Refuels N.V. — Earnings Release 2024

Aug 31, 2023

ReFuels first quarter 2024: Continued high growth and expanding station network

ReFuels first quarter 2024: Continued high growth and expanding station network

31 August 2023: 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 first quarter 2024.

Key events in the period:

* 10,430 tonnes of renewable Bio-CNG dispensed across CNG Fuels' operating

stations from April to June, corresponding to a year-over-year growth of 74%

* 1,367 heavy goods vehicles (HGVs) used the stations measured as a

three-month rolling average, compared to 809 vehicles for the three-month

period ending June 2022, a 69% increase.

* 128 unique customer fleets actively refuelling across the network at the end

of June 2023 versus 76 at the end of June 2022

* 39.635 million Renewable Transport Fuel Certificates (RTFCs) were generated,

a 74% annual increase reflecting 100% of the gas sold being approved as

renewable Bio-CNG; RTFC prices affected by dislocations caused by increased

biodiesel and feedstock supply from China impacted profitability

* Opening of the 11th and 12th Bio-CNG refuelling stations in June and July,

increasing the group's refuelling capacity for high mileage HGVs to over

6,000 vehicles per day

* Creating a vertically integrated supplier of Bio-CNG through the acquisition

of a majority stake in the biomethane sourcing and supply business Renewable

Transport Fuel Service (RTFS)

* Acquisition of CNG Fuels' operated refuelling station in Newark through the

CNG Foresight joint venture

* Successful private placement of NOK 53.2 million followed by a listing on

Euronext Growth Oslo in May 2023

"This has been a transformational quarter for ReFuels. After the acquisition

of Renewable Transport Fuel Service (RTFS) in April 2023, we are one of

Europe's largest vertically integrated suppliers of 100% renewable biomethane,

unlocking value throughout the value chain including from certificates.

Further, we have opened our 11th Bio-CNG refuelling station, reinforcing our

market-leading position in the UK and making it even easier for operators of

heavy goods vehicles to transition to a low-carbon future. In May, ReFuels

listed on Euronext Growth Oslo to strengthen the platform for financing our

roll-out plan of 30-40 stations by end-2026," said Philip Fjeld, CEO and

co-founder of ReFuels.

ReFuels will present its first quarter 2024 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://forms.office.com/e/dtkQY4ytN9h (https://forms.office.com/e/dtkQY4ytN9)

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 19 no. 3. The information was submitted for publication

at 2023-08-31 07:00 CEST.