ReFuels (REFL) investor relations material

Market position and customer base

• Operates 16 green refuelling stations across the UK, serving over 2,200 vehicles and more than 165 customers, including major retailers and logistics companies.

• Holds over 95% share of the UK CNG truck market and supplies more than 50% of truck biomethane.

Growth strategy and infrastructure expansion

• Plans to double capacity by 2028, targeting over 25–30 stations and expanding mobile refuelling stations to meet rising demand.

• First three new sites funded by operational cash flow and a £25m five-year debt facility.

• Over 100 early-stage development opportunities identified for further roll-out.

Financial performance and projections

• EBITDA guidance for FY 2026 raised to £13–15m, with annual truck growth estimated at 25%.

• Illustrative annualised EBITDA projected to exceed £100m by end-2030, driven by both station and certificate revenues.