ReFuels (REFL) Q2 2026 earnings summary

Executive summary

• Operates the UK's largest biomethane refueling network, supplying over 50% of biomethane for trucks and serving more than 2,100 trucks with 165+ customers, with record Bio-CNG volumes dispensed and 16% year-over-year volume growth driven by truck adoption and network expansion.

• EBITDA up 190% quarter-on-quarter and over 300% year-over-year, with Q2 2026 EBITDA reaching GBP 2.9 million and full-year guidance raised to GBP 10–12 million.

• Multi-year fixed-price Bio-CNG contract signed, providing price certainty and stable cash flows for customers.

• Secured a GBP 25 million debt facility to fund construction of three new high-capacity stations, supporting expansion plans.

• Considering uplisting or dual-listing on a major exchange in 2026 to enhance liquidity and access to capital markets.

Financial highlights

• Revenue increased 20% year-over-year, with H1 2026 revenue at GBP 65.3 million and Q2 2026 revenue at GBP 35.7 million.

• Gross profit margin on RTFCs sold was 29.7% in the quarter, with gross profit rising to GBP 7.7 million year-over-year.

• RTFC business contributed GBP 3.5 million in the quarter, while the station business posted a GBP 650,000 loss but is expected to reach break-even as new vehicle deliveries ramp up.

• Overhead per kilo dispensed reduced from GBP 0.26 to GBP 0.21 year-over-year, reflecting operational efficiencies.

• GBP 12.5 million cash on hand at period end, with total assets of GBP 226.7 million and equity ratio at 35%.

Outlook and guidance

• Full-year 2026 EBITDA guidance raised to GBP 10–12 million, up from GBP 8–10 million, due to strong volume growth and favorable market conditions.

• Targeting >100 million GBP annualized EBITDA by 2030, with plans to double refueling capacity to 20,000 HGVs per day by 2028 and build at least nine new high-capacity stations.

• Continued month-on-month volume growth expected, with further profitability anticipated as more stations come online.

• Uplisting or dual listing planned for 2026 to enhance investor access and share liquidity.