Slide 1: Q4 2025 presentation
Q4 2025 presentation For the period January-March 2025 30 May 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 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 ‘4 Summary and outlook
Slide 4: Decarbonising Europe's truck fleet
Decarbonising Europe’s truck fleet 40% ownership of CNG Fuels, a clean fuel infrastructure platform with a growing network of refuelling stations, supported by a blue-chip customer base Supplying biomethane, a fast-track option for net-zero trucks with ~90% lower emissions and reduced fuel costs com
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: Highlights
Highlights Dispensed volume Tonnes Certificates (RTFC) sold1 Million 73m 14,788 12,869 • First quarter of profit since the listing of ReFuels • Dispensed volumes of biomethane (Bio-CNG) up 15% quarter-over-quarter and 20% year-over-year 16m • Currently serving more than 2,000 CNG trucks, representin
Slide 7: New simplified structure from April
New simplified structure from April Fund manager with GBP 12 billion in AUM 40%1 60%2 CNG Fuels 78.4% ownership Producers Aggregator Retailer Customer Produces/sells Facilitates the supply of biomethane Sells biomethane to end-customers Buys fuel at the customer biomethane at a through the UK pipeli
Slide 8: A leading Bio-CNG infrastructure platform
A leading Bio-CNG infrastructure platform Assets Growth Direct station Improved access ownership to funding Simple Cash flows Fully integrated Stations and and consolidated certificates (RTFCs) 8
Slide 9: Financial review Summary and outlook
3 Financial review 4 Summary and outlook
Slide 10: Mass adoption fuelling higher volumes
Mass adoption fuelling higher volumes Current fleet of >2,000 HGVs... …s g steady volume growth (tonnes) 2000 7 000 175 180 14% 1800 160 6 000 1600 12% 5,254 140 1400 5 000 10% 120 1200 4 000 100 8% 1000 3 000 80 800 6% 60 600 2 000 4% 400 40 2% 1 000 200 20 0 0% - - Jan-20 Jan-21 Jan-22 Jan-23 Jan-
Slide 11: Biomethane – a clean fuel available at scale
Biomethane – a clean fuel available at scale 80-90% lower GHG 25-40% lower cost emissions vs. diesel vs. diesel and HVO1 1,052 2023 average gCO2/km 39% 2024 average 30% 27% 25% 184 Diesel 100% Bio-CNG Savings vs. Diesel Savings vs. HVO 11 1 Percentage average fuel cost saving of running a typical Bi
Slide 12: Locally produced and circular energy source
Locally produced and circular energy source HVO under scrutiny for palm oil use Vast untapped feedstock for CNG in Europe 1 101 bcm EUR 27bn in private investment committed to expand biomethane capacity by 22 bcm 2030 2023 production 2040E 12 1 European Biogas Association Roadmap 2040
Slide 13: First 6x2 CNG trucks confirmed for delivery
First 6x2 CNG trucks confirmed for delivery Successful demonstration trials 6x2 trucks significantly increases the addressable market >15 Scania trucks to be delivered to customers in the coming months ~0.06% CNG s’ s s Newly released Iveco 6x2 model ~10% CNG s’ customers with strong customer intere
Slide 14: Doubling capacity to meet future demand
Doubling capacity to meet future demand Refuelling capacity roll-out plan HGV/day Numb f CNG Fu s’ s s dm b fu gs s 6 2 16 101 >25 ~30 Plan to build >9 high-capacity stations next three years complemented by a fleet of additional mobile refuelling stations (MRS) Fully-funded by cash flow from operat
Slide 15: Roll-out of new stations at major trucking routes
Roll-out of new stations at major trucking routes Opened in May Moving into development Station capex GBP ~8m Internal rate of return2 Livingston, Scotland Magor, South Wales 25-30% Capacity1 20m 26m Payback ~5 years 1 Million kg of Bio-CNG annually in total capacity 15 2 For next 4 stations
Slide 16: Mobile refuelling stations accelerating adoption
Mobile refuelling stations accelerating adoption I s f CNG s’ 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 Introducing dual-pressure as 1
Slide 17: Rising feedstock costs driving certificates higher
Rising feedstock costs driving certificates higher GBPp Biodiesel (UCOME) premium to diesel in RTFC equivalent price RTFC price 50 45 ~25p 40 Average RTFC price 2018 - May 2026 35 30 25 20 15 10 5 0 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 17 RTFC: Renewable Transport Fuel Certificate
Slide 18: Overview Summary and outlook
1 Overview 4 Summary and outlook
Slide 19: Locking in biomethane for H2 at high margins
Locking in biomethane for H2 at high margins Biomethane gross profit margins* % • Continued increase in certificate prices with 23 pence % per RTFC in Q4, up 44% from 16 pence in Q4 2024. • Margins recognised continue to trend towards historical average, enabling sourcing with healthy returns % Esti
Slide 20: Biomethane sourcing higher in H2 2025
Biomethane sourcing higher in H2 2025 Illustration of biomethane sourcing for calendar year 2025 • s s f CNG s’ s s gradually increases in line with growing truck fleet Over- • Timing of biomethane sourcing does not fully match sourced actual dispensed volume per quarter • RTFC certificates are gene
Slide 21: ReFuels Financial highlights
ReFuels Financial highlights (Figures in GBP million) Q4 2025 Q4 2024 FY 2025 FY 2024 Revenue 46.2 27.5 153.7 108.2 • First profitable quarter since listing in 2023 Gross profit 6.9 (2.4) 17.0 2.3 EBITDA 4.2 (7.5) 1.1 (14.4) • Revenue growth driven by increased RTFC volume and prices, combined with
Slide 22: Steady growth from station portfolio
Steady growth from station portfolio S f EBITDA djus d (GBP ‘ )1 Note that all figures pertaining to station profitability of the CNG Foresight Group2 are • Station portfolio EBITDA of GBP 1.82 million in Q4, up unaudited management account numbers for the April 23 to March 25 period 14% from GBP 1.
Slide 23: CNG Fuels generating positive earnings
CNG Fuels generating Proforma consolidated financials CNG Fuels1 positive earnings Revenues GBP million 42.4 Gross profit GBP million 8.7 37.8 31.2 5.8 • CNG Fuels became a fully integrated clean fuel 22.8 5.0 4.1 company from 11 April 2025, consolidating refuelling infrastructure, biomethane sourci
Slide 24: Summary and outlook
1 Overview 2) Operational review 3 Financial review © summary and outlook
Slide 25: Summary and outlook
Summary and outlook First EBITDA profitable year and positive outlook with improved earnings visibility Increasing number of 6x2 CNG trucks confirmed for delivery, expecting large orders in coming months Leading Bio-CNG clean fuel infrastructure platform established to drive growth Fully equity-fund
Slide 26: For further information please visit refuels.com
For further information please visit refuels.com
Slide 27: Appendix
Appendix Q4 2025
Slide 28: Statement of profit and loss
Statement of profit and loss 29
Slide 29: Statement of financial position
Statement of financial position 30
Slide 30: Cash flow development
Cash flow development 31 (Figures in GBP 1000) Q42025 Q42024 FY 2025 FY 2024 Cash flow from operations Profit/(Loss) after income taxes 3,025 (11,360) (17,135) (20,975) Adjustments for: Taxation charged 381 (678) 694 (440) Investment income (7) 895 (48) (11) Depreciation 350 408 1,291 896 ‘Amortisat
Slide 31: 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 32 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 32: 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 (‘ ) HGV market 230 21,000 217 220 221 220 212 2,840 204 196 85 82 83 84 82 840 78 81 75 ~2,000 103 108 112 115 117 118 124 97 24 23 23 22 22 21 20 21 2014 2015 2016 2017
Slide 33: Resilient customer adaption during uncertainty
Resilient customer adaption during uncertainty 2500 Brexit Covid Energy crisis High inflation Trade tensions Average lifetime 2000 fuel cost savings1 compared to diesel of CNG truck numbers 1500 >30% Uncertainty and ordering Work from home, food and Bio-CNG costed more Pressure on customers and ’s 1
Slide 34: Robust market-based certificates scheme
Robust market-based certificates scheme Biomethane 1 Obligated fuel producer 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 % of total) 21.1%
Slide 35: 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 16 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 36: 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 37: ReFuels contact details
ReFuels s UK’s gs f 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