Opal Fuels Inc. · NASDAQ:OPAL
Opal Fuels — Q2 2025 Earnings Presentation
25 slides from Opal Fuels's earnings presentation, Aug 8, 2025
Slide 1: Second Quarter 2025 Earnings Presentation
Second Quarter 2025 Earnings Presentation August 2025
Slide 2: Disclaimer
Disclaimer For the purposes of this notice, the “presentation” that follows shall mean and include the slides that follow, the oral presentation of the slides by members of management of OPAL Fuels Inc. (the “Company” or “OPAL Fuels”) or any person on their behalf and the question-and-answer session
Slide 3: Disclaimer (Cont’d)
Disclaimer (Cont’d) Financial Information: The financial and operating forecasts contained in this presentation represent certain estimates of the Company as of the date thereof. The Company’s independent public accountants have not examined, reviewed or compiled the forecasts and, accordingly, do n
Slide 4: Financial Results
Financial Results
Slide 5: Second Quarter 2025 Results Summary
Second Quarter 2025 Results Summary Second Quarter 2025 Adjusted EBITDA of $16.5 Million and RNG Production of 1.2 Million MMBtu (1) ■ 2Q25 RNG production growth of 33% compared to 2Q24 ■ EBITDA growth in our Fuel Station Services segment of 30% compared to 2Q24 ■ 2Q25 Adjusted EBITDA 22% lower comp
Slide 6: Adjusted EBITDA: 2Q24 to 2Q25
Adjusted EBITDA: 2Q24 to 2Q25 Second Quarter 2025 Adjusted EBITDA Impacted by Lower D3 RIN Price, Non-Recurring G&A Expenses, and Discontinuation of ISCC Carbon Credit Pathway • ISCC carbon credit pathway termination • Lower realized RIN ($ in millions) price • Compensation and partially non- $2.6 r
Slide 7: Driving Shareholder Value through Disciplined Execution
Driving Shareholder Value through Disciplined Execution Delivering one of the largest and most profitable fully integrated biogas capture, conversion and dispensing platforms in North America Scalable Operating Platform ▪ Growing production and improving efficiencies in RNG Fuels segment ▪ Margin ex
Slide 8: Liquidity Update
Liquidity Update ▪ Liquidity of approximately $203 million as of June 30, 2025 o Approximately $138 million of unused capacity under the $450 million credit facility o Approximately $36 million of unused capacity under the associated revolver o Approximately $29 million in cash, cash equivalents, an
Slide 9: OPAL Fuels Overview
OPAL Fuels Overview
Slide 10: Leading Vertically Integrated Biogas Energy Company
Leading Vertically Integrated Biogas Energy Company “Naturally Occurring Biogas” – Long Life, Stable and Predictable Resource with Proven Technology to Create Low Carbon Intensity Energy that is Drop-In Fuel to Existing Energy Infrastructure and Offtake Markets RNG Capture & Conversion Dispensing &
Slide 11: Experienced Team with a History of Value Creation
Experienced Team with a History of Value Creation Name & Title Years of Experience Achievements Adam Comora Acquired, built and managed Co-CEO 30+ dispensing & monetization projects since 2012 Jonathan Maurer 35+ Acquired, built and managed Co-CEO capture & conversion projects since 1989 Kazi Hasan
Slide 12: Recent Public Policy Supporting Biofuels
Recent Public Policy Supporting Biofuels Long Awaited Clarity and Bipartisan Alignment Supporting CNG / RNG 1. Production Tax Credit: The One Big Beautiful Bill Act solidified the Inflation Reduction Act’s 45Z Production Tax Credit Through 2029 Investment Tax Credit: The One Big Beautiful Bill Act l
Slide 13: A Growth Company With Disciplined Execution Placing RNG Projects into Operation and Construction
A Growth Company With Disciplined Execution Placing RNG Projects into Operation and Construction OPAL’s Share of Year-End Design Capacity of RNG Projects in 16.0 Operation and Construction (Million MMBtu) (1) (2) In-Operation 14.0 13.4 (3) In-Construction In-Construction Guidance 2.0 12.0 11.4 10.0
Slide 14: Executing On Expanding Our Fueling Station Services Segment
Executing On Expanding Our Fueling Station Services Segment Total Volumes Sold, Dispensed, and Serviced (Million GGE) 160.0 140.0 Total Volumes Sold, Dispensed, 249.6 and Serviced (MM GGE) 120.0 202.1 100.0 145.0 80.0 150.2 96.1 133.2 60.0 115.9 96.4 40.0 20.0 0.0 2021 2022 2023 2024 13
Slide 15: OPAL Now a Constituent in Major Indices Including Russell
OPAL Now a Constituent in Major Indices Including Russell 2000 Growth and Value Style Indexes Less than 20% of Russell 3000 Companies are included in Both the Russell Growth and Value Style Indexes; OPAL Exhibits Leading Growth While Trading at a Discount to Peers Consensus Estimates (Bloomberg) 202
Slide 16: Operating Segments
Operating Segments
Slide 17: RNG Fuel: 11 RNG Facilities Online Today
RNG Fuel: 11 RNG Facilities Online Today 11 8.8 Million Operating RNG Assets RNG MMBtu Annual Design Capacity(1) Landfill: Imperial Landfill: Greentree Dairy: Sunoma Landfill: Noble Road Landfill: New River Location Pennsylvania Pennsylvania Arizona Ohio Florida Type Landfill Landfill Dairy Landfill
Slide 18: Landfill RNG Projects In-Construction
Landfill RNG Projects In-Construction 4 2.1 Million RNG MMBtu In-Construction Projects Total MMBtu(1) Landfill: Atlantic Landfill: Cottonwood Landfill: Burlington Landfill: Kirby Location New Jersey Illinois New Jersey California Gas Rights Ownership % 50% 100% 50% 100% OPAL’s Share of 0.33 million
Slide 19: RNG Projects’ Utilization Summary
RNG Projects’ Utilization Summary Inlet design capacity utilization expected to grow organically via growth in open and operating landfills and improvements in gas collection Three Months Six Months Ended Ended 6/30 Ended 6/30 2025 2024 2025 2024 RNG Facility Capacity and Utilization Design Capacity
Slide 20: Fuel Station Services: Leveraging the Benefits of Vertical Integration
Fuel Station Services: Leveraging the Benefits of Vertical Integration Vertical Integration Maximizes the Value of RNG Production and Drives New Biogas Project Opportunities OPAL is One of the Largest Operators of CNG / RNG Stations in the United States Fuel Station Services Segment is a Driver of G
Slide 21: Renewable Power
Renewable Power Legacy business with 25-year history based on fixed price PPAs 15 projects / 106 MW nameplate capacity in operation with 2.4 MW in construction Electric projects are largely contracted PPAs with investment grade off-takers Pipeline of projects for potential RNG conversion 20
Slide 22: Appendix
Appendix
Slide 23: 2025 Guidance
2025 Guidance Full Year 2025 Guidance (1) ▪ 2025 Adjusted EBITDA is projected to range between $90 million and $110 million. The projection assumes a $2.60/gallon D3 RIN price; each $0.10/gallon shift in D3 RIN price impacts 2025 Adjusted EBITDA by $5-$6 million ▪ Adjusted EBITDA is based on an RNG
Slide 24: Reconciliation of Adjusted EBITDA to GAAP Net Income (Three Months)
Reconciliation of Adjusted EBITDA to GAAP Net Income (Three Months) $000's Three Months Ended Three Months Ended June 30, 2025 June 30, 2024 RNG Fuel FSS Ren. Power Corporate Total RNG Fuel FSS Ren. Power Corporate Total Net income (loss) (1) $16,362 $7,886 $463 ($17,152) $7,559 $24,396 $17,001 ($39
Slide 25: Reconciliation of Adjusted EBITDA to GAAP Net Income (Six Months)
Reconciliation of Adjusted EBITDA to GAAP Net Income (Six Months) $000's Six Months Ended Six Months Ended June 30, 2025 June 30, 2024 RNG Fuel FSS Ren. Power Corporate Total RNG Fuel FSS Ren. Power Corporate Total Net income (loss) (1) $5,626 $7,069 $2,288 ($13,075) $1,908 $12,757 $12,791 $2,215 ($