ReFuels (REFL) Q2 2025 (Q&A) earnings summary

Executive summary

• Achieved 20% year-over-year growth in Bio-CNG volumes, dispensing 13,777 tonnes in Q2 2025, with an annualized run-rate of 57,214 tonnes as of October 2024 and a network of 14 operational UK stations, targeting 30-40 by end-2026.

• Q2 2025 revenue reached GBP 35.8 million, up 33% year-over-year; H1 2025 revenue was GBP 63.5 million, up 38%.

• Gross margin improved to 19% in Q2 2025 and 27.5% in October, up from 2.7% a year earlier, driven by higher RTFC prices and lower biomethane costs.

• Largest biomethane offtake agreement to date signed with Green2x, securing long-term supply for future growth.

• Construction started on 16th grid-connected station in Livingston, Scotland, with four more high-capacity sites ready for development.

Financial highlights

• Q2 2025 gross profit was GBP 2.9 million, with H1 2025 gross profit at GBP 5.9 million, up from GBP 1.7 million year-over-year.

• Adjusted EBITDA broke even for the first time since listing, with Q2 2025 EBITDA at negative GBP 0.4 million, improved from negative GBP 2.0 million in Q2 2024.

• Station portfolio generated GBP 1.75 million in Q2 2025, up 75% year-over-year, with an annualized EBITDA run-rate of GBP 7 million.

• Overhead costs per kilo dispensed fell to GBP 0.25 in Q2 2025 from GBP 0.37 in Q2 2024.

• Cash at period end was GBP 8.3 million; equity at quarter-end was GBP 97.4 million, with an equity ratio of 54%.

Outlook and guidance

• Over 860 Bio-CNG trucks on order for delivery in the next 12 months, expected to lift EBITDA run-rate above GBP 12 million.

• Margins for both long-term and spot biomethane purchases are expected to recover toward historical levels as RTFC prices improve.

• Targeting 30-40 stations in operation or in-build by end-2026, with ambitions to expand into Europe.

• Anticipates higher EBITDA contribution from future stations due to increased capacity and scale effects.

• Exploring upstream investments to secure long-term, low-cost biomethane supply.