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M MONTAUK RENEWABLES Investor Presentation SECOND QUARTER 2026 RESULTS AUGUST 6 , 2026
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2 This presentation contains “forward-looking statements” within the meaning of U.S. federal securities laws that involve substantial risks and uncertainties. All statements other than statements of historical or current fact included in this report are forward-looking statements. Forward-looking statements refer to our current expectations and projections relating to our financial condition, results of operations, plans, objectives, strategies, future performance, and business. Forward-looking statements may include words such as “anticipate,” “assume,” “believe,” “can have,” “contemplate,” “continue,” “strive,” “aim,” “could,” “design,” “due,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “likely,” “may,” “might,” “objective,” “plan,” “predict,” “project,” “potential,” “seek,” “should,” “target,” “will,” “would,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operational performance or other events. For example, all statements we make relating to our future results of operations, financial condition, expectations and plans, including those related to the Montauk Ag project in North Carolina, the GreenWave joint venture, the Bowerman RNG Facility, the development of a biogenic carbon dioxide facility and the related offtake, the Emvolon collaboration and pilot project, the Rumpke RNG Relocation project, the Tulsa facility project, the resolution of gas collection issues at the McCarty facility, the delays and cancellations of landfill host wellfield expansion projects, the mitigation of wellfield extraction environmental factors at the Rumpke and Apex facilities, how we may monetize RNG production and weather-related anomalies are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expect and, therefore, you should not unduly rely on such statements. The risks and uncertainties that could cause those actual results to differ materially from those expressed or implied by these forward-looking statements include but are not limited to: our ability to develop and operate new renewable energy projects, including with livestock farms, and related challenges associated with new projects, such as achieving anticipated levels of energy output on a sustained basis on the announced timeline, identifying suitable locations, obtaining and refinancing or otherwise repaying acquisition financing and unexpected delays in construction and development; reduction or elimination of government loans, subsidies and other economic incentives to the renewable energy market, as a result of the current presidential administration and otherwise; the inability to complete strategic development opportunities; widespread manmade, natural and other disasters (including severe weather events), health emergencies, dislocations, geopolitical instabilities or events (including the current unrest in the Middle East), domestic protests and other forms of civil unrest, terrorist activities, international hostilities, government shutdowns, political elections, security breaches, cyberattacks or other extraordinary events that impact general economic conditions, energy markets, financial markets and/or our business and operating results; taxes, tariffs, duties or other assessments on equipment necessary to generate or deliver renewable energy or continued inflation that raise our operating costs and increase the construction costs of our existing or new projects; rising interest rates increase the borrowing costs of indebtedness; the failure to attract and retain qualified personnel or a possible increased reliance on third-party contractors as a result, and the potential unenforceability of non-compete clauses with our employees; the length of development and optimization cycles for new projects, including the design and construction processes for our livestock farm and other renewable energy projects; dependence on third parties for the manufacture of products and services and our landfill operations; the quantity, quality and consistency of our feedstock volumes from both landfill and livestock farm operations; reliance on interconnections with and access to electric utility distribution and transmission facilities and gas transportation pipelines for our Renewable Natural Gas and Renewable Electricity Generation segments; our ability to renew pathway provider sharing arrangements at historical counterparty share percentages; our projects not producing expected levels of output; potential benefits associated with the combustion-based oxygen removal condensate neutralization technology; concentration of revenues from a small number of customers and projects; our outstanding indebtedness, ability to refinance indebtedness at acceptable rates or at all and restrictions under existing and future indebtedness; our ability to extend our fuel supply agreements prior to expiration; our ability to meet milestone requirements under our power purchase agreements; existing regulations and changes to regulations and policies that effect our operations; expected impacts of the Production Tax Credit and other tax credit benefits under the Inflation Reduction Act of 2022; decline in public acceptance and support of renewable energy development and projects; our expectations regarding Environmental Attribute volume requirements and prices and commodity prices; our expectations regarding the period during which we qualify as an emerging growth company under the Jumpstart Our Business Startups Act (“JOBS Act”); our expectations regarding future capital expenditures, including for the maintenance of facilities; our expectations regarding the use of net operating losses before expiration; our expectationsregarding more attractive carbon intensity scores by regulatory agencies for our livestock farm projects; market volatility and fluctuations in commodity prices and the market prices of Environmental Attributes and the impact of any related hedging activity; regulatory changes in federal, state and international environmental attribute programs and the need to obtain and maintain regulatory permits, approvals, and consents; profitability of our planned livestock farm projects; sustained demand for renewable energy; potential liabilities from contamination and environmental conditions; potential exposure to costs and liabilities due to extensive environmental, health and safety laws; impacts of climate change, extreme and changing weather patterns and conditions and natural disasters; failure of our information technology and data security systems; increased competition in our markets; ability to keep up with technology innovations; concentrated stock ownership by a few stockholders and related control over the outcome of all matters subject to a stockholder vote; and other risks and uncertainties detailed in the section titled “Risk Factors” in our latest Annual Report on Form 10-K and our other filings with the SEC. This presentation contains non-GAAP financial measures such as EBITDA and Adjusted EBITDA. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures may be found in this presentation (including the appendix) or our SEC filings. We present non-GAAP financial measures because we believe they assist investors in analyzing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, EBITDA and Adjusted EBITDA are financial performance measurements that management and our board of directors use in their financial and operational decision-making and in the determination of certain compensation programs. Non-GAAP financial measures supplement our results as reported in accordance with GAAP and should not be considered in isolation from, as a substitute for, GAAP financial measures such as net income (loss), cash flows from operating activities or as a measure of our liquidity or profitability. Cautionary Statement Regarding Forward-Looking and non-GAAP Financial Information
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3 Income Statement Financial Performance The accompanying notes to the unaudited condensed consolidated financial statements are an integral part of these statements.
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4 Operational Results – Quarter Ended June 30, 2026 (in thousands, unless otherwise indicated) All comparisons are between the second quarter ended June 30, 2026 and the second quarter ended June 30, 2025, unless otherwi se indicated. The RINs related to GreenWave are excluded from RIN Metrics. Renewable Natural Gas (“RNG”) Metrics – 43 MMBtu increased production RIN Metrics – 5,356 increase in RIN generation – 3,215 increase in volumes sold – 2,872 decrease in RINs generated but unseparated – 5,154 decrease in Prior period RINs carried into current period Renewable Electricity Generation (“REG”) Metrics – 2 MWh increased production Operating and Maintenance Expenses – $1,387 decreased RNG operating expenses – $253 increased REG operating expenses – $8,348 increased expenses related to RINs sold and pathway costs included within operating and maintenance expenses General and administrative expenses – $1,378 decrease
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5 Operating Metrics Operational Performance
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6 Balance Sheet Financial Performance The accompanying notes to the unaudited condensed consolidated financial statements are an integral part of these statements.
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7 Cash Flow (in thousands, unless otherwise indicated) Operating items affecting net income include: – $16,277 depreciation, depletion, and amortization – $7,598 adjustments to working capital and other assets and liabilities – $1,151 accounting for stock-based compensation – $2,095 benefit for deferred income taxes – $1,093 impairment loss – $944 loss on extinguishment of debt Investing activities highlights include: – $49,782 capital expenditures for Montauk Ag Renewables – $3,557 capital expenditures for Bowerman RNG Financing activities include: – $129,000 repayment of long-term debt & revolver – $155,000 borrowings on long-term debt
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8 Business Development RINs Available but Unsold (in thousands, unless otherwise indicated) Select historical data related to RINs available, RINs sold, and RINs available but unsold. The RINs from of GreenWave are excluded from key operating metrics. Our profitability is highly dependent on the market price of Environmental Attributes, including the market price for RINs. As we self-market a significant portion of our RINs, a decision not to commit to transfer available RINs during a period will impact our revenue and operating profit.
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9 Business Development Capital Development Summary (in thousands, unless otherwise indicated) The following summarizes our ongoing development growth plans expected capacity contribution, anticipated commencement of operations, and capital expenditure estimate, respectively, excluding the Montauk Ag Renewables Development project: Please refer to the Cautionary Statement Regarding Forward-Looking and non-GAAP Financial Information.
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10 Business Development Second Quarter 2026 Highlights Montauk Ag Renewables – Began selling generated power in July 2026 – Programming modifications to be completed by mid August 2026 – Expect REC generation in 2026 third quarter – Continue to ramp up in production as farm site installation equipment is completed Please refer to the Cautionary Statement Regarding Forward-Looking and non-GAAP Financial Information.
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11 Business Development GreenWave Joint Venture – Second Quarter 2026 Highlights (in thousands, unless otherwise indicated) Equity method investment in GreenWave – Joint venture with Pioneer Renewables Energy Marketing – Matches available third party RNG capacity to dispensing opportunities – Capital investment $4,000 Following summarizes certain applicable results and metrics of GreenWave
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Appendix
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13 EBITDA and Adjusted EBITDA Non-GAAP Reconciliation