ReFuels (REFL) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 was GBP 35.8m, up 33% year-over-year, driven by higher Bio-CNG volumes and RTFC sales; first half revenue reached GBP 63.5m, up 38%.

• Dispensed Bio-CNG volumes rose 20% year-over-year to 13,777 tonnes in Q2 2025, with over 1,800 trucks using the network daily.

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

• Confirmed order book and blue-chip customer base support expansion to 30-40 stations by end-2026.

• Annualised EBITDA run-rate across the station portfolio at GBP 7m, expected to reach GBP 12m with delivery of existing customer orders.

Financial highlights

• Q2 2025 revenue: GBP 35.8m (Q2 2024: GBP 27.0m); 1H 2025 revenue: GBP 63.5m (1H 2024: GBP 46.1m).

• Q2 2025 gross profit: GBP 2.9m; gross margin improved to 18.9% in Q2 and 27.5% in October.

• Adjusted EBITDA turned positive, reaching GBP 2.9m in Q2 2025; annualised station EBITDA run-rate at GBP 7m.

• Cash and cash equivalents at period end were GBP 8.3m.

• Equity ratio at 54%, with equity of GBP 97.5m.

Outlook and guidance

• Targeting 30-40 operational and in-build stations in the UK by end-2026, with long-term ambition to expand into Europe.

• Over 860 Bio-CNG trucks on order expected to arrive in the next 12 months, supporting EBITDA run-rate above GBP 12m.

• Biomethane and RTFC margins expected to continue recovering towards historical 25-30%+ levels.

• Ongoing simplification of ownership structure with Foresight Group to consolidate cashflows and strengthen balance sheet.

• New stations typically reach steady state by year five, but cash flow positive within months of opening.