ReFuels (REFL) Q3 2026 earnings summary

Executive summary

• Achieved strong Q3 2026 financial performance, with revenue up 23% year-over-year and EBITDA rising to £5.6m from £0.2m in Q3 2025, driven by mass biomethane adoption and network expansion.

• Year-to-date EBITDA reached £9.7m, up ~10x from the prior year, and full-year 2026 EBITDA guidance was raised to £13–15m.

• Dispensed biomethane volumes increased 13% year-over-year, with over 82 million RTFCs generated and sold in Q3 2026.

• Market leadership in the UK for biomethane supply to truck fleets, with ambitions for European expansion.

• Helped customers save over GBP 50 million in fuel costs and reduce greenhouse gas emissions by more than 220,000 tons in the last 12 months.

Financial highlights

• Q3 2026 revenue: £46.5m (+23% YoY); EBITDA: £5.6m (up from £0.2m YoY); gross profit: £10.0m (+72% YoY); profit after tax: £0.5m (vs. loss of £9.4m YoY).

• YTD 2026 revenue: £111.9m; EBITDA: £9.7m (up ~10x YoY); gross profit: £23.1m.

• Gross profit split: 33% from station business, 66% from RTFS; RTFS contributed £5.8m EBITDA in Q3 2026.

• Gross profit margin on RTFC sales reached 31.1%, the highest in three years.

• Available cash at period end was £10.8m; equity ratio 32%; property, plant, and equipment: £105m.

Outlook and guidance

• Full-year 2026 EBITDA guidance raised to £13–15m (previously £10–12m), driven by scalable platform and favorable market conditions.

• Dispensed biomethane volumes expected to grow 15–20% in FY 2027.

• Plan to double refuelling capacity to 20,000 HGVs per day by end-2028, with at least nine new stations and more mobile units.

• Long-term target of >£100m annualized EBITDA by 2030, with progress tracking well.

• Continued improvement in biofuel market fundamentals and certificate pricing anticipated.