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Cash-generative clean fuels growth platform Pareto Energy Conference 2025 10 September 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 End of 2024, Driver and Vehicle Licensing Agency (DVLA) UK data 2 Assuming a standard DC fast charging (350 kW), from 0-80% 3 International Council on Clean Transportation (ICCT) Hydrogen and electricity unfit the next decade Range Refuelling/ recharging Maturity Cost Biomethane 1,000 km 8 minutes Fully commercial and scalable - 65% share of UK gas-powered HGVs1 Cost leadership – unsubsidised HVO biodiesel 1,000 km 4 – 6 minutes Dependent on feedstock availability and concerns over traceability More expensive than diesel and Bio-CNG Electricity 4 - 500 km 2 - 3 hours2 Early stage, pilot infrastructure Not expected to be cost- competitive before 2040-503 Green hydrogen 4 - 600 km 20-30 minutes Very early stage, only prototype trucks Unlikely to achieve price parity before 20403
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5 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 2030224% 32% 25% 41% Savings vs. Diesel Savings vs. HVO Average 2023 - July 2025 August 2025
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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 1 Proforma financials 1 April 2024 – 31 March 2025 2 For the period 1 April 2025 – 31 March 2026 3 For the 12-month period ending 31 March 2025 CNG Fuels is cash generative today >222k GHG emissions saved (tonnes)3 >2,075 vehicles using CNG Fuels’ infrastructure >175 customers CNG Fuels revenues FY 20251 £134m CNG Fuels EBITDA FY 20251 £6.7m CNG Fuels EBITDA guidance FY 20262 £8-10m
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8 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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9 Expanding market leadership 6x2 trucks opens a 6x larger market 21,500 4x2 trucks1 144,000 6x2 trucks1 ~10% CNG Fuels’ customers ~0.06% CNG Fuels’ customers Current fleet equals ~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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10 1 Excluding 1 MRS in-build Fully equity-funded for doubling capacity Operational In development Opportunities 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 upcoming debt facility >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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11 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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12 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 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-Aug 2025 GBPp Supportive drivers for RTFCs
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13 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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14 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 2. Per 8 September 2025 Clear path to create shareholder value EBITDA GBP 100m End-2030 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 15 Bio-CNG the superior clean fuel to decarbonise trucking Robust certificate scheme with strong drivers for higher prices Cash generative infrastructure platform set to double capacity by end-2028
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16 Footer: to insert go to "Insert" - "Header & Foooter" Driving fleet emissions to zero For further information please visit refuels.com