Slides
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August 2026 Second Quarter 2026 Earnings Presentation
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104-27-224 66-68-76 90-110-255 183-82-255 255-186-49 Disclaimer 1 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 that follows that oral presentation. By reading the presentation slides, you will be deemed to have (i) agreed to the following limitations and notifications and made the following undertakings and (ii) acknowledged that you understand the legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of this presentation. No Offer or Solicitation: This presentation and any oral statements made in connection with this presentation do not constitute an offer to sell, or the solicitation of an offer to buy, or a recommendation to purchase, any securities in any jurisdiction, nor shall there be any sale, issuance or transfer of any securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful under the laws of such jurisdiction. This presentation does not constitute either advice or a recommendation regarding any securities. The communication of this presentation is restricted by law; in addition to any prohibitions on distribution otherwise provided for herein, this presentation is not intended for distribution to, or use by any person in, any jurisdiction where such distribution or use would be contrary to local law or regulation. The contents of this presentation have not been reviewed by any regulatory authority in any jurisdiction. No Representations or Warranties: No representations or warranties, express or implied are given in, or in respect of, this presentation or as to the accuracy, reasonableness or completeness of the information contained in or incorporated by reference herein. To the fullest extent permitted by law, in no circumstances will the Company or any of its affiliates, directors, officers, employees, members, partners, shareholders, advisors or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Certain information contained herein has been derived from sources prepared by third parties. While such information is believed to be reliable for the purposes used herein, none of the Company or any of its affiliates, directors, officers, employees, members, partners, shareholders, advisors or agents has independently verified the data obtained from these sources or makes any representation or warranty with respect to the accuracy of such information. Recipients of this presentation are not to construe its contents, or any prior or subsequent communications from or with the Company or its representatives as investment, legal or tax advice. In addition, this presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of the Company. Recipients of this presentation should each make their own evaluation of the Company and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. The Company disclaims any duty to update the information contained in this presentation. Forward-Looking Statements and Risk Factor Summary: Certain statements in this communication may be considered forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and generally relate to future events or OPAL Fuels’ (the “Company”) future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, as the case may be, are inherently uncertain and subject to material change. Factors that may cause actual results to differ materially from current expectations include various factors beyond management’s control, including but not limited to general economic conditions and other risks, uncertainties and factors set forth in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in the Company’s quarterly report on Form 10-Q filed on August 10, 2026, and other filings the Company makes with the Securities and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
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Disclaimer (Cont’d) 104-27-224 66-68-76 90-110-255 183-82-255 255-186-49 2 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 not express an opinion or other form of assurance with respect thereto. The forecasts should not be relied upon as being indicative of future results. Furthermore, none of the Company or its management team can give any assurance that the forecasts contained herein accurately represents the Company’s future operations or financial condition. The assumptions and estimates underlying such financial forecast information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of the Company or that actual results will not differ materially from those presented in these materials. Some of the assumptions upon which the forecasts are based inevitably will not materialize and unanticipated events may occur that could affect results. Inclusion of the prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information are indicative of future results or will be achieved. Non-GAAP Financial Measures: To supplement the Company’s unaudited condensed consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the Company uses a non-GAAP financial measure that it calls adjusted EBITDA (“Adjusted EBITDA”). This non-GAAP Measure adjusts net (loss) income for realized and unrealized gain on interest rate swaps, net loss attributable to non-redeemable non-controlling interests, transaction costs and one-time non-recurring charges, non- cash charges, major maintenance for renewable power, unrealized loss (gain) for derivative instruments, environmental credits associated with renewable biogas that has been produced and is in storage pending completion of certification of the relevant environmental attribute pathway(s) and Environmental Credits at quarter end market prices attributable to renewable biogas produced in the period but not yet sold or delivered. Management believes this non-GAAP measure provides meaningful supplemental information about the Company’s performance, for the following reasons: (1) it allows for greater transparency with respect to key metrics used by management to assess the Company’s operating performance and make financial and operational decisions; (2) the measure excludes the effect of items that management believes are not directly attributable to the Company’s core operating performance and may obscure trends in the business; and (3) the measure is used by institutional investors and the analyst community to help analyze the Company’s business. In future quarters, the Company may adjust for other expenditures, charges or gains to present non-GAAP financial measures that the Company’s management believes are indicative of the Company’s core operating performance. Non-GAAP financial measures are limited as an analytical tool and should not be considered in isolation from, or as a substitute for, the Company’s GAAP results. The Company expects to continue reporting non-GAAP financial measures, adjusting for the items described below (and/or other items that may arise in the future as the Company’s management deems appropriate), and the Company expects to continue to incur expenses, charges or gains like the non-GAAP adjustments described below. Accordingly, unless expressly stated otherwise, the exclusion of these and other similar items in the presentation of non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent, or non-recurring. These Non-GAAP financial measures are not recognized terms under GAAP and do not purport to be alternatives to GAAP net income or any other GAAP measure as indicators of operating performance. Moreover, because not all companies use identical measures and calculations, the Company’s presentation of Non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. We strongly encourage you to review all of our financial statements and publicly filed reports in their entirety and to not solely rely on any single non-GAAP financial measure. Trademarks: This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners, and the Company’s use thereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, service marks, trade names and copyrights. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, © or ® symbols, but the Company and its affiliates will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights.
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Financial Results
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4 Second Quarter 2026 Results Summary ■ 2Q26 Adjusted EBITDA 40.2% higher compared to 2Q25 driven by 45Z production tax credits, growth in our FSS segment, and G&A cost savings ■ FSS segment EBITDA 14.7% higher compared to 2Q25 driven by revenue growth of 12.8% ■ Renewable Power segment impacted by lower production and pricing amidst continuing power assets' conversion to RNG facilities Second Quarter 2026 Adjusted EBITDA of $23.1 Million (1) Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of the full year estimated Adjusted EBITDA to net income (loss), the closest GAAP measure, cannot be provided due to the inherent difficulty in quantifying certain amounts including but not limited to changes in fair value of the derivative instr uments and other items, due to a number of factors including the unpredictability of underlying price movements, which may be significant. See page 24 of this presentation for an explanation of this measure and how it is calculated. (1)
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$16.5 $16.5 $21.7 $21.5 $23.5 $23.1 $5.2 $1.6 $1.9 $1.7 2Q 2025 Actual RNG Fuel Fuel Station Services Renewable Power Corporate 2Q 2026 Actual Second Quarter 2026 Adjusted EBITDA Increase Primarily Driven by 45Z Sales, Growth in Fuel Station Services Segment, and G&A Cost Savings 5 Adjusted EBITDA: 2Q25 to 2Q26 ($ in millions) • 45Z • Higher production • Higher operating expense • Lower brown gas hedge benefit • G&A cost savings• Revenue growth including environmental credit sales and marketing • Lower production • Lower pricing
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104-27-224 66-68-76 90-110-255 183-82-255 255-186-49 231-234-243 126-133-151 6 Liquidity Update ■ We ended the quarter with $162.2 million of liquidity, including $91.4 million of cash, $19.3 million of available revolver capacity and $51.6 million of undrawn preferred capital commitments. ■ We expect that our available cash, cash generated from operations, and availability under existing debt and preferred stock facilities are sufficient to fund our projects that have entered construction Liquidity to Support Our Next Phase of Growth
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OPAL Fuels Overview
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8 Leading Vertically Integrated Energy Infrastructure and Services Company NASDAQ: OPAL Company Highlights 2025 Revenue: 2025 Adjusted EBITDA: 2025 RNG Production: 2025 GGE Sold, Serviced, Delivered: $349M $90M 4.9 Million MMBtu 162M GGEs 20.4% 22.0% 32.3% 14.0% 5-Yr CAGR OPAL's Integrated Model is Driving Results With Peer Leading Growth Since Our IPO in 2022 The leading vertically integrated producer and distributer of Renewable Natural Gas (RNG) operating at scale today ✓ OPAL Fuels collects naturally occurring biogas under long-term contracts from landfills and dairies, and upgrades the biogas to pipeline quality methane ✓ OPAL Fuels distributes the RNG under long-term contracts to heavy-duty truck fleets through fueling stations that we construct ✓ Fueling generates valuable environmental credits ✓ The environmental credits are sold to refiners, who are required to buy the fuel under the RFS Overview Downstream Upstream
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RNG Value Chain 9 (1) Renewable identification numbers (“RINs”) are credits used for compliance and are the “currency” of the Renewable Fuel Standa rd program. Renewable fuel producers generate RINs, market participants trade RINs and Obligated Parties obtain and then ultimately retire RINs for compliance. RNG PATHWAY — Biogas Sources → Conversion → End Markets RINs¹ LCFS Voluntary POWER PATHWAY — Biogas Sources → Renewable Power Generation → Grid RINs¹ LCFS Voluntary Landfill Livestock Waste Organic Waste All Biogas Sources Biogas Conversion System Anaerobic Digester Generate Renewable Power Onsite Sold as RNG for Transportation OPAL distributes RNG via its market leading dispensing infrastructure platform across 300+ fueling stations Sold to Other Natural Gas Users Supplied to utilities and industrial users Sold into the Grid for Everyday Applications Renewable electricity sold into utility grid OPAL's Model Captures Value Across the RNG Value Chain From Production to Dispensing and Monetization
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Business Mix 10 Market Leader with Strong Partner and Customer Base 20 - 25 Years 10 Years Representative Partner and Customer Contract Duration Representative Customer Contract Duration Renewable Power RNG Fuel Marketing and Distribution Deliver OPAL production and third-party supply to OPAL’s network of fuel stations with long-term optionality across end markets as they evolve Long-term service contracts maintain high availability and customer satisfaction Construction of fuel stations Fuel Station Services RNG Fuels Multiple Revenue Streams Revenue from sale of RINS (Renewable Fuel Standard) and brown gas Substantial IRA Tax Benefits: ITC: 30% - 50% of cost PTC: $1.00 - $5.00 per MMBtu RNG Production Generation of RNG through capture of landfill emissions and recycling of animal waste Fuel Station Services Market share leading builder and service provider of alternative fueling stations, using RNG, for Class 8 heavy duty fleets Revenues from sale of capacity, energy and Renewable Energy Credits Power projects are opportunities to convert to RNG for future growth Renewable Power Established owner of landfill gas to electric projects with 25-year history of successful operations 2025A Adj. EBITDA: $70mm 2025A Adj. EBITDA: $47mm 2025A Adj. EBITDA: $10mm BusinessRevenue Model OPAL’s Vertical Integration Maximizes the Value of the RNG Molecule and Drives Market Share Gains
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Portfolio Summary 11 ▪ OPALFuels is one of the largest RNG project operators in the United States ▪ OPALFuels’ fueling station network leverages its RNG Fuels production through its vertically integrated value chain Fueling Station Network RNG + Renewable Power Production Projects Current (6/30/2026) In- Construction RNG Fuels 12 Projects 9.1mm MMBtu >3 million MMBtu Fueling Station Services 300+ Stations Built OPAL: 56 Stations 15 Stations OPAL: 6 Stations Renewable Power 15 Projects 105.8 MWh N/A FPA Stations Fuel Stations RNG Projects Renewable Power Projects OPAL Stations
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2.3 3.9 5.2 8.8 9.15.2 4.7 4.4 2.6 3.3 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 2025 In-Construction 12 A Growth Company with Disciplined Execution Placing RNG Projects into Operation and Construction (3) 2024 In-Operation 7.5 8.6 9.6 11.4 2021 2022 2023 OPAL’s Share of Year-End Design Capacity of RNG Projects in Operation and Construction (Million MMBtu) (1) Represents OPAL Fuels’ proportional share. (2) Design capacity is the annual design output for each facility and may not reflect actual production from the projects, which depends on many variables including, but not limited to, quantity and quality of the biogas, operational up-time of the facility, and actual productivity of the facility. (3) 2021 to 2025 ‘In-Construction’ includes Atlantic, Cottonwood, Burlington, Kirby, and the Central Valley dairy RNG projects. For more information, please see the Company’s Form 10-K for the three and twelve months ended December 31, 2026. (2)(1) 12.4
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96.4 115.9 133.2 150.2 161.9 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 2024 Total Volumes Sold, Dispensed, and Serviced (Million GGE) 13 Executing on Expanding Our Fueling Station Services Segment 2021 2022 2023 Total Volumes Sold, Dispensed, and Serviced (MM GGE) 2025
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14 Integrated Model Drives Growth as Market Conditions Evolve Bolsters Market Share Capture for Both Segments, Upstream and Downstream Provides Certainty of Renewable Fuels Supply for Fleets Provides Advantaged Project Returns Compared with Peers ✓ ✓ ✓ Provides Access to RFS Market for New RNG Project Development to Maximize Mutual Value for OPAL and Feedstock Partners ✓ OPAL Fuels' Fuel Station Services' Nationwide Construction, Service, and Dispensing Platform Creates a Sustainable Competitive Advantage
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Operating Segment Summary
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Location Type Gas Rights OPAL’s Share of Design Capacity North Carolina Landfill Virginia Landfill Arizona Dairy Indiana Dairy RNG Fuel: 12 RNG Facilities Online Today 16 12 Operating RNG Assets (1) Reflects OPAL proportional ownership of production of design capacity. Design capacity is the maximum permitted output for each facili ty and may not reflect actual production from the projects, which depends on many variables including, but not limited to, quantity and quality of the biogas, operational up -time of the facility, and actual productivity of the facility. (2) GFL receives royalty payments from the RNG facility while Noble Environmental maintains the rights to the landfill. 9.1 Million RNG MMBtu Annual Design Capacity(1) Minnesota Landfill Location Type Gas Rights OPAL’s Share of Design Capacity Pennsylvania Landfill Ohio Landfill Landfill: Noble Road Pennsylvania Landfill Landfill: Imperial Landfill: Greentree (2) Landfill: Pine Bend Landfill: Atlantic Private Dairies 1.06 million MMBtu 1.06 million MMBtu 0.46 million MMBtu 0.42 million MMBtu 0.33 million MMBtu Landfill: Emerald 1.33 million MMBtu Prince William Cty., Virginia 1.73 million MMBtu Landfill: Prince William Florida Landfill Landfill: New River 0.66 million MMBtu Landfill: Sapphire 0.80 million MMBtu Dairy: Sunoma 0.19 million MMBtu Polk Cty., Florida Dairy: Bio-Town 0.05 million MMBtu Michigan Landfill New Jersey Landfill Landfill: Polk Florida Landfill 1.06 million MMBtu
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$50 $69 $135 $167 $215 $0 $50 $100 $150 $200 $250 2021 2022 2023 2024 2025 17 Fuel Station Services: Leveraging the Benefits of Vertical Integration Provides Diversification, Predictable Cash Flows, Attractive Returns on Capital, and Sustainable Growth Fuel Station Services Segment is a Driver of Growth FSS Segment Revenue ($ Millions) 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. FPA Stations Fuel Stations OPAL Stations
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18 15 projects / 106 MW nameplate capacity in operation Electric projects generally have PPAs with investment grade off-takers Renewable Power Pipeline of projects for potential RNG conversion Legacy business with 25-year history based on fixed price PPAs Potential New Development Opportunities in Strengthening Power Markets
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Environmental Attribute Markets Overview
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20 Renewable Fuels Standard Program History and Program Requirements History ➢ The Renewable Fuel Standard (RFS) is a national policy under the Clean Air Act that requires a certain volume of renewable fuel to replace or reduce fossil fuel in transportation fuel, home heating oil, or jet fuel ➢ Energy Policy Act (2005): Created by a bipartisan 74-26 Senate majority to integrate renewable content into the U.S. fuel pool ➢ EISA (2007): Dramatically expanded the program with overwhelming 314-100 House support, extending requirements and adding "Set" authority to ensure the program continues indefinitely post-2022 ➢ Operational Stability: Transitioned from fixed statutory volumes to the EPA's "Set" authority, providing the agency flexibility to align volumes with industry growth Governance: ➢ EPA administers and implements the RFS program, in consultation with the U.S. Department of Agriculture (USDA) and the U.S. Department of Energy (DOE) ➢ EPA sets annual volume requirements through notice-and-comment rulemaking Program Requirements: ➢ Compliance in the RFS is tracked through Renewable Identification Numbers (RINs(1)); Renewable fuel producers generate them, market participants trade them, and Obligated Parties retire them for compliance ➢ Obligated Party Burden: The Obligated Parties under the Clean Air Act are strictly defined as petroleum refiners and importers of gasoline and diesel ➢ These entities must either physically blend renewable fuels or purchase Renewable Identification Numbers (RINs) to meet their annual Renewable Volume Obligations (RVOs) ➢ Cellulosic Production Gap: In 2007, Congress targeted a 16 billion GGE target ramp-up by 2022 versus 0.6bn GGE in the actual RVO (2022) ➢ Cellulosic Waiver Credits (CWCs): The market cannot produce the 16 billion GGE, therefore the EPA uses its waiver authority to bridge the gap ➢ When the EPA reduces the cellulosic volume requirement, it offers CWCs to Obligated Parties as a compliance alternative to RINs ➢ CWC serves as price market cap OPAL operates within the EPA’s Renewable Fuel Standard as an RNG producer whose qualifying transportation fuel volumes can generate D3 cellulosic RINs
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$0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD 21 Historical Trends in the RFS/RINs Market ($/RIN) L10Y Average: $2.34 L5Y Average: $2.75 L3Y Average: $2.73 Last 10Y • Structurally depressed by 2019- 2020; EPA issued 48 Small Refinery Exemptions (SREs), creating a flood in the market • The current administration has shifted away from mass SRE approvals Last 5Y • Captures the transition to the 2023-2025 “Set Rule”, which eliminated the Cellulosic Waiver Credit (CWC), allowing physical D3 RINs to trade at a scarcity premium Last 3Y • Slight moderation reflects supply growth • Average driven by marginal cost of new RNG production
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Appendix
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▪ 2026 Adjusted EBITDA is projected to range between $95 million and $110 million. ▪ Assumes a $2.45/gallon D3 RIN price; each $0.10/gallon shift in D3 RIN price impacts 2025 Adjusted EBITDA by $5-$6 million ▪ Assumes RNG production range of 5.4 to 5.8 million MMBtu 23 2026 Guidance (1) Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of the full year estimated Adjusted EBITDA to net income (loss), the closest GAAP measure, cannot be provided due to the inherent difficulty in quantifying certain amounts including but not limited to changes in fair value of the derivative instr uments and other items, due to a number of factors including the unpredictability of underlying price movements, which may be significant. See pages 22 and 23 of this presentation for an explanation of this measure and how it is calculated. (1) Full Year 2026 Guidance
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104-27-224 66-68-76 90-110-255 183-82-255 255-186-49 231-234-243 126-133-151 24 Reconciliation of Adjusted EBITDA to GAAP Net Income (1) Net income (loss) by segment is included in our quarterly report on Form 10 Q. (2) Includes interest, depreciation, amortization and accretion and RNG development costs incurred on equity method investments. (3) Includes development costs on our Central Valley and Prince William facilities. (4) 5Z production tax credits are recorded within tax benefit on the condensed consolidated statements of operations for the thre e and six months ended June 30, 2026 net of costs. $000's RNG Fuel FSS Ren. PowerCorporate Total RNG Fuel FSS Ren. Power Corporate Total Net (loss) income (1) ($684) $11,359 ($4,934) ($9,888) ($4,147) ($1,639) $19,473 ($4,623) ($22,951) ($9,740) Adjustments to reconcile net (loss) income to Adjusted EBITDA Interest and financing expense, net 7,597 (1,028) (24) 0 6,545 13,932 (1,460) (43) 0 12,429 Net income attributable to non-redeemable non-controlling interests (137) 0 0 0 (137) (219) 0 0 0 (219) Depreciation, amortization and accretion 3,143 1,606 418 0 5,167 6,236 3,164 1,380 0 10,780 Adjustments to reflect Adjusted EBITDA from equity method investments (2) 6,114 0 0 0 6,114 11,051 0 0 0 11,051 Impairment, fair value changes and certain financing and ITC- related charges 139 547 3,595 (320) 3,961 444 547 3,595 1,316 5,902 Stock-based compensation 0 0 0 2,061 2,061 0 0 0 4,115 4,115 RNG development costs (3) 2,769 0 0 0 2,769 3,891 0 0 0 3,891 Major maintenance 223 0 1,199 0 1,422 376 0 2,639 0 3,015 45Z (4) 4,126 0 0 0 4,126 9,048 0 0 0 9,048 Tax benefit, net (4,738) 0 0 0 (4,738) (10,447) 0 0 0 (10,447) Adjusted EBITDA $18,552 $12,484 $254 ($8,147) $23,143 $32,673 $21,724 $2,948 ($17,520) $39,825 Three Months Ended Six Months Ended June 30, 2026 June 30, 2026