ReFuels (REFL) investor relations material

Market position and growth strategy

• Holds over 95% share of the UK CNG truck market and supplies more than 50% of truck biomethane, serving over 165 customers including major retailers.

• Doubling refuelling capacity by 2028 with more than 25 high-capacity stations and a growing fleet of mobile refuelling stations to meet accelerating demand.

• Mobile refuelling stations (MRS) provide flexible, cost-effective solutions, targeting 30 MRS and 3,000 truck capacity per day by end-2028.

• Network expansion and operational leverage are increasing barriers to entry and driving profitability.

Financial performance and outlook

• Q3 2026 revenue reached £46.5m, up 23% YoY, with EBITDA of £5.6m and gross profit of £10.0m, a 72% increase from Q3 2025.

• Raised FY 2026 EBITDA guidance to £13-15m, reflecting ~20% increase, with continued 15-20% volume growth expected in FY 2027.

• CNG Fuels maintains a healthy balance sheet with £80m equity, 32% equity ratio, and £10.8m cash at period end.

• Illustrative EBITDA projected to exceed £100m by end-2030, driven by 25% annual truck growth and expanded station network.

Business model and revenue streams

• Operates a clean fuel infrastructure platform with two main revenue streams: biomethane sourcing/certificates and retail fuel dispensing.

• Robust market-based certificate scheme (RTFCs) with no subsidies, supporting long-term earnings visibility.

• Record 82.2m RTFCs generated and sold in Q3 2026, ensuring 100% approved biomethane for customers.

• RTFS contributed £5.8m EBITDA in Q3 2026, with a 31.1% gross profit margin on certificates sold.