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FLYING CLEAN WITH SUSTAINABLE AVIATION FUEL Investor Presentation / January 2026 Email: ir@xcf.global NASDAQ: SAFX
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2 Disclaimer This presentation and any accompanying oral presentation (this “Presentation”) is provided for information purposes only. This Presentation is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities in any jurisdiction nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom, and otherwise in accordance with applicable law. This Presentation is not intended to be relied upon as a basis for an investment decision, and is not, and should not be assumed to be complete. Recipients must make their own investigations and evaluations into any investment offerings and review the appropriate disclosure documents for such investment prior to making an investment decision. The Company does not make any representation or warranty as to the accuracy or completeness of any information presented herein.
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3 Forward-Looking Statements This Presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expect", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology. These forward-looking statements, including, without limitation, statements regarding XCF Global's expectations with respect to future performance and anticipated financial impacts of the recently completed business combination with Focus Impact BH3 Acquisition Company (the “Business Combination"), estimates and forecasts of other financial and performance metrics, and projections of market opportunity and market share, are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by XCF Global and its management, are inherently uncertain and subject to material change. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) changes in domestic and foreign business, market, financial, political, and legal conditions; (2) unexpected increases in XCF Global's expenses, including manufacturing and operating expenses and interest expenses, as a result of potential inflationary pressures, changes in interest rates and other factors; (3) the occurrence of any event, change or other circumstances that could give rise to the termination of negotiations and any agreements with regard to XCF Global's offtake arrangements; (4) the outcome of any legal proceedings that may be instituted against the parties to the Business Combination or others; (5) XCF Global's ability to regain compliance with Nasdaq’s continued listing standards and thereafter continue to meet Nasdaq's continued listing standards; (6) XCF Global's ability to integrate the operations of New Rise and implement its business plan on its anticipated timeline; (7) XCF Global's ability to raise financing to fund its operations and business plan and the terms of any such financing; (8) the New Rise Reno production facility's ability to produce the anticipated quantities of SAF without interruption or material changes to the SAF production process; (9) the New Rise Reno production facility's ability to produce renewable diesel in commercial quantities without interruption during the ongoing SAF ramp-up process; (10) XCF Global's ability to resolve current disputes between its New Rise subsidiary and its landlord with respect to the ground lease for the New Rise Reno facility; (11) XCF Global's ability to resolve current disputes between its New Rise subsidiary and its primary lender with respect to loans outstanding that were used in the development of the New Rise Reno facility; (12) payment of fees, expenses and other costs related to the completion of the Business Combination and the New Rise acquisitions; (13) the risk of disruption to the current plans and operations of XCF Global as a result of the consummation of the Business Combination; (14) XCF Global's ability to recognize the anticipated benefits of the Business Combination and the New Rise acquisitions, which may be affected by, among other things, competition, the ability of XCF Global to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (15) changes in applicable laws or regulations; (16) risks related to extensive regulation, compliance obligations and rigorous enforcement by federal, state, and non-U.S. governmental authorities; (17) the possibility that XCF Global may be adversely affected by other economic, business, and/or competitive factors; (18) the availability of tax credits and other federal, state or local government support; (19) risks relating to XCF Global's and New Rise's key intellectual property rights, including the possible infringement of their intellectual property rights by third parties; (20) the risk that XCF Global's reporting and compliance obligations as a publicly-traded company divert management resources from business operations; (21) the effects of increased costs associated with operating as a public company; and (22) various factors beyond management's control, including general economic conditions and other risks, uncertainties and factors set forth in XCF Global's filings with the Securities and Exchange Commission ("SEC"), including the final proxy statement/prospectus relating to the Business Combination filed with the SEC on February 6, 2025, this Presentation and other filings XCF Global made or will make with the SEC in the future. If any of the risks actually occur, either alone or in combination with other events or circumstances, or XCF Global's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that XCF Global does not presently know or that it currently believes are not material that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect XCF Global's expectations, plans or forecasts of future events and views as of the date of this Presentation. These forward-looking statements should not be relied upon as representing XCF Global's assessments as of any date subsequent to the date of this Presentation. Accordingly, undue reliance should not be placed upon the forward- looking statements. While XCF Global may elect to update these forward-looking statements at some point in the future, XCF Global specifically disclaims any obligation to do so.
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4 Table of Contents 01 Executive Summary 02 Decarbonizing the Aviation Industry 03 Understanding Sustainable Aviation Fuel 04 Company Overview 05 Commercial and Financial Overview
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Mission Lead the transition to net-zero aviation emissions by building the most scalable Sustainable Aviation Fuel (“SAF”) company in the world.
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6 Key Takeaways SAF is the only viable near-term decarbonization solution • Disproportionate impact on emissions • Decarbonization initiatives lag behind other industries • Securing development capital is challenging; balance sheets lack liquidity XCF has an early-mover advantage • New Rise Reno – 1 of 7 SAF facilities in the U.S. • SAF supply chain constrained compared to growing demand • Competition is years away from coming online XCF poised for global leadership and scalable growth • Expand from U.S. early-mover position into international SAF markets • Leverage public equity to execute strategic acquisitions and strengthen the balance sheet • Optimize netbacks and operations to accelerate EBITDA and shareholder returns 01 02 03
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Executive Summary
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8 XCF Global at a Glance XCF Global, Inc. (Nasdaq: SAFX) is one of the few publicly-traded renewable fuels companies primarily focused on Sustainable Aviation Fuel (“SAF”) in the United States. Dedicated to accelerating the aviation industry’s transition to net-zero emissions, XCF owns and operates the New Rise Reno facility in Nevada and has a pipeline of three additional sites. Lead the transition to net-zero aviation emissions by building the most scalable Sustainable Aviation Fuel company in the world. Our Mission 38M (1) Gallons of Annualized SAF Production Capacity ~80M (2) Gallons of Annual SAF Production Capacity in 2028 Site 1 – New Rise Reno • Long-term agreement with Phillips 66: − Provide waste- and residue-based feedstocks − Offtake of renewable fuels • On-site rail and trucking lines Site 2 – New Rise Reno 2 • Adjacent site ready to be developed for SAF production • Cost efficiencies due to shared infrastructure Sites 3 & 4 – Wilson, NC and Fort Myers, FL • Development into SAF, renewable fuels, and/or associated SAF-related infrastructure • Site analysis in progress Ramp-up Process(3) Ready for Development Future Sites (1) Production capacity refers to maximum production when the facility is operational for the full year (2) Contingent upon completion of New Rise Reno 2, expected in 2028 (3) During the ramp-up process, the facility is producing Renewable Diesel and expects to resume SAF production as early as Q1 2026
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9 Experienced Leadership Team *Non-independent director Non-Executive DirectorsExecutive Management Chris Cooper Chief Executive Officer, Executive Director William Dale Chief Financial Officer Greg Savarese Chief Marketing Officer Jereme Crouthamel General Manager, New Rise Reno Facility Wray Thorn* Interim Board Chair Si-Yeon Kim Chairperson Nominating and Corporate Governance Committee, Audit Committee, Compensation Committee Carter McCain Chairperson Compensation Committee, Nominating and Corporate Governance Committee, Audit Committee Sanford A. Cockrell III Chairperson Audit Committee, Compensation Committee, Nominating and Corporate Governance Committee
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10 Dimensional Energy Neste/ World Energy Calumet Infinium Alleo Energy /Shell LanzaJet Sugar Valley Energy Green Plains Northwest Advanced Biofuels SkyNRG Phillips 66 Gevo/Net Zero-1 Avena Clean Hydrogen /Crysalis Biosciences Azure Gevo DG Fuels Lydian World Energy /Nacero Velocys XCF is Ahead of its Competition XCF holds a strategic early-mover advantage, with a production facility in Reno, Nevada, and a modular site design, configuration, and layout that can be replicated across the globe. Source: Argus SAF Capacity Map, June 2025 Map Legend Stat Sites Under Construction 14+ Operational 7
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11 Investing in the Decarbonization of the Aviation Industry Strong Regulatory and Market Tailwinds for Sustainable Fuels • Robust demand for SAF domestically and internationally drives long-term business growth; ~5.5 billion gallons of demand per year expected by 2030 • Shift in customer sentiment and regulatory policies in the U.S., Europe, and Asia provides tailwinds for SAF, driving a need for additional plants Robust and Highly Contracted Cash Flows • Long-term agreement with Phillips 66 provides waste- and residue-based feedstocks and offtake of renewable fuels, cash flow visibility, and an accelerated working capital cycle • Strong, long-term margin environment for SAF domestically and internationally agnostic of U.S. regulatory policy Leverage Modular Facility Design Through International Licensing • Structure allows regional partners to access site design in exchange for royalties or equity • Enables rapid deployment, capital efficiency, and local market adaptability State-of-the-art Facilities with Proven Technology and Differentiated Design • Strategic use of waste- and residue-based feedstocks and modular plant design, layout, and configuration enables rapid expansion • On-site pretreatment allows XCF facilities to mitigate supply chain risk and facilitates longer catalyst life Unique Investment Opportunity: One of the Few Publicly-Traded Renewable Fuel Companies Focused Primarily on SAF • One of the few publicly traded renewable fuel companies focused on SAF in the U.S.; distinguished from peers that are predominantly legacy crude oil refiners • New Rise Reno produced SAF in February 2025; during ramp-up the facility is producing Renewable Diesel and expects to resume SAF production as early as Q1 2026 High Growth Business Model with Multiple Organic Capital and Acquisition Opportunities • Multiple avenues for near-term growth with the development of New Rise Reno 2, Fort Myers, FL, and Wilson, NC facilities • Modular plant design facilitates rapid expansion of the operating footprint domestically and internationally • Bolt-on opportunity set of acquisitions and conversions of underperforming Renewable Diesel and Biodiesel facilities Experienced Management and Operating Teams • The leadership team brings experience in global aviation fuel markets, renewable fuels, engineering, and operations from various sectors, including energy and commodities • Demonstrated operational performance; EPC firm Encore DEC provides strong support for executing domestic and international expansion opportunities
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Decarbonizing the Aviation Industry
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13 International Aviation: 145.8% Domestic Transport: 23.8% Land Use and Forestry: 18.4% Agriculture: (21.5%) Residential & Commercial: (28.2%) Industry: (35.2%) Energy Supply: (39.5%) International Shipping: 33.8% Waste: (38.9%) 1990 1995 2000 2005 2010 2015 Share of Global CO2 Emissions Aviation’s Disproportionate Impact(1) Aviation industry provides a large opportunity due to a historic lack of decarbonization efforts. (1) European Environment Agency “EEA Greenhouse Gases. Data Viewer” | From 1990 to 2019
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14 Emissions Set to Explode: Passenger Traffic Grows Source: https://aci.aero/2025/02/26/the-trusted-authority-on-air-travel-demand-insights/ February 2025
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15 Sustainable Aviation Fuels are the only viable near-term option to decrease emissions in the aviation sector, as they are compatible with current aircraft engines and fueling infrastructure and can power flights with no distance limits. McKinsey & Company Source: McKinsey & Company “Critical Insights on the Path to a Net-Zero Aviation Sector” dated October 2021
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16 An Immediate Solution to Decarbonizing the Aviation Industry Source: https://climatedrift.substack.com/p/the-sustainable-aviation-fuel-saf SAF is the most effective near- term solution to decarbonize aviation because it works as a drop-in replacement for conventional jet fuel; no changes to existing aircraft or infrastructure are required for use. Unlike emerging technologies such as hydrogen or electric flight, which remain decades away from scale, SAF can immediately reduce lifecycle emissions by up to 80% and is the only pathway capable of meeting industry and regulatory climate targets today.
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Understanding Sustainable Aviation Fuel
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18 What is Sustainable Aviation Fuel? (1) BP “What is Sustainable Aviation Fuel?” (2) https://www2023.icao.int/environmental-protection/GFAAF/Pages/Production-Facilities.aspx (3) https://atag.org/industry-topics/sustainable-aviation-fuel Traditional Jet Fuel SAF • Synthetic kerosene derived from a variety of waste- and residue-based feedstocks not suitable for direct human consumption such as waste oils, agricultural residues, animal fats, and co-products from industrial agriculture • SAF is able to recycle CO2 absorbed by biomass during its lifetime rather than injecting new carbon into the system, reducing emissions by up to 80%(1) • A 'drop-in' fuel, easily integrating with existing aircraft engines and aviation infrastructure without the need for modifications • Renewable Diesel is produced with a similar process and serves to reduce ground transportation emissions SAF is a renewable, low-carbon alternative to traditional jet fuel designed to work seamlessly in existing aircraft engines and fuel infrastructure. Waste- and residue-based feedstocks Top source of emissions Crude oil & fossil fuel Kerosene Refining Sources Hydrodeoxygenation Emissions reduction Up to 80% lower than traditional jet fuel(1) ProcessFuel TypeEnvironmental Impact Synthetic kerosene There are currently ~40(2) producing SAF sites globally – aviation will require as many as 7,000 renewable fuel facilities by 2050. (3)
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19 A Drop in Fuel: From Waste to Wingtip Source: https://c-saf.ca/what-is-saf/ From waste to wingtip – the production journey for sustainable aviation fuel (“SAF”) Using SAF can reduce lifecycle carbon emissions by up to 80% Compared to the traditional jet fuel it replaces. 3 Traditional jet fuel is blended with Sustainable Aviation Fuel to meet current regulatory blend limits. 4Fuel is delivered to airport and into wing. 1 Feedstock is collected – such as household waste or waste oils. 2 Feedstock is converted to Sustainable Aviation Fuel. Used cooking oil Household waste Waste oils CO2 capture Hydrogen produced with renewable electricity
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20 Governments around the world have set targets to decarbonize the aviation industry and are integrating policy and tax incentives to encourage the production and adoption of SAF . By 2030, more than 4 billion people are expected to live in countries with SAF blending mandates or incentives. Canada Clean Fuel Standard since 2022, British Columbia: 1% in 2028, 2% in 2029 and 3% in 2030; carbon intensity target for jet fuel: 2% in 2026, 4% in 2027, 6% in 2028, 10% in 2030 United States U.S. Renewable Fuel Standard, Inflation Reduction Act with financial incentives for domestic SAF production, blender's tax credit, SAF Grand Challenge: 3 billion gallons (~9 Mt) annual production by 2030 and 35 billion gallons (~100 Mt) annual production by 2050, state-level incentives such as in California: Low Carbon Fuel Standard Brazil National Sustainable Aviation Fuel Program (“ProBioQAV”): Air operators for domestic flights reduce CO2 emissions by 1% in 2027 and 2028 using SAF, with the target rising gradually to 10% in 2037 EU RefuelEU Aviation SAF mandate for fuel suppliers: 2% 2025, 6% by 2030, 70% by 2050; EU RED II framework; EU ETS (SAF zero-counted); additional SAF allowances for airlines UK GHG-based SAF mandate: 2% in 2025, 10% by 2030, and 22% by 2040; Renewable Transport Fuel Obligation (SAF generates certificates for fuel suppliers), UK ETS (SAF zero-counted), establishing clear incentives, compliance pathways, and increasing certainty for SAF producers Turkey Fuel supplier obligation on international flights: 1% SAF share for 2025-2026, increasing gradually to 5% SAF share for 2030 China Civil Aviation Administration of China: 2% SAF blend by 2025, gradually increasing to 15% by 2030 for both domestic and international flights operated by Chinese airlines India Indicative SAF blending targets: 1% by 2027 (international flights) increasing to 2% by 2028 and to 5% by 2030 Global Initiative for SAF Policy Source: https://www.transportenvironment.org/topics/planes/saf-observatory/saf-around-the-world
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21 Favorable U.S. Regulatory Environment (1) Bloomberg as of October 17, 2025 (2) California Air Resources Board (CARB) weekly average transfer price and the Department of Energy Alternative Fuels Data Center Fuel Properties Comparison Standards (3) Internal Revenue Service – maximum achievable level (4) For facilities that satisfy the prevailing wage and apprenticeship requirements. 45Z credit will be reduced from $1.75 to $1.00 from January 1, 2026 • Federal mandate to incorporate renewable content into transportation fuels • Authorized under the Energy Policy Act of 2005 • Stipulates amount of renewable fuel that must be blended into transportation fuels; increases annually • Petroleum refiners are required to either: (1) blend biofuels or (2) buy credits (RINs) to cover deficits • D4 RINs are generated by each gallon of SAF produced • States such as California, Oregon, and Washington, as well as certain Canadian provinces, have programs designed to lower carbon emissions from the transportation sector • State programs assign a Carbon Intensity (“CI”) score to each fuel based on the fuel's lifecycle GHG emissions. Lower CI score fuels are more valuable • Low CI fuels like SAF generate LCFS credits • Section 45Z clean fuel production tax credit (CFPC) took effect in 2025, with a maximum tax credit of up to $1.75 per gallon for SAF on a sliding scale(4) • One Big Beautiful Bill extended the 45Z tax credit program through December 31, 2029 Renewable Fuel Standard (“RFS”) Low Carbon Fuel Standard (“LCFS”) Clean Fuel Production Tax Credit (“CFPC”) Credit Pricing $0.55-1.30(1) D4 RINs(1) Per Gallon 52-week High-Low as of October 2025 $0.29-1.58(2) Type 1 LCFS Credits Per Gallon 52-week High-Low as of October 2025 $1.75(3) 45Z Clean Fuel Production Credit per gallon
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22 States Adopting SAF Credit Incentive Schemes Across the U.S., states are rolling out SAF credit incentive programs to stimulate local production, attract investment, and accelerate adoption alongside federal initiatives. Source: https://rmi.org/annual-report-2024/
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23 Aviation Industry Working Toward Decarbonization (1) IATA “Climate Change Fact Sheet” (2) International Civil Aviation Organization (“ICAO”) “On Board a Sustainable Future” (3) ICAO “Long-Term Aspirational Goal for International Aviation” (4) Company websites; www.sciencebasedtargets.org, “Target Dashboard” Consistent with the International Air Transport Association (“IATA”) emissions reduction targets, many airlines have now set SAF targets to help the industry work toward deploying the necessary capital investments. Airline SAF Target Climate Target N/A Net zero 2040 10% by 2030 Net zero 2050 10% by 2030 Reduce Scope 1 and 3 intensities by 45% by 2035 N/A Reduce fuel emissions intensity by 45% by 2035 N/A Reduce Scope 1 and 3 intensities by 50% by 2035; net zero 2040 N/A Reduce Scope 1, 2, and 3 intensities by 50% by 2035; net zero 2050 Top-Down Emissions Reduction Policies UN intergovernmental specialized agency tasked with setting international standards for member nations • 2% annual fuel efficiency improvement through 2050(2) • Carbon neutral growth from 2020 onward(2) • Net-zero emissions by 2050 (“Long-Term Aspirational Goal”)(3) Represents commercial airlines and coordinates industry standards on behalf of 320 airlines across 120 countries • Reduce absolute emissions by 50% by 2050(1) • Reach net zero by 2050(1) Logistics Service SAF Target Climate Target 30% by 2030 Net zero 2050 30% by 2035 Net zero 2050 30% by 2030 Net zero 2040 Major U.S. Airlines Express Support for SAF(4) Major Logistics Support for SAF(4)
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24 Beyond Airlines: Corporate Leaders Turning to SAF Major global corporations are turning to SAF as a practical solution to meet net-zero and Scope 3 emissions targets. While airlines have led early adoption, a growing number of technology and consumer brands are incorporating SAF into their sustainability strategies. With 45% of Fortune Global 500 companies having 2050 net-zero commitments, this shift signals a powerful source of demand and recognition of SAF’s role.(1) • Microsoft has set ambitions to be carbon negative by 2030 and places a strong focus on Scope 3 emissions reductions(2) • Launched a program with Chooose to enable suppliers to purchase SAF environmental attributes (book-and-claim) to address aviation emissions(3) • In 2021, Google committed to achieving net-zero emissions across all operations and its value chain by 2030(4) • Joined the American Express Global Business Travel (“Amex GBT”) and Shell Aviation (“Avelia”) book-and-claim programs to purchase SAF credits for corporate travel(5) • Nike’s “Move to Zero” initiative sets out to achieve a zero-carbon, zero-waste future(6) • 2030 Target: Reduce Scope 1 and 2 emissions by 65% and reduce supply chain emissions by 30%(7) • Under its “The Climate Pledge,” Amazon intends to reach net-zero carbon emissions across its global operations by 2040(8) • Co-founded the Sustainable Aviation Buyers Alliance and played a major role in the launch of the SAFc Registry, which aims to accelerate overall SAF deployment(9) Global Corporations Express Sustainability Commitments and Support for SAF (6) https://www.nike.com/in/sustainability (7) https://about.nike.com/en/mission/initiatives/reducing -carbon-footprint (8) https://www.aboutamazon.com/planet/climate-pledge (9) https://sustainability.aboutamazon.com/climate-solutions/transportation (1) https://explore.climateimpact.com/quiet- climate-action-2024 (2) https://blogs.microsoft.com/on-the-issues/2025/05/29/environmental -sustainability-report/ (3) https://www.chooose.today/resources/news-updates/empowering-microsoft-suppliers-to-take-climate-action-with-sustainable-aviation-fuel (4) https://www.gstatic.com/gumdrop/sustainability/google-2025-environmental-report.pdf (5) https://www.amexglobalbusinesstravel.com/press-releases/google-to-join-one-of-the-worlds-largest-sustainable-aviation-fuel-programs/
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25 S&P Global Demand and Price Forecast Through 2050 Source: https://www.spglobal.com/commodity-insights/en/news-research/latest-news/refined-products/040925-eu-alternative-aviation-fuel-mandates-highlight-synthetic-fuel-supply-concerns
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Company Overview
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27 XCF Global at a Glance XCF Global, Inc. (Nasdaq: SAFX) is one of the few publicly-traded renewable fuels companies primarily focused on Sustainable Aviation Fuel (“SAF”) in the United States. Dedicated to accelerating the aviation industry’s transition to net-zero emissions, XCF owns and operates the New Rise Reno facility in Nevada and has a pipeline of three additional sites. Lead the transition to net-zero aviation emissions by building the most scalable Sustainable Aviation Fuel company in the world. Our Mission 38M (1) Gallons of Annualized SAF Production Capacity ~80M (2) Gallons of Annual SAF Production Capacity in 2028 Site 1 – New Rise Reno • Long-term agreement with Phillips 66: − Provide waste- and residue-based feedstocks − Offtake of renewable fuels • On-site rail and trucking lines Site 2 – New Rise Reno 2 • Adjacent site ready to be developed for SAF production • Cost efficiencies due to shared infrastructure Sites 3 & 4 – Wilson, NC and Fort Myers, FL • Development into SAF, renewable fuels, and/or associated SAF-related infrastructure • Site analysis in progress Ramp-up Process(3) Ready for Development Future Sites (1) Production capacity refers to maximum production when the facility is operational for the full year (2) Contingent upon completion of New Rise Reno 2, expected in 2028 (3) During the ramp-up process, the facility is producing Renewable Diesel and expects to resume SAF production as early as Q1 2026
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28 Scaling a Global SAF Platform: Three Pillars for Growth Domestic Growth International Expansion Consolidation & Leadership • New Rise Reno Blueprint: scalable, capital-efficient model • Facility Expansion: acquisitions, conversions, and greenfield • Feedstock Control: vertical integration; secure long-term supply • Licensing Model: global rollout with equity and royalty fees • Partnerships: rapid entry via local leaders • Consolidation: build scale in fragmented markets • Economies of Scale: reduce costs, improve efficiency • Accelerated Growth: leverage public equity to aggressively consolidate the market • Strengthen Position: pricing power, resilience, leadership
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29 Flagship Site for Domestic Growth Source: Company information New Rise Reno Location Reno, NV Date Commissioned February 2025 Nameplate Capacity 38 million gallons Status Ramp-up Ramp-up Stage Production Renewable Diesel and Renewable Naphtha SAF Production Expected to resume as early as Q1 2026 Feedstock Pretreatment Alfa Laval Production Pathway HEFA; Axens Vegan Hydrotreater Technology Efficiency Initiatives Co-generation, off-gas energy recovery, water recovery Supply/Offtake Agreement Phillips 66 – 100% supply and offtake agreement Modes of Transportation Rail and truck March 2025 Modular Design, Configuration, and Layout Maintenance Building Control Building Electric Building #2 Main Office Fire Control Building Waste Water Unit Evaporation Ponds Amine Unit Reformer Electric Building #1 Truck Load/Unload Tank Farm 1 Product Out Tank Farm 2 Feedstock In Pretreatment Building
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32 Combine Onsite Feedstock Pretreatment with HEFA Technology XCF facilities employ a two-stage production process, adding a pretreatment stage prior to hydrotreatment. • Pretreating feedstock onsite allows XCF facilities to mitigate supply chain risk and facilitate longer catalyst life • Pretreatment stage is already in place at New Rise Reno, and is expected to be installed at future facilities Pretreatment of Feedstocks HEFA technology involves converting fats, oils, and greases (“FOGs”) into a high-quality, renewable aviation fuel through hydroprocessing 1. Renewable Source: HEFA fuels are derived from waste- and residue- based feedstocks such as used cooking oil, animal fats, and plant oils 2. Compatibility: HEFA fuels can be used as drop-in replacements for conventional jet fuels without modification to existing aircraft engines and fueling infrastructure 3. Diversification of Feedstocks: HEFA technology allows for the use of a variety of feedstocks, which promotes resource efficiency Hydroprocessed Esters and Fatty Acids (“HEFA”)
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33 Reliable and Proven Hydrotreating Technology Axens’ hydrotreating technology increases yields, lowers operating costs, and facilitates feedstock flexibility. (1) License agreement between New Rise Renewables and Axens (2) Standard for evaluating which technologies, under specific circumstances and characteristics, can be used for producing o n-specification neat SAF Ag Oils, Animal Fats, and Pyrolysis Oils Energy Hydrogen Proprietary Hydrogenation Technology Sustainable Aviation Fuel + + Made from renewable sources New Rise Reno uses waste- and residue-based feedstocks such as used cooking oil, animal fats, and plant oils • Non-food feedstocks include: − Distillers corn oil, a byproduct of U.S. ethanol production − Crude degummed soybean oil, a co-product of the U.S. oilseed supply chain • Petroleum-free Waste- and residue-based feedstocks are pretreated to remove impurities Clean feedstocks are heated and put under pressure Hydrogen gas is dissolved into the liquid feedstock, and the oils are then ready to be converted 1 2 3 Facility-specific license agreement of proven technology for life of the facility(1) • 3,000+ industrial units under license • Better Yields • Lower Operating Expenses − Lower operating utilities • Longer Catalyst Life − Better-controlled reaction results in less maintenance downtime − Pretreatment reduces gum, metal, and other substances that damage the catalyst Liquid feedstock with hydrogen is pumped over a catalyst bed under high temperature and pressure Biomass undergoes chemical decomposition and is converted into synthetic kerosene Synthetic kerosene molecules are isomerized (rearranged) to improve cold-flow properties 4 5 6 Chemically equivalent to conventional jet fuel • Blended SAF is compatible with existing aircraft engines and fueling infrastructure • Lower hydrocarbon emissions − Lower particulate matter, CO, and NOx emissions • Similar energy density • Compliant with ASTM standards − Exceeds ASTM D7566(2) standards Sustainable Aviation Fuel is produced, ready for blending with conventional jet fuel for use in aircraft engines 7
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34 Long-Term Agreement with World-Class Partner XCF has partnered with Phillips 66, an established Fortune 50 company that will supply 100% of the non-food feedstock and is the priority buyer for SAF and Renewable Diesel produced at New Rise Reno for 15 years. Phillips 66 is a Leading Integrated Downstream Energy Provider (1) A small fee will be paid to access Partner’s working capital used for obtaining non-food feedstock supply. This minimizes financial impact from changes in the working-capital cycle (2) Phillips 66 will purchase at a price tied to SAF prices in California World-Class Partnership Phillips 66, New Rise Reno’s feedstock and priority offtake partner, is a top global energy company with brand recognition, mature infrastructure, and established markets Stable Non-Food Feedstock Supply Phillips 66 draws on a broad, diversified network of suppliers to secure waste- and residue-based feedstocks, enhancing supply stability and operational resilience Reduced Working Capital Requirements Access to Phillips 66’s balance sheet (1) enables feedstock sourcing, procurement, and transport; Phillips 66 handles logistics with preferential pricing Visibility on Offtake(2) Long-term agreement for offtake of renewable fuels Elimination of Offtake Transportation Investments Phillips 66 is responsible for the costs and logistics of offtake transportation, storage, and terminals Supply & Offtake Agreement • 15-year contract term • Well-known Fortune 50 company • Stable feedstock supply • Visibility on offtake 34
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35 Leveraging Existing Infrastructure for Organic Expansion (1) Site renderings illustrate the Wilson and Fort Myers sites as if they were converted into SAF production facilities • Greenfield development adjacent to New Rise Reno • Site acquired in January 2025 • Expected nameplate capacity of 40 million gallons • The site will leverage existing utilities and logistics infrastructure • Construction is expected to begin in 2026 and take approximately 28 months to complete • Biodiesel facilities, acquired in October 2023 • Plans to build out and reconstruct into SAF , renewable fuels, and/or associated SAF-related infrastructure sites • Will serve the Southeast and East Coast regions of the U.S. and provide convenient access to deep-water ports for export • XCF is evaluating the role of the Fort Myers and Wilson sites within its broader SAF and biofuels value chain New Rise Reno 2 Wilson, NC and Fort Myers, FL*
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36 Efficient Site Development with Attractive Returns Repeatable Site Development Process • Land acquisition and site development • Obtaining permits and approvals • Negotiating commercial structures (e.g., offtake agreements, EPC, O&M) • Implementing modular plant design • Expanding globally through licensing agreements YEAR 1 YEAR 2 YEAR 3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Month 3-9 Drawing/Site Plans Month 33+ Operations Month 10-12 Permitting Month 29-32 Approvals to Operate Month 13-28 EPC Construction; Feedstock Supply and Offtake Agreements Month 0-2 Land Acquisition and Applications Pre-Build/Financing Arrangements Plant Construction Post-Construction Operations Target Delivery Schedule • Once a site is developed, typically in less than three years, the plant is expected to generate long-term, stable cash flows from favorably negotiated feedstock supply and offtake agreements
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37 New Rise Australia Source: https://xcf.global/news-details/2025/XCF-Global-Signs-Binding-Term-Sheet-with-New-Rise-Australia-to-Develop-Renewable-Fuel-Facilities-Launches-First-Regional-Platform-to- Accelerate-International-Expansion-/default.aspx Highlights • Binding term sheet executed • 15-year license to deploy XCF’s renewable fuel platform across Australia • Target: Development of three SAF production facilities based on the New Rise Reno design, configuration, and layout • XCF to receive − 12.5% equity stake − 12.5% licensing fees − One board seat Strategic Context • Validates a capital-light expansion model • AUD $36 billion potential market by 2050 • 80% of liquid fuels currently imported • Government prioritization under the Future Made in Australia initiative; AUD $1.7 billion Innovation Fund
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38 Multiple Levers for Continued Growth Operating base expansion Identify, acquire, and convert additional sites into XCF SAF production facilities using XCF’s New Rise Reno site as a design blueprint Decarbonization solutions Carbon capture, utilization, and storage could decarbonize our platform and lead to a lower Carbon Intensity (“CI”) score Other renewable fuels Expansion into other products such as marine biofuels, biogas, and RFNBOs (Renewable Fuels of Non-Biological Origin) Feedstock procurement and supply chain optimization In conversations to form a joint venture to secure long-term feedstock agreements Existing pipeline buildout Existing owned and leased sites are expected to come online from 2028, starting with New Rise Reno 2 Near-Term Long-Term
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Commercial and Financial Overview
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40 Illustrative SAF Margin Overview and Unit Economics 45Z Credits D4 RINs SAF Margin Calculation 1. SAF (Jet Fuel plus estimated SAF premium of ~$3/gal) Plus 2. LCFS(CA) Credit 3. D4 RINS 4. 45Z Credits Less 5. Distillers Corn Oil ($8.00) ($6.00) ($4.00) ($2.00) $0.00 $2.00 $4.00 $6.00 $8.00 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 ($/gal) SAF Margin Before Credits / RINs ($/gal) Distillers Corn Oil ($/gal) LCFS ($/g) D4 RINS ($/gal) 45Z LCFS SAF Margin Before Credits/RINS 45Z Credits shown retroactively for illustrative purposes only (1) Jet fuel per Bloomberg. SAF premium based on estimated jet fuel spread. Sourced from Argus Global SAF data. Link: https://www.airlines.org/dataset/saf-vs-jet-fuel-comparison/#jet-fuel-prices (2) LCFS sourced from Weekly LCFS Credit Transfer Activity Reports from the California Air Resources Board; Link: https://ww2.arb.ca.gov/resources/documents/weekly-lcfs-credit-transfer-activity-reports (3) Bloomberg. D4 RINs are multiplied by 1.6 (4) Company estimate; shown retroactively (5) Argus Global SAF data
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41 Ramp Up to Transformational Growth Production optimization ramp-up process ongoing at New Rise Reno. 2025 • A pivotal period laying the foundation for future growth • Operational flexibility at the New Rise Reno facility has enabled interim production of Renewable Diesel, supporting CapEX 2026 • Production of SAF at nameplate capacity expected as early as Q1 Material Future Growth Rising Profitability Driving Shareholder Value
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42 XCF’s Public Peer Universe 1 One of the few public companies focused on SAF 2 Fortune 50 offtake partner 3 Proven and reliable technology 4 Scalable, modular plant design 5 International expansion strategy SAF and Renewable Diesel Producers Renewable Natural Gas and Other Biofuels Producers • Key players competing in the drop-in renewable fuels space • Some are either developing new technologies that are not producing at commercial scale or have traditional refinery as a core business • The different business models and cash-flow visibility may impact investor views on valuation • Key players producing renewable natural gas or other biofuels • Companies in this space have established businesses with long-term cash-flow visibility • Established players have multiple business lines and are not solely focused on biofuels production
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43 Key Takeaways SAF is the only viable near-term decarbonization solution • Disproportionate impact on emissions • Decarbonization initiatives lag behind other industries • Securing development capital is challenging; balance sheets lack liquidity XCF has an early-mover advantage • New Rise Reno – 1 of 7 SAF facilities in the U.S. • SAF supply chain constrained compared to growing demand • Competition is years away from coming online XCF poised for global leadership and scalable growth • Expand from U.S. early-mover position into international SAF markets • Leverage public equity to execute strategic acquisitions and strengthen the balance sheet • Optimize netbacks and operations to accelerate EBITDA and shareholder returns 01 02 03
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Thank you.