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

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./).