ReFuels (REFL) Investor update summary

Operational highlights and market context

• Operating 16 public access stations in the UK, with three more under construction, expanding the network to 19 stations and a growing fleet of mobile refueling stations.

• Refueling approximately 2,250 trucks daily, saving customers over GBP 65 million in fuel costs and more than 250,000 tons of GHG emissions in 2025.

• Bio-CNG adoption is accelerating, with nearly 200 customers and strong growth in the 6x2 truck segment.

• Political and industry support is shifting toward a multi-fuel approach, increasing the role of Bio-CNG in UK transport policy.

• Three new stations in strategic locations (Magor, Swindon, Carlisle) are under construction to meet customer demand.

Financial performance and guidance

• Adjusted EBITDA for Q1 2027 more than tripled to GBP 4.9 million, with full-year guidance reiterated at GBP 16 million-GBP 20 million.

• Revenue rose 62% year-on-year to GBP 47.9 million, driven by higher volumes, gas prices, and certificate sales.

• Gross profit increased 74% to GBP 9.4 million, with RTFS contributing 58% and station business 42%.

• RTFC margins reached 29.3%, at the upper end of historical averages, supported by forward sales contracts and stable realised certificate prices around 26 pence per certificate.

• Cash balance increased to GBP 15.6 million, with GBP 4 million invested in new stations and GBP 2.8 million net inflow from financing.

Growth outlook and strategic priorities

• Over 900 HGV deliveries expected in the next 12-18 months, with visibility for more than 8,000 HGVs in operation by 2030 based on customer adoption plans.

• 6x2 truck adoption is expected to drive future growth, with 20%-25% of new deliveries likely to be 6x2s.

• Network expansion is key to enabling customer fleet transitions to CNG, with plans for at least six more stations in the next two years.

• Operating leverage is expected to improve, with the ability to double or triple volumes with only a 20%-30% increase in overhead.

• Main bottleneck to growth is expanding refueling infrastructure, which is largely within management’s control.