Refuels N.V. — Earnings Release 2023

Jul 27, 2023

ReFuels releases its annual accounts and pro forma figures 2023 for the fiscal year ending on 31 March 2023

27 July 2023 - ReFuels N.V. (3cker: REFL) ("ReFuels"), one of Europe's leading suppliers of renewable biomethane (Bio-CNG) for the decarbonisa3on of heavy goods vehicles, today releases its audited accounts for the financial year ending 31 March 2023, covering the period from incorpora3on on 28 June 2022 to 31 March 2023 (the "Financial Statements").

The Financial Statements are standalone accounts for ReFuels only, as the ReFuels Group, comprising CNG Fuels Ltd and Renewable Transport Fuel Services Limited, was formed subsequent to 31 March 2023, shortly prior to the lis3ng of ReFuels on Euronext Growth Oslo.

The Financial Statements are published ahead of submission for the approval by the shareholders of ReFuels at the upcoming Annual General Mee3ng of Shareholders which is scheduled to take place on 30th August 2023 (the "AGM"). ReFuels will publish the convoca3on and related documents for its AGM in due course.

Today Refuels has also released a pro forma consolida3on for informa3on purposes only, upda3ng the prior released numbers on 20th June 2023, for the 12 months ending 31 March 2023 which has been prepared using audited numbers for ReFuels as well as audited numbers for each of the consolidated en33es within the ReFuels group of companies.

Note: Financial results for CNG Foresight Limited, the Bio-CNG sta3on owning joint venture with Foresight Group, are not consolidated into the ReFuels Group.

Highlights:

• Revenues increased to GBP 127.12 million from GBP 83.84 million
• Gross profits increased to GBP 17.38 million from GBP 10.7 million
• EBITDA when adjusted for 1) share-based payments, 2) transac3on costs for the public lis3ng and group consolida3on, and 3) the removal of fair value adjustments for group transac3ons, rose from GBP 2.56 million to GBP 6.2 million, an increase of 142%
• 29,489 tonnes of biomethane dispensed for 12 months ending 31 March 2023 vs 18,837 tonnes for 12 months ending 31 March 2022
• The company generated and sold 112.058 million RTFCs for 12 months ending 31 March 2023, at a volume-weighted price of 33.2 pence/RTFC. This compares to genera3ng and selling 72.740 million RTFCs for 12 months ending 31 March 2022, at a volume-weighted price of 27.4 pence
• ReFuels operated 10 public access sta3ons in March 2023 vs 8 sta3ons opera3onal in March 2022
• For the three months ending March 2023, a monthly average of 1,250 vehicles refuelled at ReFuels' Bio-CNG sta3ons, compared to 730 vehicles for the three months ending March 2022
• Our customers saved more than 120,000 tonnes of GHG emissions during FY 2023 vs more than 80,000 tonnes in FY 2022, compared to opera3ng typical diesel trucks
• Sta3on pipeline for future development increased from less than 30 ac3ve inves3ga3ons to more than 100 being considered and under nego3a3on
• Infrastructure funding from leading infra investor Foresight Group increased by GBP 20 million to 100 million

Update on the Current Business and Biofuels Market

• ReFuels expects its annual growth rate in terms of dispensed volume for FY 2024 to equal or surpass what was achieved in FY 2023
• In the first six calendar months of 2023, European biofuel markets experienced abnormal disloca3ons caused by the supply of waste feedstocks and waste-based biodiesel from China.
• These excess supplies have depressed the value of waste-based biodiesel in Europe and consequently Renewable Transport Fuel Cer3ficate (RTFC) prices for the past two quarters, with prices now showing signs of recovery.
• The company does not sell all RTFCs generated in the spot market, as it has a hedging strategy that enables RTFCs to be sold up to a year ahead.
• Approximately a third of the RTFCs that are expected to be generated for the financial year 2024 were sold last year when prices were higher.
• The company expects a gradual improvement in the biofuel market fundamentals in Europe going forward, resul3ng in RTFC prices returning to historical levels.
• Media reports that approximately 50% of biodiesel produc3on capacity in Europe is closed due to nega3ve margins, with further closures expected in the months ahead, unless prices recover.
• EU-wide inves3ga3ons into the sustainability characteris3cs of the excess supply of biofuel feedstocks and biodiesel from China are ongoing, with a range of possible outcomes expected to be announced later this year.
• ReFuels' rapidly growing fleet customer base and volume dispensed puts the business in a uniquely strong posi3on to benefit from structural trends in biofuel adop3on and is well placed as one of the largest buyers of biomethane for transport in Europe.

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

For further informa3on, please contact:

Philip Fjeld, CEO ReFuels N.V.

Tel: +44 7976 159 833

E-mail: Philip.Fjeld@refuels.com

About ReFuels

ReFuels is decarbonising Europe's truck fleet by developing, owning, and opera3ng green refuelling sta3on infrastructure. We are rolling out a network of reliable and convenient sta3ons offering renewable biomethane fuel to heavy goods vehicles, with hydrogen and fast charging to be added.

By the end-2025 the target is to have 30-40 sta3ons across the UK, while the long-term ambi3on is to become Europe's leading integrated supplier of alterna3ve fuels for commercial fleets. For further informa3on please visit refuels.com.