ReFuels (REFL) Pareto Securities' 33rd Annual Energy Conference presentation summary

Business overview and growth

• Operates a profitable clean fuel platform focused on biomethane for HGVs, with a rapidly expanding network across the UK.

• Refuels over 2,250 vehicles daily at 16 stations, enabling significant decarbonisation for major logistics customers.

• Two revenue streams: fuel sales and market-based certificates (RTFCs), with strong cash generation and EBITDA growth.

• CNG Fuels reported £154m in FY 2026 revenues and £14.8m adjusted EBITDA, with guidance of £16–20m for FY 2027.

• Network expansion underway, targeting >8,000 HGVs per day by 2030 and record-high construction activity.

Market position and customer adoption

• Currently serves ~10% of UK 4x2 HGVs, with significant opportunity in the larger 6x2 segment.

• Largest customers provide visibility to >8,000 HGVs, with non-binding adoption plans extending to 2030.

• Over 100 fleet operators are on the waiting list for 6x2 CNG truck trials, indicating strong future demand.

• Major logistics brands (e.g., M&S, Waitrose, Aldi, Lidl, Amazon) are transitioning fleets to biomethane.

Competitive and regulatory landscape

• Biomethane offers a 20–40% cost advantage over diesel and HVO, with 80–90% lower GHG emissions.

• Biomethane is the leading green HGV fuel in the UK, with commercial scalability and cost leadership.

• Robust UK certificate scheme (RTFCs) supports earnings, with stable prices and 18 years of uninterrupted market obligation.

• Growing policy support for a multi-fuel approach to net zero, with industry and government backing.