ReFuels second quarter and first half 2025: Steady demand growth and increased value generated from renewable transport fuel certificates

29 Nov 2024 07:00 CET

29 November 2024: ReFuels N.V. (ticker: REFL) ("ReFuels"), one of Europe's
leading suppliers of renewable biomethane (Bio-CNG) for the decarbonisation of
heavy goods vehicles, today releases its interim report and presentation for
the second quarter and first half of 2025.

Key events in the period:

* 13,777 tonnes of renewable biomethane (Bio-CNG) dispensed in Q2 2025, up 20%
compared to the same period last year
* Annualised EBITDA run-rate across the station portfolio of GBP 7m in the
quarter; expected to increase to GBP >12m on delivery of existing customer
orders
* Improved margins driven by lower biomethane costs and higher Renewable
Transport Fuel Certificates (RTFC) prices
* Demand for feedstocks to biodiesel and Sustainable Aviation Fuel (SAF)
expected to support certificate prices longer term
* Commenced construction of 16th grid-connected station; four high-capacity
sites ready for development
* Largest biomethane offtake agreement to date signed to meet long-term demand
growth
* Term sheet signed with funds managed by Foresight Group to simplify the
group's ownership of station infrastructure and biomethane supply activities

"We see increased volumes of renewable biomethane from ReFuels' UK-wide
station network fueling as more operators of heavy goods vehicles adopt the
ready-to-use solution to decarbonising logistics. The prices for renewable
transport fuel certificates, RTFCs, which mainly reflects the price spread
between diesel and biodiesel, are also increasing as European demand for
biofuel feedstocks outpaces supply. We expect the market to further strengthen
with new rules for sustainable aviation fuel in Europe from 2025 driving
competition for feedstock currently used in biodiesel production," said Philip
Fjeld, CEO and co-founder of ReFuels.

ReFuels will present its second quarter and first half of 2025 results during
a webcast at 10:00 CET today. The presentation will be held by CEO Philip
Fjeld and CFO Baden Gowrie-Smith. Please join the webcast via the following
link: https://my.demio.com/ref/TOWFL0rj1IFR0jvT

A recorded version of the presentation will also be available after the
webcast is concluded.

To receive ReFuels' stock exchange and press releases via email, subscribe at
refuels.com/investors.

For further information, please contact:
Philip Fjeld, CEO ReFuels N.V.
Tel: +44 7976 159 833
E-mail: Philip.Fjeld@refuels.com

Baden Gowrie-Smith, MD & CFO, Refuels N.V.
Tel.:+44 7768 007 009
E-mail: baden.gowrie-smith@refuels.com

About ReFuels
ReFuels is decarbonising Europe's truck fleet by developing, owning, and
operating green station infrastructure. We are rolling out a network of
reliable and convenient stations offering renewable biomethane fuels to heavy
goods vehicles, with hydrogen and electricity to be added. By the end of 2026,
the target is to have 30-40 stations across the UK, while the long-term
ambition is to become Europe's leading integrated supplier of alternative
fuels for commercial fleets. For further information please visit
www.refuels.com (http://www.refuels.com./).

This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication at
2024-11-29 07:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

633467_ReFuel Q2 2025 Report.pdf
633467_ReFuels Q2 2025 Presentation.pdf