Refuels N.V. — Earnings Release 2024

Feb 29, 2024

ReFuels third quarter 2024: Extending market leadership with increased Bio-CNG station coverage and scale effects

ReFuels third quarter 2024: Extending market leadership with increased Bio-CNG station coverage and scale effects

29 February 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 third quarter of 2024.

Key events in the period:

12,582 tonnes of Bio-CNG dispensed in the quarter, up 54% compared to the

same period last year and a 65% increase from 2022 to 2023

Nearly 1,000 trucks confirmed for delivery in 2024 and introduction of

larger CNG trucks (6x2) unlocks the preferred vehicle class of UK fleets

4% of the ~22,000 new +32 tonnes trucks expected in 2024 is estimated to be

CNG vehicles captive to ReFuels' network

Five highly attractive sites next in line to be developed with an average

capacity of 25,000 tonnes per year, taking the capacity to more than 13,000

vehicles per day and 440,000 tonnes Bio-CNG per year including the current two

stations in-build

Progress in securing long-term station development funding and is

considering various financing alternatives, which may include a restructuring

of station ownership with ReFuels assuming full control of the CNG Foresight

portfolio

"The mass adoption of Bio-CNG is driven by fuel cost savings and fleet owners'

net-zero ambitions. In addition, we see a strong network effect as we expand

our station coverage to make it even easier to switch from diesel. ReFuels is

solidifying its market leadership where our first-mover advantage in CNG

stations provides a multi-year lead which we are extending with our ongoing

station roll-out, securing of new sites and ability to scale operations. We

are well positioned to execute on our growth strategy and create long-term

value from station operations with upside potential from a normalisation of

the renewable transport certificates market," said Philip Fjeld, CEO and

co-founder of ReFuels.

ReFuels will present its third 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/Ekdw3xXtVN (https://forms.office.com/e/Ekdw3xXtVN)

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-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 2024-02-29 07:00 CET.

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 2024-02-29 07:00 CET.