ReFuels first quarter 2025: Strong growth in Bio-CNG volumes and promising market development

Key events in the period:

• 13,582 tonnes of renewable biomethane (Bio-CNG) dispensed in the quarter, up 30% compared to the same period last year
• Annualised EBITDA run-rate across the station portfolio of GBP 6.9m in Q1; expected to be GBP >12m by end of financial year
• Increased value from Renewable Transport Fuel Certificates (RTFCs) driven by falling biomethane cost and improving RTFC pricing fundamentals
• New flagship customer which plans to increase its fleet with hundreds of CNG trucks over the coming years
• More than 100 6x2 trucks ordered from Iveco and long waiting lists for Scania demonstrations
• Opened Southeast England’s first station and commenced construction of station between Edinburgh and Glasgow
• Four attractive sites ready to be developed, increasing capacity to 13,000 vehicles and 440,000 tonnes Bio-CNG per year
• Agreement reached with funds managed by the Foresight Group to simplify the group’s ownership of station infrastructure and biomethane supply activities

"Local and national-wide fleet owners are moving towards mass-adoption of CNG trucks due to lower cost and CO2 emissions compared to diesel. In addition, there is a strong network effect of ReFuels’ roll-out of refuelling infrastructure near key logistics hubs, last with the opening of Aylesford in Southeast England and construction of Livingston in Scotland. Interest for the new and larger 6x2 trucks, representing the largest heavy goods vehicles segment in the UK, has been tremendous with more than 100 units ordered from Iveco and long waiting lists for trials of Scania’s 6x2 model. Further, we have progressed our discussions with Foresight to simplify the ownership structure of the station network and expect to conclude these discussions before year-end." said Philip Fjeld, CEO and co-founder of ReFuels.

ReFuels will present its first quarter 2025 results during a webcast at 10:00 CEST 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/eqx1sA7Zl6TrfxJn

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: [email protected]

Baden Gowrie-Smith, MD & CFO, Refuels N.V.
Tel.:+44 7768 007 009
E-mail: [email protected]

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./).