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ReFuels (REFL) investor relations material
ReFuels Investor Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Update summary2 Dec, 2025
Operational and financial highlights
Achieved 16% year-on-year volume growth and 20% revenue growth, with EBITDA up 190% quarter-on-quarter and more than quadrupled for the first half versus last year.
Raised EBITDA guidance for the financial year from GBP 8-10 million to GBP 10-12 million, reflecting improved visibility and confidence in earnings.
Secured GBP 25 million in funding to build three new stations, aiming to double refueling capacity to 20,000 trucks by 2028.
Operational leverage and cost efficiencies have reduced overheads per kilo by 20%, supporting strong margin performance.
Station network and biomethane RTFC business provide dual, intrinsically linked revenue streams, de-risking future earnings.
Market and customer developments
Supplied over 50% of all biomethane for trucks in the UK in 2024, with more than 2,150 trucks and 165 unique customers using the network daily.
Eight of the ten largest UK supermarket chains are now customers, with growing adoption of CNG trucks, especially as 6x2 models become available.
6x2 CNG truck uptake is expected to accelerate, with strong customer interest and no OEM supply constraints; demo periods and increased demo fleet are supporting adoption.
Bio-CNG offers 25%-30% cost savings over diesel and over 40% versus HVO, with spreads widening due to sustainable aviation fuel mandates.
Customers benefit from both cost savings and significant greenhouse gas reductions, with over 220,000 tonnes of emissions avoided in 2024.
Strategic initiatives and outlook
First major fixed-price Bio-CNG contract signed, providing volume and earnings visibility; more such contracts planned.
Land ownership strategy has led to significant asset value appreciation, supporting a strong balance sheet and future flexibility.
Considering uplisting or dual listing in 2026 to improve share liquidity, access to capital, and strategic flexibility for European expansion.
Healthy biomethane sourcing position, with EUR 30 billion in upstream investment across Europe expected to boost future supply.
On track for long-term targets, projecting 8,000 trucks on the network by 2030 and annualized EBITDA of GBP 100 million.
How will 6x2 adoption impact growth targets
Future capital strategy beyond 2026 listing
Detail station profitability path to break-even
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Frequently asked questions
ReFuels N.V. specializes in the development, ownership, and operation of green refueling station infrastructure, primarily focused on the provision of renewable and sustainable biomethane fuel. This Netherlands-based company serves the commercial transport sector, including heavy goods vehicles, by supplying renewable biomethane and other alternative fuels. It operates a network of public-access refueling infrastructure across the United Kingdom under the CNG Fuels brand, aiming to drive the heavy goods transport industry in Europe towards a low carbon future. The company is headquartered in Amsterdam, Netherlands, and its shares are listed on the Euronext Growth Oslo.
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