Slide 1: Q2 and first half of 2025
Q2 and first half of 2025 For the period July to October 2024 29 November 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 @ Improving fundamentals for certificates @® Financial review “®) 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 Dispensed volume (tonnes) 13,582 13,726 12,869 • Steady demand growth with dispensed Bio-CNG 12,582 volumes up 20% YoY 11,523 • Annualised EBITDA for station portfolio1 of GBP 7m in Q2; expected to increase to GBP >12m on delivery of existing customer orders Q2 2024 Q3 2024 Q4 2024 Q1
Slide 7: Overview
1 Overview 3 Improving fundamentals for certificates 4 Financial review 5, Summary and outlook
Slide 8: Record dispensed volumes as more truck owners switch from diesel
Record dispensed volumes as more truck owners switch from diesel to renewable biomethane Monthly and daily dispensed volumes (tonnes) 13,777 tonnes of Bio-CNG 7,000 180 in dispensed volume in Q2 2025, up 20% YoY 157 160 6,000 140 5,000 4,859 57,214 tonnes 120 dispensed volume annualized run-rate1 pe
Slide 9: Roll-out of new stations at major trucking routes
Roll-out of new stations at major trucking routes In-build In-build Doncaster, Livingston, Northcentral England Scotland Capacity1 19m 20m Operational In-build Late-stage development 9 1 Million kg of Bio-CNG annually in total capacity
Slide 10: 12-month waiting list of more than 100 fleets to demo Scania 6x2
12-month waiting list of more than 100 fleets to demo Scania 6x2 demonstration vehicles ~0.04% CNG ’ ~8.5% CNG ’ customers 21,000 124,000 4x2 trucks1 6x2 trucks1 4x2 trucks represent Introduction of 6x2 CNG 14% of the UK market trucks, a 6x larger market 10 1 End of 2022, UK Dept for Transport data
Slide 11: Long-term biomethane offtake agreement
Long-term biomethane offtake agreement • Long-term commercial partnership with Green2x, a developer of large-scale biomethane and green fuels • Biomethane production based on compressed straws and advanced fermentation processes, developing plant at Vordingborg, Denmark • Largest offtake agreement t
Slide 12: Simplifying structure for further growth
Simplifying structure for further growth Newark Bellshill Castleford Aylesford • ReFuels and funds under management of the Foresight Group have signed a term-sheet which aims to simplify the ownership structure of the CNG station network by replacing the priority return arrangement h’ h Avonmouth Wa
Slide 13: Overview
1 Overview 2, Operational review mproving fundamentals for certificates / | 4 Financial review ~~ 5, Summary and outlook |
Slide 14: ReFuels generates and sells renewable transport fuel certificates
ReFuels generates and sells renewable transport fuel certificates in a robust market-based scheme Producer 1 Obligated fuel (external) 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 obligatio
Slide 15: Demand for biofuel feedstocks outpacing supply, driving certificate prices higher
Demand for biofuel feedstocks in Europe outpacing supply and driving certificate prices higher Dec 2023 GBPp RTFC price Biodiesel (UCOME) premium to diesel in RTFC equivalent price 50 ~25p 45 40 Average RTFC 35 price 2018-2024 30 Jul 2024 25 20 15 10 5 Dec 2024 0 2018 2019 2020 2021 2022 2023 2024 S
Slide 16: SAF mandates ready to take off in the UK and EU
Sustainable Aviation Fuel (SAF) mandates ready to take off in the UK and EU from next year 34% Minimum share of SAF as % of total jet fuel Biodiesel 22% 20% 15% 10% Fats, oil and greases, including used cooking oil (UCO) 6% 2% Sustainable Aviation Fuel (SAF) 2025 2030 2035 2040 16 Sources: ReFuelEU/
Slide 17: Not enough waste-oil feedstocks for biodiesel and SAF
Not enough waste-oil feedstocks to supply both biodiesel for road transport and SAF for aviation UCO volumes (Mt) The US Europe China 14 12 “The forthcoming SAF mandate and any future specific support for 10 maritime fuels will create additional competition for feedstocks and 8 fuels” 6 “It is now i
Slide 18: Large upside potential from higher RTFC prices
Large upside potential Illustrative annual gross profit for RTFCs at different prices1 from higher RTFC prices GBP million • Overall, a modest increase in RTFC prices will create significant incremental value 34p per RTFC • B h h b ‘ ’ h h h underlying RTFC price, as well as those recognised through
Slide 19: Overview
1 Overview 2, Operational review 3) Improving fundamentals for certificates (4) Financial review 5, Summary and outlook
Slide 20: Biomethane margins recovering
Biomethane margins recovering Biomethane gross profit margins % • Historical gross profit margins of RTFCs sold over the % cost of biomethane purchased have had margins well in excess of 30% • Due to dislocations in the biodiesel markets, margins weakened during 2022 and 2023, but are now % recoveri
Slide 21: Scalable economics as truck fleet grows
Scalable economics as truck fleet grows S EB TDA j (GBP ‘000)1 Note that all figures pertaining to station profitability of the CNG Foresight Group2 are • Station portfolio EBITDA of GBP 1.75 million in Q2 unaudited management account numbers for the April 23 to September 24 period 2025, up from GBP
Slide 22: Financial highlights
Financial highlights (Figures in GBP million) Q2 2025 Q2 2024 1H 2025 1H 2024 • Revenues of GBP 35.8 million in Q2 2025, vs. GBP Revenue 35.8 27.0 63.5 46.1 27 million same period last year, primarily driven by Gross profit 2.9 2.8 5.9 1.7 natural gas, station management fee income and RTFC sales EB
Slide 23: Financial position
Financial position Balance sheet at end Q2 2025 • Total assets of GBP 180.3 million versus GBP 166.8 GBP million million at the end of the comparable period last year 180.3 180.3 • GBP 84.5 million was goodwill and GBP 10.5 million Cash were customer/brand related intangible assets, Current assets w
Slide 24: Cash flow development
Cash flow development Cash flow Q2 2025 GBP million • Net cash flow used in operating activities was GBP 1.9 million in the second quarter and net cash flow used from investment activities was GBP 0.6 million in the period • Cashflow from operations was largely affected by a larger proportional incr
Slide 25: Overview
Overview Operational review 3 Improving fundamentals for certificates 4 Financial review © Summary and outlook
Slide 26: Summary and outlook
Summary and outlook Steady demand growth Value upside from certificates Increasing station EBITDA GBPm 7,000 180 157 160 6,000 140 4,859 5,000 120 4,000 100 3,000 80 60 2,000 40 1,000 20 0 0 Jan-23 Oct-23 Jul-24 C C Dispensed volume (lhs) Average daily volume(rhs) b b BT 26 ReFuels | Q2'25
Slide 27: For further information please visit refuels.com
For further information please visit refuels.com 27 ReFuels | Q2'25
Slide 28: Appendix
Appendix Q2 2025
Slide 29: Statement of profit and loss
Statement of profit and loss 29 ReFuels | Q2'25
Slide 30: Statement of financial position
Statement of financial position 30 ReFuels | Q2'25
Slide 31: Cash flow development
Cash flow development 31 ReFuels | Q2'25
Slide 32: Heavy goods vehicles are a large contributor to growing emissions
Heavy goods vehicles are a large contributor to the growing global emissions problem +60% Heavy Goods Vehicles account for 1% of the UK road … …b they make up 5% of UK … … 18% of all transport greenhouse gas emissions in the UK. 1990 1994 1998 2002 2006 2010 2014 2018 2022 Growth in global greenhous
Slide 33: Renewable biomethane is a fast-track solution to decarbonise 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 34: 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 becom
Slide 35: 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 36: 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 37: All the largest truck manufacturers are offering CNG-fuelled trucks
All the largest truck manufacturers are offering CNG-fuelled trucks 37 ReFuels | Q2'25
Slide 38: 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 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 ~304
Slide 39: 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 40: Resilient customer adaption during uncertainty
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 Work from home, food and Bio-CNG costed more Pressure on customers and 1000 of EU goods and parts parcel indu
Slide 41: 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 42: ~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 42 ReFuels | Q2'25
Slide 43: 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 44: 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 ’ : • A cost-effective mobile solution until a CNG Fuels station opens in the area •
Slide 45: CNG Fuels' infrastructure is ready for a multi-fuel future
CNG Fuels’ infrastructure is ready for a multi-fuel future • Early adoption phase CNG stations are well-placed to serve a • Suitable for HGV requirements Biomethane • Infrastructure being further rolled out future hydrogen market using three • CNG Fuels stations being used common distribution pathwa
Slide 46: 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 47: Experienced team with incentives 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 48: Shift to CNG implies a need for ~170 stations by 2030
Shift to CNG implies a need for ~170 stations by 2030 in the UK Number of HGVs >18t in UK (‘000) 254.5 ~5,400 p.a. 246.0 244.1 243.9 240.8 ~1,700 ~2,700 51,000–89,000 234.7 Total market (CNG HGVs) 2 226.1 December 2023 December 2024 Current fleet Expected fleet in 12 months 1 2030 estimate Total mar
Slide 49: Blue-chip customer base supporting roll-out of new stations
Blue-chip customer base supporting roll-out of new stations across the UK Sample customers Amazon CNG HGV roll-out Amazon fleet at CNG Fuels site • CNG z ’ ‘ ’ CNG-fuelled vehicles in early 2021 • Amazon run these vehicles with Amazon Freight Partners (AFP), smaller haulage companies that take betwe
Slide 50: Overview of the Heavy Goods Vehicle fleet
Overview of the Heavy Goods Vehicle fleet Truck types Introduction of 6x2 trucks set to impact fleet uptake Total Licensed HGVs >18t in the UK (‘000) Truck type Description weight Tractor and trailer 21 6x2 combination (two rear 44t axles) 85 6x2 trucks 4x2 trucks Rigid Tractor and trailer 124 4x2 2
Slide 51: Station capacity and steady state
Station capacity and steady state Capacity constraints Steady state assumptions Implied usage Max refueling Assumed steady Steady state truck Dispenser capacity Implied usage events state capacity • Dispenser: 12-14 • Time to dispense: 8 minutes Assumed steady Steady state Maximum refueling Implied
Slide 52: New stations aligned with local demand for quick ramp-up
New stations aligned with local demand to ensure quick ramp-up and EBITDA contribution New stations Illustrative new station economics • 4 attractive higher-capacity station locations expected to be ready for construction in 2024 10-14 Accumulated cash flow excluding RTFCs (GBPm) 15.0 Fuel pump • Th
Slide 53: Key investment highlights
Key investment highlights Biomethane is the fast-track option for • Heavy goods vehicles account for 1% of UK road transport, but 18% of sector GHG emissions 1 net-zero trucks • Through renewable biomethane (Bio-CNG), emissions can be reduced by more than 90%2 Leading position and roll-out plan • Ma
Slide 54: ReFuels N.V.
ReFuels h UK’ 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