ReFuels (REFL) Investor presentation summary

Market opportunity and policy environment

• Heavy goods vehicles (HGVs) account for 1% of UK road fleet but 17% of transport GHG emissions, highlighting a significant decarbonisation opportunity.

• EU policy now recognises biomethane as a key enabler for clean mobility, allowing it to offset tailpipe emissions post-2035.

• Vast untapped biomethane feedstocks exist across Europe, with EUR 27bn in investments expected by 2030.

• Aging UK truck fleet creates a replacement opportunity, with ~100,000 trucks to be replaced before 2035.

Competitive positioning and technology

• Bio-CNG offers 1,000 km range and 8-minute refuelling, with 65% share of UK gas-powered HGVs.

• Bio-CNG is 25-40% cheaper than HVO/diesel, with rapid payback periods for fleet operators.

• Hydrogen and electric alternatives are not expected to be cost-competitive before 2040.

Business model and financial performance

• Operates a clean fuel infrastructure platform with two revenue streams: biomethane certificates and fuel dispensing margins.

• CNG Fuels is cash generative, with FY 2025 revenues of £134m and EBITDA of £6.7m; FY 2026 EBITDA guidance raised to £13-15m.

• Over 2,200 vehicles and 165+ customers use the infrastructure, saving over 222,000 tonnes of GHG emissions annually.