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Fully funded clean fuels growth platform Company presentation 27 October 2025
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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 DISTRIBUTION IS UNLAWFUL. THIS DOCUMENT IS NOT AN OFFER OR AN INVITATION TO BUY OR SELL SECURITIES This presentation (the "Company Presentation") has been prepared by ReFuels N.V. (the "Company", and together with its consolidated subsidiaries, the "Group"). This Company Presentation has been prepared for information purposes only, and does not constitute or form part of, and should not be construed as, any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction, and neither the issue of the information nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity. This Company Presentation does not purport to contain all of the information that may be required to evaluate any investment in the Company or any of its securities and should not be relied upon to form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This presentation is intended to present background information on the Company, its business and the industry in which it operates and is not intended to provide complete disclosure upon which an investment decision could be made. This Company Presentation is furnished by the Company, and it is expressly noted that no representation or warranty, express or implied, as to the accuracy or completeness of any information included herein is given by the Company. The contents of this Company Presentation are not to be construed as financial, legal, business, investment, tax or other professional advice. Each recipient should consult with its own professional advisors for any such matter and advice. Generally, any investment in the Company should be considered as a high-risk investment. This Company Presentation is current as of the date of presentation. Neither the delivery of this Company Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. This Company Presentation may contain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any forward-looking statements contained in this Company Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. The Company provides no assurance that the assumptions underlying such forward-looking statements are free from errors and does not accept any responsibility for the future accuracy of the opinions expressed in this Company Presentation or the actual occurrence of the forecasted developments. Disclaimer
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3 Vehicles at the end of Q2 2024, road traffic in 2023 and greenhouse gas emissions from transport in 2022. Source: Department for Transport (2024) Heavy goods vehicles driving up emissions ~1% of UK road transport fleet 5% of UK traffic 17% of UK transport GHG emissions
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4 1 Percentage average fuel cost saving of running a typical Bio-CNG vs HGV running on traditional diesel and hydrotreated vegetable oil (HVO) 2 European Biogas Association Roadmap 2040 Biomethane - superior clean fuel available at scale 1,052 gCO2/km 184 gCO2/km Diesel 100% Bio-CNG 80-90% lower GHG emissions vs. diesel ~25-40% lower fuel cost vs. diesel and HVO1 Vast untapped feedstocks across Europe2 22 bcm 41 bcm 101 bcm 2023 production 2030E feedstock availability 2040E EUR 27bn Private investments in biomethane capacity by 20302 24% 32% 24% 43% Savings vs. Diesel Savings vs. HVO Average 2023 - August 2025 September 2025
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5 1For the 12-month period ending 31 March 2025 Decarbonising Europe’s truck fleet Owns 40% of CNG Fuels, a clean fuel infrastructure platform with a growing network of refuelling stations for heavy goods vehicles Supplying biomethane, a fast-track option for net-zero trucks with ~90% lower emissions and reduced fuel costs compared to diesel Market leader in the UK with long-term ambition to expand into other European markets Active across the biomethane supply chain, including unlocking material value from Renewable Fuel Transport Certificates (RTFCs) refuelling stations across the UK >222k16 GHG emissions saved (tonnes)1 >2,100 vehicles using CNG Fuels’ infrastructure >175 customers
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6 1 Including shareholder loan instruments of GBP 150.15 million from CNG Fuels carrying 10% coupon p.a. 2 Including shareholder loan instruments of GBP 15.95 million from CNG Fuels carrying 10% coupon p.a. A clean fuel infrastucture platform with two revenue streams Biomethane producers Retailer Customer CNG Fuels Aggregator 40%1 60%2 78.4% ownership CNG Biomethane sourcing x certificates Dispensed volumes x margin per kg
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7 Fuel dispensers Bio-CNG compressor High pressure storage Gas inlet A typical Bio-CNG station 16 Operational stations in the UK 10 Mobile Refuelling stations 80 trucks per hour in capacity
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8 Expanding market leadership 6x2 trucks opens a 6x larger market 21,500 4x2 trucks1 144,000 6x2 trucks1 ~10% CNG Fuels’ customers ~0.07% CNG Fuels’ customers Current fleet ~10% of UK’s 4x2 HGVs 0% 2% 4% 6% 8% 10% 12% 0 200 400 600 800 1000 1200 1400 1600 1800 2000 2200 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Number of vehicles (lhs) Share of UK 4x2 fleet (rhs) 1 End of 2024, Driver and Vehicle Licensing Agency (DVLA) UK data
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9 Tesco and Co-op take delivery of >70 CNG trucks «Following trials, we know that these new CNG units not only meet our needs as a leading convenience retailer, but also make a positive contribution to the reduction of greenhouse gas emissions in our environment.» «These vehicles represent a significant step towards our goal of reducing emissions and achieving carbon neutrality in our operations by 2035. By investing in biomethane, we are committed to driving positive change.»
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10 1 Excluding 1 MRS in-build Fully funded for doubling capacity Operational In development Opportunities 2 2 2 2 u ust 2 2 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 operations and GBP 25m five-year debt facility provided by Foresight (at 9.5% and flexible prepayment terms) >100 early-stage developments and opportunities supporting additional roll-outs depending on demand and certificate prices Refuelling capacity roll-out plan HGV/day 6 16 >25101 ~302 Number of CNG Fuels’ stations and mobile refuelling stations
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1111 Assuming compression margin of GBP ~0.26 per kg, Station gradually increasing to OPEX GBP ~0.4m p.a in year 9. Steady state volume dispensed at 28 million kg Bio-CNG achieved in year 9. All figures exclude group overheads. 1 Expected IRR for next four stations Internal rate of return1 Payback Station capex GBP ~8m 25-30% ~5 years Years in operation -8.2 -7.8 -7.2 -6.0 -3.7 -0.3 4.7 10.9 18.4 26.0 33.7 0 1 2 3 4 5 6 7 8 9 10 Break-even in year 5 Illustrative new station economics Accumulated cash flow excluding RTFCs (GBPm) Attractive station economics
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12 1 Million kg of Bio-CNG annually in total capacity Progressing new stations at major trucking routes Capacity1 Magor, South Wales 30m Moving into development Swindon, South-West England 30m Moving into development To be decided [30]m Moving into development Livingston, Scotland 20m Opened in May
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13 Source: Department for Transport 1 Renewable Transport Fuels Services (RTFS) is 74.4 % owned by CNG Fuels Robust market-based certificates scheme with no subsidies 1 Obligated fuel supplier Pay buy-out price if insufficient obligatory renewable fuels sold Food waste and manure Awarded 3.8 certificates (RTFCs) per kg Bio-CNG CNG Biomethane producer Annual obligation on UK suppliers to supply biofuels (as % of total) 15.7% 16.4% 17.2% 17.9% 18.7% 19.5% 20.3% 21.1% 2025 2026 2027 2028 2029 2030 2031 2032
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14 1 Trade Remedies Authority (TRA) proposed 22 August 2025 new anti-dumping measures on Chinese biodiesel Unlocking value from certificates • Increasing annual biofuels supply obligation towards 2032 • Sustainable aviation fuel (SAF) competing for the same feedstock as biodiesel and HVO • EU and UK duties on biodiesel imports from China1 • Prices of RTFCs have recently increased from 25 - 26p to 27 - 28p/RTFC 0 5 10 15 20 25 30 35 40 45 50 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Biodiesel (UCOME) premium to diesel in RTFC equivalent price RTFC price ~25p Average RTFC price Jan 2018-Oct 2025 GBPp Supportive drivers for RTFCs
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15 Expecting GBP 8-10m in 2026 EBITDA and rapid growth towards 2030 -5 0 5 10 15 20 25 2025 Quarterly certificates EBITDA (GBPm) Quarterly station EBITDA (GBPm) Number of trucks set to grow Stations Certificates Annualised GBP >100m end-2030 2025 2026 2027 2028 Illustrative CNG Fuels EBITDA ~8,000 ~2,000 ~25% estimated annual growth Stations Certificates 2025 End-2030 End-2030 Assumptions: Annual growth in # of trucks of 25% (for reference; average annual growth in number of trucks of >40% 2017-2024), 15 stations in 2025, ~20 in 2027 and ~25 in 2028. Constant RTFC price of 26 pence
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16 1. Value of Refuels after deducting GBP 150.15 million in shareholder loan instruments to Foresight and external debt of GBP 25 million, both at annual 10% compounding rate. Illustration excludes ratchet mechanism and shareholder loans 2. Per 8 September 2025 Clear path to create shareholder value EBITDA GBP 100m End-2030 nd Illustrative value potential1 Value ReFuels, GBP million Doubling truck refuelling capacity Increased cash flow from certificates Mass adoption fuelling higher volumes ~370 10x EV / EBITDA Current market cap2 ~160 6x EV / EBITDA ~265 8x EV / EBITDA ~65 NOK ~15/sh NOK ~37/sh NOK ~62/sh NOK ~86/sh
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Positioned for growth and material value creation 17 Bio-CNG the superior clean fuel to decarbonise trucking Robust certificate scheme with strong drivers for higher prices Fully funded infrastructure platform set to double capacity by end-2028
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18 Footer: to insert go to "Insert" - "Header & Foooter" Driving fleet emissions to zero For further information please visit refuels.com