Refuels N.V. — Investor Presentation 2023

Aug 31, 2023

Q1 2024 presentation

For the period of April'23 – June'23

31 August 2023

Disclaimer

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Decarbonising Europe's truck fleet

• An integrated supplier of alternative fuels with a growing network of refueling stations, supported by a blue-chip customer base
• Offering biomethane (Bio-CNG), the fast-track option for net-zero trucks with 90% lower emissions compared to diesel
• Targeting 30-40 stations in the UK by end-2026, longer-term ambition to expand into other European markets
• Stations can be adapted to a low-carbon multi-fuel future with hydrogen and electricity in addition to biomethane
• Headquartered in Amsterdam, listed on Euronext Growth Oslo (ticker REFL)

refuelling stations across the UK 12 >120k

1360

vehicles using CNG Fuels' infrastructure

GHG emissions saved (tonnes) 1

100%

bio-CNG station availability

1. For the 12-month period ending 30th June 2023

A typical Bio-CNG station

Creating a vertically integrated supplier of bio-CNG

Business update

Q1 2024

Key events

Merger unlocking value from certificates

• Continued high growth 10,430 tonnes of renewable biomethane (Bio-CNG) dispensed across CNG Fuels' operating stations
  • Year-over-year growth of 74%
• Expanding station network Opening of 11th station, increasing capacity for high mileage HGVs to 6,000
  • Acquisition of Newark station through the CNG Foresight joint venture
  • Merger with the biomethane sourcing and supply business Renewable Transport Fuel Service (RTFS)
  • Successful private placement and listing on Euronext Growth Oslo in May 2023

Transformational acquisition of RTFS

Acquisition of a majority stake in the biomethane sourcing and supply business Renewable Transport Fuel Service (RTFS)

Vertically integrated value-chain by providing the group with unique access to biomethane through the UK pipeline grid

End-to-end control unlocking value from certificates

Euronext listing to support ReFuels' long term strategy

• Listed on Euronext Growth Oslo under the ticker (REFL) following a successful equity issue of NOK 53.195 million
• Access to a wider investor base and platform to finance the long -term growth strategy
• Market capitalisation of NOK 1,849 million at the end of June 2023
• ReFuels management and board of directors holds ~67% of the shares

Strong growth in dispensed volumes driven by new stations and increased customer adoption

• 10,430 tonnes of Bio-CNG dispensed in Q1 2024, up from 5,993 tonnes1
• 11 operating stations in Q1, compared to 8 stations1

• 1,360 vehicles used CNG Fuels' stations (3 months rolling average) compared to 809 vehicles1

Monthly dispensed volume (kg). Source: CNG Fuels

Opened two new stations in June and July

Newton Aycliffe (Northeast England) Corby (East Midlands of England)

fuel pump islands

million kg of Bio-CNG annually in total capacity

12

fuel pump islands

25

million kg of Bio-CNG annually in total capacity

More than 300% growth1 in medium and long-term station pipeline

Substanital selection of sites in late-stage development

Robust market-based certificate system

Renewable Transport Fuel Certificates (RTFC) generation and trading process in the UK

RTFC price (GBPp) and RTFO obligation level

Source: Element Energy, Department for Transport

Note: 1.9 RTFCs per kg biomethane from a crop feedstock, 3.8 RTFCs per kg biomethane from waste feedstock, 1.75 RTFCs per kg of biopropane. RTFCs are awarded at the duty point, which can be at the point of sale or at the point that fuel is designated for transport use. Qualifying feedstock as observed in 2020 (Renewable Fuel Statistics 2020; Fifth Provisional Report)

14

Prices of certificates affected by record volumes of biodiesel from China to Europe

• During the first half of 2023, a record volume of biodiesel and biodiesel feedstocks were imported from China to Europe. The oversupply caused the price of biodiesel and RTFCs to decline to a three-year low and resulted in the halting of more than 2/3 of European biodiesel production
• On 17 August 2023, the European Commission announced an investigation into fraudulent trading activity that caused the large increase in imports.
• Recent market reports indicate that the investigation has had an impact on product flows to Europe, and has caused a signficant reduction in the flow of biodiesel from Asia to Europe
• Approximately a third of the RTFCs that ReFuels expects to be generated for the financial year 2024 were sold last year when prices were higher

Financial update

Q1 2024

Financial highlights

• Revenue was GBP 17.1 million in the shortened first reporting quarter of 20241
• The gross profit and EBITDA was affected by low RTFC prices, timing effects related to EPC margins on stations nearing completion in May and June, transaction costs, incentive based payroll expenses and R&D costs
• ReFuels raised EUR 4.6 million (NOK 53.2 million) ahead of the Euronext Growth Oslo listing in May
• A process has commenced to secure additional station development funding beyond the GBP 100 million facility provided by Foresight, to facilitate the station target of 30-40 stations by the end of 2026

Key financials

(Figures in GBP million)	Q1 2024
Revenue	17.1
Gross profit	(2.1)
EBITDA	(5.9)
Adjusted EBITDA1	(4.6)
Profit/loss before taxes	(10.2)
Cash flow from investment activities	9.4
Cash flow from financing activities	3.6
Net cash flow	6.7
Available cash	6.7
Total assets	201
Equity	129
Equity ratio	0.64

1. Adjusted for equity settled share-based payment expense and one-off transaction costs

Normalization adjustments to EBITDA

Financial position

Balance sheet GBP million

Cash flow development GBP million

Market and outlook

Q1 2024

Shift to CNG implies a need for ~170 stations by 2030 in the UK

Source: Company information, Element Energy, European Commission. ¹ based on confirmed order book 2 Assuming same annual absolute growth of gas HGVs larger than 18t in the UK towards 2030, number of HGVs in 2030 expected to reach ~303,000

Bio-CNG again offers solid economics for fleet owners compared to diesel

Source: CNG Fuels

22

Sustainable Aviation Fuel (SAF) set to drive demand for biodiesel

EU targets for share of SAF in jet fuel Output from 1000 kg waste-based Used Cooking Oil (UCO) feedstock

More than 1 million tonnes of SAF is expected to be required across the EU in 20251

¹ International Air Transport Association (IATA) Source: European Commission/ReFuelEU Aviation

Cash payback for new stations of ~5 years

CAPEX for new stations Illustrative P&L build-up at steady state

P&L basis excl. RTFCs. Assuming GBP ~5.3m p.a. (flow-through to COGS) in wholesale gas revenues and a compression margin of GBP ~4.3m per station (currently 25p/kg and adjusted upwards quarterly with inflation), and COGS of GBP ~5.3m p.a. per station for wholesale gas (flows through from sales) and electricity cost, shipping cost and fixed gas cost of GBP ~1.2m p.a.. Station OPEX GBP ~0.4m p.a. and group overhead per station basis of GBP ~0.15 p.a.

Ambition to become Europe's leading integrated supplier of alternative fuels for commercial fleets

Q1

CNG Fuels' infrastructure is ready for a multi-fuel future

Summary and outlook

Continued high growth Expanding station network Supportive biofuel

market dynamics

For further information please visit refuels.com

Appendix

Q1 2024

Heavy goods vehicles are a large contributor to the growing global emissions problem

Source: CNG Fuels, Our World in Data, Element Energy Notes: Greenhouse gas emissions extrapolated from 2018

Renewable biomethane is a fast-track solution to decarbonise long haul trucking

• The UK has committed to a legally binding target of net-zero emissions by 2050
• Transport was the largest greenhouse gas emitting sector in the UK in 2020, responsible for almost a quarter of emissions
• HGVs are the hardest road vehicles to decarbonise due to their long driving range, high pay load and low production volume
• Using biomethane to decarbonise HGVs has strong policy support through the Renewable Transport Fuel Obligation (RTFO) policy and reduced fuel duty

Government decarbonization mandate Bio-CNG emissions benefits (gCO2 / km)

Clear cost advantages for customers

• Historical annual fuel cost savings of £15k+ compared to an equivalent diesel vehicle
• Typical vehicle upfront CAPEX premium of £20k to 25k, with OEM pricing becoming more competitive over time
• Futures prices for natural gas vs diesel indicate continued strong economics going forward
• Fuel and AdBlue savings greatly outweigh CAPEX and maintenance premiums related to bio-CNG
• Customer pay-back period estimated to 1-2 years

Illustrative Total Cost of Ownership (TCO) over a 5-year period

All the largest truck manufacturers are offering CNG-fueled trucks

Blue-chip customer base supporting roll-out of new stations across the UK

Sample customers Amazon CNG HGV roll-out Amazon fleet at CNG

• CNG Fuels introduced Amazon's first 4 'pilot' CNG-fuelled vehicles in early 2021
• Amazon run these vehicles with Amazon Freight Partners (AFP), smaller haulage companies that take between 1-10 vehicles to run on behalf of Amazon
• Amazon have now taken delivery of close to 200 vehicles in the UK and have introduced them to multiple AFP's

Fuels site

Experienced team with incentives to succeed

Philip Fjeld – CEO, Board of Directors

• 20 years of experience in the gas industry
• Founded FLEX LNG in 2006, listed the company & raised over \$600m in equity

Baden Gowrie-Smith – CFO, Board of Directors

• Investment advisor with UBS for six years managing A\$750m in assets
• Experience at board level across several industries

Jasper Nillesen – Board of Directors

• Managing Director and co-founder of RTFS
• Seven years in strategy consulting and six years working for the energy trading platform Powerhouse in various roles

Peter Eaton – Sales & Business Development Director

• Seven years experience at Halewood International
• Various positions from sales, to marketing, to brand management and business development

Luke Preston – Operations Director

• Worked in a number of transport and logistic roles, including engineering and retail management roles at Scania
• Former Fleet Manager at John Lewis Partnership

Mike Scott – Construction Director

• 22 years experience within the civil engineering and construction industry
• More than 4 years at William Pye Ltd