Slide 1: Fourth Quarter and Full Year 2024 Earnings Presentation
Fourth Quarter and Full Year 2024 Earnings Presentation March 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: 2024 Results Summary
2024 Results Summary Adjusted EBITDA 73% Higher on Growth in RNG Production and Fuel Station Services Segment and Strong D3 RIN Prices ✓ Grew Full Year 2024 Adjusted EBITDA 73% versus 2023 ✓ 2024 RNG production growth of 41% compared to 2023 ✓ Commissioned three landfill RNG facilities in 2024 total
Slide 6: 2024 Results Showcase Operational and Financial Growth
2024 Results Showcase Operational and Financial Growth Executing On Our Strategic Objectives With Strong Growth CAGRs Across Operational and Financial Metrics RNG Produced (Million MMBtu) Revenue ($MM) Adj. EBITDA(1) ($MM) ’21 – ’24 CAGR: 33% ’21 – ’24 CAGR: 22% ’21 – ’24 CAGR: 30% 3.8 $90 $300 $256
Slide 7: Adjusted EBITDA: 2023 to 2024
Adjusted EBITDA: 2023 to 2024 Adjusted EBITDA Grew 73% in 2024 • Lower power prices ($ in millions) • Arbor Hills and Prince William power projects converted to RNG Fuel $100.0 $4.7 $90.0 • Higher RIN price $0.4 $13.2 $80.0 $16.9 $70.0 • Increased environmental credit sales $60.0 $13.0 • Increase in
Slide 8: 2025 Outlook
2025 Outlook 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 production
Slide 9: 2025 Guidance Sensitivity
2025 Guidance Sensitivity 2025 Adj. EBITDA Guidance would be 50% higher if extrapolated using average 2024 RIN Pricing (1) ▪ 2025 Adjusted EBITDA guidance of $90 - $110 million is based on 2025 RNG production which is expected to range from 5.0 to 5.4 million MMBtu and a $2.60 D3 RIN price. ▪ 2024 A
Slide 10: Liquidity Update
Liquidity Update ▪ Liquidity of approximately $224 million as of December 31, 2024 o Approximately $178 million of unused capacity under the $450 million credit facility o Approximately $21 of unused capacity under the associated revolver o Approximately $24 million in cash, cash equivalents, and sh
Slide 11: OPAL Fuels Overview
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Slide 12: 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 13: Experienced Team with a History of Value Creation
Experienced Team with a History of Value Creation Name & Title Years in Industry Achievements Adam Comora Acquired, built and managed Co-CEO 12 dispensing & monetization projects since 2012 Jonathan Maurer Acquired, built and managed 35+ capture & conversion projects since 1989 Co-CEO Kazi Hasan Exp
Slide 14: 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 Operation and (2) Construction (Million MMBtu) (1) 12.0 11.4 In-Operation (3) 10.0 In-Construction 9.6 2.6 8.6 8.0 7.5 4.4 6.0 4.7 5.2 8.8 4.0
Slide 15: 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 14
Slide 16: Operating Segments
Operating Segments G /, Pf at S NN Mh , a \ jie ag
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: RNG Fuel: Projects In-Construction
RNG Fuel: Projects In-Construction 7 ~2.6 Million RNG MMBtu; 2.4 MW LFGTE In-Construction Projects (RNG +LFGTE) Total MMBtu(1) (2) Landfill: Atlantic Landfill: Cottonwood Landfill: Burlington Landfill: Kirby New Jersey New Jersey California Location Illinois Gas Rights Ownership % 50% 100% 50% 100%
Slide 19: RNG Fuel: Landfill RNG Projects’ Utilization Summary
RNG Fuel: Landfill 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 Twelve Months Ended 12/31 Ended 12/31 2024 2023 2024 2023 (1)(2)(3)(4) Landfill RNG Facility
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 the #2 Operator of RNG Stations in the U.S. Fuel Station Services Segment is a Driver of Growth $200 $180 ($ Millions)
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 Significant incremental revenue potential and new project dev
Slide 22: Regulatory Backdrop
Regulatory Backdrop
Slide 23: Existing Policy Supports the Beneficial Use of Biomethane
Existing Policy Supports the Beneficial Use of Biomethane Renewable ▪ RFS statute mandates the EPA to incentivize growth in the cellulosic D3 RIN category 15x above Fuel Standard current volumes Low Carbon ▪ Continued new State adoption (New Mexico announced in 2024) Fuel Standard ▪ Continued review
Slide 24: Supportive Regulatory Framework
Supportive Regulatory Framework ▪ The Renewable Fuel Standard (“RFS”) is a federal mandate, enacted by Congress in 2005 with the Clean Air Act, to incorporate renewable content into transportation fuels and is administered by the EPA. ▪ The original RFS renewable volume obligations (“RVOs”) establis
Slide 25: RNG for Class 8 Trucks – A Green Discount Product for Fleets
RNG for Class 8 Trucks – A Green Discount Product for Fleets Constructive RNG Transport Fuel Market Fundamentals RNG Covers ~2% of the U.S. Heavy Duty Market BN GGE U.S. Heavy Duty Diesel / Gasoline and NG 80.0 Commercial Fleet ▪ Transportation fuel market demand for RNG is poised to 50.0 70.0 grow
Slide 26: Appendix
Appendix: > \ \
Slide 27: Reconciliation of Adjusted EBITDA to GAAP Net Income 2024
Reconciliation of Adjusted EBITDA to GAAP Net Income 2024 $000's Three Months Ended Twelve Months Ended December 31, 2024 December 31, 2024 RNG Fuel FSS Ren. Power Corporate Total RNG Fuel FSS Ren. Power Corporate Total Net income (loss) (1) ($1,187) $10,459 $457 ($15,240) ($5,511) $17,686 $33,513 $
Slide 28: Reconciliation of Adjusted EBITDA to GAAP Net Income 2023
Reconciliation of Adjusted EBITDA to GAAP Net Income 2023 $000's Three Months Ended Twelve Months Ended December 31, 2023 December 31, 2023 RNG Fuel FSS Ren. Power Corporate Total RNG Fuel FSS Ren. Power Corporate Total Net income (loss) (1) $12,726 $10,479 $1,888 ($5,000) $20,093 $22,203 $17,908 $1