ReFuels (REFL) Q4 2026 earnings summary

Executive summary

• FY 2026 EBITDA more than doubled year-over-year to GBP 14.2 million, driven by strong biomethane volumes, improved margins, and accelerating Bio-CNG adoption.

• Revenue for FY 2026 was GBP 154.1 million, up 15% from FY 2025, with gross profit rising to GBP 33.3 million.

• Major customer agreements, including a comprehensive deal with M&S for over 300 CNG trucks and mobile refueling stations, validate CNG at scale.

• Operational expansion includes construction of new stations and plans to double refueling capacity by 2028, targeting service for ~20,000 HGVs daily.

• Market leadership in the UK with over 50% share of biomethane supply to trucks and ambitions to expand in Europe.

Financial highlights

• Q4 2026 revenue was GBP 42.2 million, stable year-over-year; Q4 gross profit improved to GBP 10.2 million.

• Q4 EBITDA was GBP 4.5 million, with RTFS contributing GBP 4.25 million and CNG stations GBP 0.25 million.

• 63.4 million RTFCs sold in Q4 at an average price of 25.8p, above the market rate.

• Profit after tax improved to a loss of GBP 1.2 million from a loss of GBP 26.7 million in FY 2025.

• End-period cash balance was GBP 10.7 million; equity ratio stood at 32%.

Outlook and guidance

• FY 2027 adjusted EBITDA guidance is GBP 16–20 million, supported by forward RTFC sales, growing volumes, and attractive certificate margins.

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

• At least nine new high-capacity stations planned over the next three years, aiming for 20,000 HGV capacity by 2028.

• Targeting 8,000 trucks on the road by 2030, aiming for EBITDA of around GBP 100 million.

• Investigating uplisting to Euronext Oslo Børs in 2H 2026 to improve share liquidity and investor access.