ReFuels (REFL) Pareto securities 28th annual power & renewable conference presentation summary

Market opportunity and regulatory environment

• Heavy goods vehicles account for 1% of UK fleet but 17% of transport GHG emissions, highlighting a significant decarbonisation need.

• EU policy now allows biomethane to offset tailpipe emissions post-2035, supporting biofuels as a key enabler for clean mobility.

• Vast untapped feedstocks and EUR 27bn in private investments are projected for biomethane capacity by 2030.

Competitive positioning and technology

• Bio-CNG offers 1,000 km range and 8-minute refuelling, outperforming electric and hydrogen for HGVs in cost and scalability.

• Holds 65% share of UK gas-powered HGVs, with rapid growth in 6x2 CNG truck adoption.

Business model and financials

• Operates a clean fuel infrastructure platform with two profit streams: biomethane sourcing/aggregation and retailing to customers.

• CNG Fuels is cash generative, with FY2025 revenues of £134m and EBITDA of £6.7m, expected to reach £10-12m in FY2026.

• Over 175 major customers and ~2,200 vehicles use the infrastructure, saving >222,000 tonnes of GHG emissions annually.