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For April-June 2026 4 September 2026 Q1 2027 Presentation
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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 operatesand 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 suchdate. 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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4 1 Based on biomethane volume supplied to UK trucks across all fuel pathways, including Bio -CNG and Bio-LNG 2 Compared to diesel, based on monthly dispensed volume 2020-July 2026 3 Compared to diesel, for the 12-month period ending 31 March 2026 Decarbonising Europe’s truck fleet 40% ownership in CNG Fuels, a clean fuel infrastructure platform with a growing network of refuelling stations for heavy goods vehicles Supplying biomethane (Bio-CNG), a domestic fast-track option for net- zero trucks with ~90% lower emissions and reduced fuel costs vs. diesel UK market leader with >95% share of CNG trucks and supplying >50% UK’s biomethane-powered HGVs1 Active across the biomethane supply chain, including unlocking material value from Renewable Transport Fuel Certificates (RTFCs) >250k annual GHG emissions savings (tonnes)3 >2,250 vehicles using CNG Fuels’ 16 stations ~180 customers Opportunities Operational stations >£65m fuel cost savings since 20202
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5 1 Including shareholder loan instruments of GBP 15.95 million from CNG Fuels carrying 10% coupon p.a., accruing from 11 April 2025 2 Including shareholder loan instruments of GBP 150.15 million from CNG Fuels carrying 10% coupon p.a., accruing from 11 April 2025 3 Subject to terms negotiated with the relevant customers which may vary, ReFuels seeks to ensure there is a full pass-through of gas price without risk for ReFuels A clean fuel infrastructure platform with two revenue streams Producers Retailer Customer CNG Fuels Aggregator 40%1 60%2 78.4% ownership CNG Biomethane sourcing x certificates Dispensed volumes x margin uplift per kg Produced from domestic waste, e.g. food waste and agricultural by-products Buys fuel at the customer price 3 (compression margin, wholesale gas cost, fuel duty)
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6 Fuel dispensers Bio-CNG compressor High pressure storage Gas inlet Cash-generative station model unlocking value ~8,000 tonnes biomethane dispensed per year ~300 truck refuellings per day >30m certificates (RTFCs) generated and sold per year Warrington Bio -CNG station highlights – opened November 2019
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1.4 4.9 Q1 2026 Q1 2027 • CNG Fuels Q1 2027 adj. EBITDA more than tripled to GBP 4.9 million3 • FY 2027 adj. EBITDA guidance of GBP 16-20 million, reiterated on increased station profitability and attractive certificate margins • >900 HGV deliveries expected next 12–18 months, supporting CNG Fuels’ expectation of >8,000 HGVs by end of calendar 2030 • Growing political support for a multi -fuel approach to net zero • Record-high activity with three stations simultaneously under construction, expanding network to 19 stations 5.4 9.4 Q1 2026 Q1 2027 7 Highlights 15,906 17,200 Q1 2026 Q1 2027 40.2 65.4 Q1 2026 Q1 2027 Dispensed volume Tonnes Certificates (RTFC) sold1 Million CNG Fuels gross profit2 GBP million CNG Fuels adjusted EBITDA2,3 GBP million 1 Historical numbers are restated as RTFCs are now recognised when delivered against sell contracts 2 Proforma, ReFuels owns 40% of CNG Fuels 3 Adjusted for non-cash accounting items, specifically revaluation of share-based payments and fair value remeasurements
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9 1 Bulk Diesel and HVO biodiesel prices multiplied by 1.1 to reflect fuel usage savings accounting for ~10% higher fuel usage vs. Bio-CNG Source: Quantum Commodity Intelligence Sustained cost advantage over diesel and HVO • Available storages? • Not running out of gas £- £0.5 £1.0 £1.5 £2.0 £2.5 Jul-24 Jan-25 Jul-25 Jan-26 Jul-26 Bio-CNG price Bulk Diesel price HVO price 20-40% lower cost of using Bio-CNG1 Savings vs. diesel Savings vs. HVO
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10 1 Source: Secretary of State for Business and Trade, insolvencies for calendar year 2016-2025 2 Source: Office for National Statistics, Conditions Survey 2025 Wave 123 3 Source: Road Haulage Association Cost Movement Report 2025, Motor Transport Top 100 average Growing Bio-CNG volumes despite soft truck market Monthly dispensed volume (tonnes) 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Station portfolio Mobile Refuelling Stations (MRS) Consistent biomethane volume growthUK haulage sector under pressure -1% goods moved last 12 months Calendar-year 2025 alone down 4% >2,000 closures 2021-2025 Close to a doubling compared to 2016 -20201 ~2% average pre-tax profit margin3 Fuel one of the largest and most volatile cost drivers
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11 1 Average Jan 2023 to July 2026, Diesel and HVO prices multiplied by 1.1 to reflect fuel usage savings accounting for ~10% higher fuel usage vs. Bio-CNG 2 44-tonne tractor unit, assuming annual 40,000 kg biomethane usage for CNG truck and 10% and 2.5% higher fuel usage for diesel and HVO trucks, respectively Biomethane is cleaner, cheaper and available at scale 80-90% lower GHG emissions vs. diesel 20-40% lower fuel cost vs. diesel and HVO1 ~1.5 years payback vs. diesel Additional capex Annual fuel costs Delivering rapid payback2 <1 year payback vs. HVO 1,052 gCO2/km 184 Average 2023-2026
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12 Source: European Biomethane Map/The European Biogas Association (EBA) Accelerated investments in European biomethane EUR 36bn of investments, up from EUR 28bn a year ago 9 bcm/year of additional production capacity by 2030 (22 bcm 2025 production) 1,200+ new plants expected in the next five years Backed by leading investors and energy companies
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13 6x2 adoption broadens across UK logistics 56 79 96 113 156 161 172 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 12 fleets 6x2 CNG trucks in operation End of quarter calendar year 22 fleets 15 6x2 trials completed in the quarter >100 Fleet operators on waiting list for 6x2 trial
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14 1Total Addressable Fleet (15 largest customers of CNG Fuels) of 27,370 HGVs. Do not include the 165+ additional smaller fleets Largest customers provide visibility to >8,000 HGVs >8,000 ~14% of remaining diesel fleet across largest 15 customers We have chosen Bio-CNG as a key solution for decarbonising our logistics fleet We’re transitioning our 580 heavy-duty trucks to biomethane derived from waste materials by 2028 CNG has delivered both environmental and commercial benefits Making the switch from diesel to lower-carbon alternative fuels Each year between now and 2030 we aim to continue converting our fleet to CNG Our intention is to move our entire trucking fleet to bio-CNG over the next five years ~4,825 Non-binding adoption plans from 15 largest customers 14% of remaining diesel fleet across largest 15 customers Current network HGVs per day1
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15 1 Motor Transport UK April 2026 2 Mike Hawes, SMMT Chief Executive April 2026 3 Road Haulage Association, RHA Website, August 2026 Growing support for a multi-fuel approach to net zero «We need a clear, long-term roadmap that creates the right enabling conditions and supports a multi- energy future…»3 Richard Smith, Managing Director, Road Haulage Association Conservative Party • Pledge to repeal L ’ 2035/2040 diesel HGV phase -out dates • Scrap Zero Emission Van and Truck Grants (~£877m) • Replacing mandatory electrification with a flexible, multi -fuel approach Logistics UK Technology-neutral CO 2 standards are “th m st c d bl and w abl athway” 1 Society of Motor Manufacturers & Traders Calls for an “open technology transition”: “…we need a pathway that is realistic, affordable and delivers CO 2 savings now”2
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16 1 Million kg of Bio-CNG annually in total capacity 2 Calendar year Capacity1 Magor, South Wales 30m Expected to open October 2026 Swindon, South-West England 30m Expected to open H1 20272 Carlisle, North-West England 20m n land nd n al s c tland d nb h a d Opportunities Under construction Operational In development MRS locations Record-high construction activity Began construction August 2026
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18 Growing EBITDA and guidance reiterated • Q1 2027 adj. EBITDA more than tripled from Q1 2026 to GBP 4.9 million • Quarterly certificate margin of 29%, reflecting RTFC forward sales at 26.1 pence/certificate • Operational efficiencies and scale benefits from station network as utilisation improves • Expecting 15-20% growth in dispensed volumes for the 2027 financial year • FY 2027 adj. EBITDA guidance maintained at GBP 16-20 million as the integrated platform continues to scale CNG Fuels adjusted EBITDA1 GBP million £16-20m 1Adjusted for non-cash revaluation of share-based payment and fair value remeasurement
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19 Strong financial results • Revenue growth driven by increased dispensed volumes, higher natural gas price and more sold certificates • Improved gross profit from higher certificate margins and operational efficiencies and scale benefits of the station network • Q1 EBITDA contribution from RTFS was GBP 4.3m and GBP 0.6m from CNG Fuels station business • Second consecutive quarter of the station business generating positive EBITDA Revenue £47.9m +62% from Q1 2026 Gross profit £9.4m +74% from Q1 2026 EBITDA adj.1 £4.9m +250% from Q1 2026 Profit after tax £0.3m Profitable quarter CNG Fuels financial highlights Q1 2027 GBP million 1Adjusted for non-cash accounting items, specifically revaluation of share- based payments and fair value remeasurements
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20 RTFC price smoother than biodiesel premium Stable realised certificate prices RTFC forward sales securing earnings visibility -5 0 5 10 15 20 25 30 35 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jul-26 q … RTFC market price pence/ RTFC pence/ RTFC 1 Source: Quantum Commodity Intelligence
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• Healthy cash generation from the business • Investments and financing activities related to station network expansions • Working capital fluctuating with sourcing of biomethane and generation of certificates 21 High investing activity CNG Fuels cash flow development Q1 2027 GBP million
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22 1) ReFuels owns 40% of CNG Fuels CNG Fuels financial position q q q L CNG Fuels balance sheet as at 30 June 20261 GBP million • Healthy balance sheet with GBP 86 million in equity and 37% equity ratio • GBP 25 million credit facility with flexible payment terms, supporting station rollout plan • Property, Plant and Equipment of GBP 108 million, set to increase with development of next three stations • End of period Group cash balance of GBP 15.6 million
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24 On track for delivering long-term profitable growth Visibility to reach >8,000 HGVs per day Strong CNG Fuels EBITDA adj. potential1 1Assumptions: Calendar year. Annual growth in # of trucks of ~30% (for reference; average annual growth in number of trucks of >40% 2017-2024), ~20 in 2027 and ~25 in 2028. Constant RTFC price of 26 pence EBITDA adjusted for non-cash revaluation of share -based payment and fair value remeasurement >100 >8,000 Non-binding adoption plans from 15 largest customers end-2028 14% of remaining diesel fleet across largest 15 customers Current network Stations Certificates 16-20 GBP million
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25 Summary Higher station profitability and attractive certificate margins supporting EBITDA growth Visibility to >8,000 HGVs in 2030 - record-high network expansion activity FY 2027 adj. EBITDA guidance of GBP 16-20m reiterated
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27 CNG Fuels Group statement of profit and loss
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28 CNG Fuels Group balance sheet
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29 CNG Fuels Group cash flow statement
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30 ReFuels statement of profit and loss
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31 ReFuels statement of financial position
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32 ReFuels cash flow development
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33 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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34 1 Per end-2024, UK Department for Transport 2 Assuming a replacement cycle of 8–10 years Aging truck fleet creates material growth opportunity 0-5 years 5-10 years 10+ years 60% of HGVs older than 5 years1 ~162,000 articulated diesel-HGVs in the UK ~100,000 trucks to be replaced before 20352 Fuel technology choice made at replacement
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35 1) Percentage average fuel cost saving of running a typical Bio -CNG vs diesel HGV Resilient customer adoption during uncertainty Covid Energy crisis High inflationBrexit CNG truck numbers 0 500 1000 1500 2000 2500 2019 2020 2021 2022 2023 2024 2025 2026 Uncertainty and ordering of EU goods and parts became challenging Work from home, food and parcel industry thrived but certain services-based customers suffered Bio-CNG costed more than diesel for the first time Pressure on customers and consumer demand for goods Average lifetime fuel cost savings 1 compared to diesel and HVO Trade tensions Tariff war and Middle East conflict >30%
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36 Source: Department for Transport 1 Renewable Transport Fuels Services (RTFS) is 78.4 % owned by CNG Fuels Robust market-based certificates scheme 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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39 1. Value of Refuels using ratchet mechanism 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 25 August 2026 3. Excludes any cash built up on balance sheet as no new stations built after the 25 currently disclosed as planned by 2028 Clear path to create shareholder value EBITDA GBP ~100m End-2030 nd Illustrative value potential1 Value ReFuels, GBP million Ramping up truck refuelling capacity Increased cash flow from certificates Mass adoption fuelling higher volumes Current market cap2 ~70m ~465m3 12x EV/EBITDA
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40 1. Shareholder loan instruments of GBP 150.15 million to Foresight and 15.95 million to ReFuels and external debt of GBP 25 million, all at compounding 10% annual rate PIK 2. Assumptions per prior slide. Excludes value of cash on balance sheet. 3. Issued to CNG Fuels shareholders depending on certain internal group dividend distributions. No coupon or special rights 4. ReFuels receives an additional 3% of proceeds for every GBP50m of incremental return to ordinary shareholders up to a maximum of 55% Illustrative value distribution 12x EV / EBITDA Illustrative EV CNG Fuels, GBP million GBP ~465m2 Foresight ~1,200m2 1 External debt (max GBP 25m) 2 Shareholder loans1 • Foresight GBP 90m • ReFuels GBP 10m 3 Management Incentive Program (MIP) minimum value GBP 2m 4 Preference shares1 • Foresight GBP 58m • ReFuels 6m 5 MIP variable return (1.5-5% of exit proceeds) 6 D shares3 • Foresight GBP 18m • ReFuels GBP 18m 7 Ordinary shares, increasing share4 for ReFuels at higher values starting at: • Foresight 60% • ReFuels 40%4 Distribution priorities
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42 Solidifying market leadership and increasing barriers to entry as station coverage expands Barriers to entry Attractive locations 16 grid connected stations and >100 potential sites in pipeline Right competencies ~106 employees across site design, permitting, EPC and operations Access to capital Listed on Euronext Growth Oslo Customers ~180 customers, 10+ demo vehicles and 11 Mobile refuelling stations (MRSs) Network effect An expanded network increases range and makes CNG more accessible, unlocking truck orders Economies of scale Lower prices for biomethane and electricity when volumes increases Operational leverage +15-20% employees to serve end -2028 station target and higher utilisation will drive profitability
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43 Experienced team with incentives highly aligned with shareholders Mike Scott – Operations and Construction Director • 22 years' experience within the civil engineering and construction industry • More than 4 years at William Pye Ltd Michael Kuhn – Group Finance Director • ’ j management, with specific expertise in renewables and media at Investec Private Bank, Grant Thornton and Ingenious Asset Management Jason Shepherd – Land Director • More than 10 years in UK Real Estate having started his career at Deloitte • Worked in front-end Land Acquisition and Planning elements of Real Estate, for retailers and mixed-used developers across the UK. Alanna Flett – General Counsel • Over 10 years' PQE as a solicitor qualified in Scotland, and has spent the past eight years working in the clean energy sector in both the UK and internationally Philip Fjeld – CEO, Board of Directors • 22 years of experience in the gas industry • Founded FLEX LNG in 2006, listed the company and raised over USD 600 million in equity Baden Gowrie-Smith – CFO, Board of Directors • Investment advisor with UBS for six years managing AUSD 750 million in assets • Experience at board level across several industries Jasper Nillesen – Board of Directors • Managing Director and co-founder of RTFS • Seven years in strategy consulting and six years working for the energy trading platform Powerhouse in various roles Peter Eaton – Sales & Business Development Director • Seven years' experience at Halewood International • Various positions from sales, to marketing, to brand management and business development
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’ alternative fuels to commercial vehicles, supplying 100% renewable biomethane to heavy goods vehicles from our rapidly growing network of Bio-CNG stations. ReFuels N.V. Evert van de Beekstraat 1-104, The Base B 1118 CL Amsterdam refuels.com