBP ~100m End-2030 Illustrative value potential1 ~500 Value ReFuels, GBP million 12x EV/EBITDA CNG Fuels Increased cash flow from certificates Mass adoption fuelling higher volumes Doubling ~85 truck refuelling capacity Current market cap2 nd 1. Implicit
Slide 21: Positioned for growth and material value creation
Positioned for growth and material value creation 15–20% volume growth expected Doubling refuelling capacity Raised FY 2026 in FY 2027, driven by consistent to meet accelerating customer EBITDA guidance CNG fleet expansion demand to GBP 13-15m 21
Slide 22: Q3 2026 financial results
1 Investment case 2 Q3 2026 financial results 3 Appendix
Slide 23: Strong financial results
Strong financial results CNG Fuels financial highlights Q3 2026 GBP million • YTD 2026 revenue up 22% YoY, driven by higher Revenue Gross profit Bio-CNG volumes dispensed and increased value generation from RTFCs £46.5m £10.0m +23% from Q3 2025 +72% from Q3 2025 • Gross profit split 33:66 between th
Slide 24: Raised FY 2026 EBITDA guidance
Raised FY 2026 CNG Fuels EBITDA GBP million EBITDA guidance £13-15m • Guidance increased ~20% for the financial year £10-12m • Driven by scalable platform, continued growth in dispensed volumes and favourable market conditions • Improved visibility on EBITDA generation from station performance and R
Slide 25: CNG Fuels financial position
CNG Fuels financial CNG Fuels proforma balance sheet as at 31 December 20251 GBP million position • Healthy balance sheet with GBP 80 million in equity and 32% equity ratio T T • GBP 25 million credit facility with flexible Co payment terms, supporting station rollout plan C • Property, Plant and Eq
Slide 26: Appendix
1 Investment case 2 Q3 2026 financial results " Pe — — = CNGFUELS.com — 3 Appendix
Slide 27: CNG Fuels Group statement of profit and loss
CNG Fuels Group statement of profit and loss 27
Slide 28: CNG Fuels Group balance sheet
CNG Fuels Group balance sheet 28
Slide 29: ReFuels statement of profit and loss
ReFuels statement of profit and loss 29
Slide 30: ReFuels statement of financial position
ReFuels statement of financial position 30
Slide 31: ReFuels cash flow development
ReFuels cash flow development 31
Slide 32: Mobile refuelling stations accelerating adoption
Mobile refuelling stations accelerating adoption o CNG F ’ 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 ~3,000 MRS currently MRS t
Slide 33: 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 ~95 employees across site design, CNG more accessible, unlocking truck o
Slide 34: 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 35: CNG Fuels' valuation implies ReFuels value upside
CNG Fuels’ valuation implies ReFuels value upside Equity valuation GBP million 2 CNG F o R F C R F 1 3 Fo g o 1 Based on disclosed valuation from FGEN Capital Markets Day 12 May 2026 with FGEN equity value of £47 million, where FGEN holds 25% of CNG Foresight Holdings which holds 60% of CNG Fuels Lt
Slide 36: Driving fleet emissions to zero
Driving fleet emissions For further information please visit refuels.com 36 Footer: to insert go to "Insert" - "Header & Foooter" to zero
Slide 37: 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