Refuels N.V. — Investor Presentation 2025

Nov 29, 2024

Q2 and first half of 2025

For the period July to October 2024

29 November 2024

Disclaimer

THIS DOCUMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FRO M THE UNITED STATES OF AMERICA, ITS TERRITORIES OR POSSESSIONS, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR TO ANY RESIDENT THEREOF, OR AN Y JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. THIS DOCUMENT IS NOT AN OFFER OR AN INVITATION TO BUY OR SELL SECURITIES

This presentation (the "Company Presentation") has been prepared by ReFuels N.V. (the "Company", and together with its consolidated subsidiaries, the "Group").

This Company Presentation has been prepared for information purposes only, and does not constitute or form part of, and should not be construed as, any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction, and neither the issue of the information nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity. This Company Presentation does not purport to contain all of the information that may be required to evaluate any investment in the Company or any of its securities and should not be relied upon to form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This presentation is intended to present background information on the Company, its business and the industry in which it operates and is not intended to provide complete disclosure upon which an investment decision could be made.

This Company Presentation is furnished by the Company, and it is expressly noted that no representation or warranty, express or implied, as to the accuracy or completeness of any information included herein is given by the Company. The contents of this Company Presentation are not to be construed as financial, legal, business, investment, tax or other professional advice. Each recipient should consult with its own professional advisors for any such matter and advice. General ly, any investment in the Company should be considered as a high-risk investment.

This Company Presentation is current as of the date of presentation. Neither the delivery of this Company Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. This Company Presentation may contain forward-looking statements relating to the business, financial performance and results of the Company and/or the industr y in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the word s "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any forward-looking statements contained in this Company Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. The Company provides no assurance that the assumptions underlying such forward-looking statements are free from errors and does not accept any responsibility for the future accuracy of the opinions expressed in this Company Presentation or the actual occurrence of the forecasted developments.

-

-

Decarbonising Europe's truck fleet

An integrated supplier of alternative fuels with a growing network of refuelling stations, supported by a blue-chip customer base

Offering biomethane (Bio-CNG), the fast-track option for net-zero trucks with up to 90% lower emissions and reduced costs 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

refuelling stations across the UK

14 >155k >1,825

vehicles using CNG '

GHG emissions saved (tonnes)¹

100% Bio-CNG station

availability

1 For the 12-month period ending 31 March 2024

4

A typical Bio-CNG station

Fuel dispensers

Gas inlet

Bio-CNG compressor

8 minutes to fill a tank with 400+ miles (650 km) range

5

High pressure storage

80 trucks per hour in capacity

Key highlights

• Steady demand growth with dispensed Bio-CNG volumes up 20% YoY
• Annualised EBITDA for station portfolio¹ of GBP 7m in Q2; expected to increase to GBP >12m on delivery of existing customer orders
• Improved RTFC margins; sustainable aviation fuel (SAF) expected to support certificate prices longer term
• Construction of the 16th grid-connected station started and 4 high-capacity sites ready for development
• Biomethane offtake agreement to meet long-term demand growth
• Term sheet signed with funds managed by Foresight Group for simplified structure

Certificates (RTFC) awarded and sold²

Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025

²Historical numbers are restated as RTFCs are now recognised when delivered against sell contracts

6

¹CNG Foresight Limited represents an associate investment whereby the ReFuels Group exerts significant influence, but does not control or consolidates the financial results. Under the framework investment agreement between CNG Fuels (100% subsidiary of ReFuels) and CNG Foresight, the ReFuels group will start to share in the distribution of profits of the CNG Foresight Group as explained in the information document dated 12 May 2023

Record dispensed volumes as more truck owners switch from diesel to renewable biomethane

Monthly and daily dispensed volumes (tonnes)

13,777 tonnes of Bio-CNG in dispensed volume in Q2 2025, up 20% YoY

57,214 tonnes

dispensed volume annualized run-rate¹ per October 2024

9,500 heavy goods vehicles (HGVs) daily station network refuelling capacity

~370,000 tonnes

of annual biomethane dispensing capacity

Roll-out of new stations at major trucking routes

Doncaster, Northcentral England 19m

Livingston, Scotland

Capacity

1

12-month waiting list of more than 100 fleets to demo Scania 6x2 demonstration vehicles

Long-term biomethane offtake agreement

• Long-term commercial partnership with Green2x, a developer of large-scale biomethane and green fuels
• Biomethane production based on compressed straws and advanced fermentation processes, developing plant at Vordingborg, Denmark
• Largest offtake agreement to date, in line with strategy to ensure sufficient biomethane supply to meet longterm demand growth

Simplifying structure for further growth

• ReFuels and funds under management of the Foresight Group have signed a term-sheet which aims to simplify the ownership structure of the CNG station network by replacing the priority return arrangement h ' h
• Working capital loans and interest owed to Foresight will be converted into CNG Fuels shares as part of the transaction
• Th h h CNG ' b sheet, consolidate cashflows from both stations and biomethane up into one entity and provide flexibility to access additional pools of capital to finance end-2026 target of 30-40 stations in operation and in-build
• ReFuels aims to conclude the transaction before calendar year-end 2024

Newark Bellshill Castleford

Aylesford

Avonmouth Warrington Newton

Crewe¹

Doncaster

Bangor Northampton Corby

In-build Livingston

12 ¹ CNG Fuels owns one operational station (Crewe)

ReFuels generates and sells renewable transport fuel certificates in a robust market-based scheme

Annual obligation on UK suppliers to supply biofuels (as % of total)

¹ Renewable Transport Fuels Services (RTFS) is 79.2 % owned by ReFuels

14

Demand for biofuel feedstocks in Europe outpacing supply and driving certificate prices higher

Source: EnergyCensus per 15 November 2024

Note: 1.9 RTFCs per kg biomethane from a crop feedstock, 3.8 RTFCs per kg biomethane from waste feedstock, 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.

Sustainable Aviation Fuel (SAF) mandates ready to take off in the UK and EU from next year

Not enough waste-oil feedstocks to supply both biodiesel for road transport and SAF for aviation

UCO volumes (Mt)

"The forthcoming SAF mandate and any future specific support for maritime fuels will create additional competition for feedstocks and fuels"

"It is now important we consider whether the current trajectory is appropriate and how it should be reflected beyond 2032 to achieve effective GHG emissions savings in subsequent carbon budgets"

Illustrative annual gross profit for RTFCs at different prices¹

GBP million

Large upside potential from higher RTFC prices

• Overall, a modest increase in RTFC prices will create significant incremental value
• B h h b ' ' h h h underlying RTFC price, as well as those recognised through trading are currently improving and ReFuels expects the market to re-balance further into 2025
• RTFC prices have recently approached the historical average of ~25 pence

18p

• Improving RTFC prices and biomethane market fundamentals have enabled the business to commence sourcing and hedging activities for the 2025 calendar year to lock in profitable RTFC margins

-

Biomethane margins recovering

• Historical gross profit margins of RTFCs sold over the cost of biomethane purchased have had margins well in excess of 30%
• Due to dislocations in the biodiesel markets, margins weakened during 2022 and 2023, but are now recovering with a combination of falling biomethane cost and improving RTFC pricing fundamentals
• 72 million RTFCs generated and sold in Q2 at a volume-weighted price of 20 pence/RTFC
• Gross profit margin of 18.9% in Q2 and and 27.5% in October, up from 2.7% in Q2 last year
• Based on negotiations for new supply contracts the business expects that the margins for both long-term and spot purchases of biomethane will continue to recover towards historical levels

Biomethane gross profit margins

Scalable economics as truck fleet grows

• Station portfolio EBITDA of GBP 1.75 million in Q2 2025, up from GBP 1 million same period last year
• Truck growth has been slow due principally to slow deliveries of existing orders, as well as the anticipation of the larger 6x2 vehicles becoming available for purchase.
• EBITDA was held steady at the previous quarters level due to some substantial planned maintenance works in advance of the busy Q3 period
• Annualised EBITDA run-rate across the station portfolio of GBP 7 million in Q2
• Existing confirmed truck orders will drive monthly contribution from stations to EBITDA to a run-rate of more than GBP 1 million

¹ Adjusted EBITDA removes intercompany service agreement fees and trailer financing costs which has Foresight spreads over the station network as the trailers are owned by the CNG Foresight JV. These costs are not indicative of the station performance.

S EB TDA j (GBP '000)¹

Note that all figures pertaining to station profitability of the CNG Foresight Group² are unaudited management account numbers for the April 23 to September 24 period

² CNG Foresight Limited represents an associate investment whereby ReFuels exerts significant influence, but does not control or consolidates the financial results. Under the framework investment agreement between CNG Fuels (ReFuels subsidiary) and CNG Foresight, ReFuels will start to share in the distribution of profits of the CNG Foresight Group as explained in the information document dated 12 May 2023.

Financial highlights

• Revenues of GBP 35.8 million in Q2 2025, vs. GBP 27 million same period last year, primarily driven by natural gas, station management fee income and RTFC sales
• 1H revenues of GBP 63.5 million compared to GBP 46.1 million 1H last year
• Gross profit of GBP 2.9 million in the quarter, driven mainly by an improvement in RTFCs and higher dispensed volumes compared to previous quarters
• R&D costs decreased further in the second quarter of 2025, almost halving from the first quarter
• Overhead costs per kilo dispensed was 25 pence in the quarter compared to 37 pence in Q2 2024. Overhead costs per kilo are expected to continue to decline as volumes increase over time

(Figures in GBP million)	Q2 2025		Q2 2024 1H 2025	1H 2024
Revenue	35.8	27.0	63.5	46.1
Gross profit	2.9	2.8	5.9	1.7
EBITDA	(0.4)	(2.0)	(1.9)	(6.7)
EBITDA1 Adjusted	0.01	(3.7)	(1.3)	(4.3)
Profit/(loss) before taxes	(8.2)	(2.1)	(13.9)	(7.1)
Cash flow from operating activities	(1.9)	0.1	1.3	(6.2)
Cash flow from investment activities	(0.6)	0.4	(0.5)	9.8
Cash flow from financing activities	1.7	(0.3)	3.3	3.4
Net cash flow	(0.8)	0.2	4.1	7.0
Available cash	8.3	6.5	8.3	6.5
Total assets	180.3	166.8	180.3	166.8
Equity	97.4	122.8	97.4	122.8
Equity ratio	54%	74%	54%	74%

¹ Adjusted for a) equity settled share-based payment expense, b) fair value remeasurement, c) EPC timing

Financial position

• Total assets of GBP 180.3 million versus GBP 166.8 million at the end of the comparable period last year
• GBP 84.5 million was goodwill and GBP 10.5 million were customer/brand related intangible assets, which were decreased in the prior quarter based on the independent valuation for company audits
• Increase in trade and other receivables primarily driven by related party transactions with CNG Foresight of GBP 18.2 million
• Equity of GBP 97.4 million and equity ratio of 54%
• Borrowings largely reflect loans to related parties, being funds managed by the Foresight Group.

Balance sheet at end Q2 2025 GBP million

Cash flow development

• Net cash flow used in operating activities was GBP 1.9 million in the second quarter and net cash flow used from investment activities was GBP 0.6 million in the period
• Cashflow from operations was largely affected by a larger proportional increase in trade receivables over trade payables
• Net cash flow received from financing activities was GBP 1.7 million which was primarily due to a drawdown of GBP 2 million on the working capital loan during the quarter, which is now fully drawn at GBP 10 million
• The net decrease in cash and cash equivalents was GBP 0.8 million in the quarter, and the group held GBP 8.3 million in cash and cash equivalents at the end of the quarter

Cash flow Q2 2025 GBP million

Cash at	Cash from	Cash from	Cash from	Cash at
30.06.2024	operations	investing	financing	30.09.2024

-

S

Summary and outlook

Steady demand growth Value upside from certificates Increasing station EBITDA

For further information please visit refuels.com

Appendix

Statement of profit and loss

(Figures in GBP 1000)	Notes	02	02	1H	1H	FY
		2025	2024	2025	2024	2024
Revenue	1	35,832	27,002	63,468	46.063	108,208
Gross profit		2,946	2.753	5,885	1,650	2,319
Gain on disposal of subsidiaries				100		1,200
Administrative expenses		(2,963)	(4,808)	(6.945)	(8,393)	(16,318)
Operating profit (EBIT)		(17)	(2,056)	(961)	(6,743)	(12,799)
Share based payments		(320)	(471)	(793)	(579)	(1,855)
Other gains and losses		(21)	499	(110)	583	278
EBITDA	2	(358)	(2,028)	(1,864)	(6,739)	(14,376)
Adjusted EBITDA		12	(3,705)	(1,279)	(4,285)	(14,717)
Amortisation and depreciation		(486)	(384)	(976)	(୧୦୫)	(1,589)
Finance revenue
Finance costs		(7,394)	326	(11.097)	278	(5,419)
Profit/loss before tax		(8,239)	(2,086)	(13,937)	(7,070)	(21,384)
Income tax expense		(168)	(73)	(243)	(194)	410
Profit/loss for the period	3	(8,407)	(2,159)	(14.180)	(7,264)	(20,974)

Statement of financial position

(Figures in GBP 1000)	Notes	30.09.2024	30.09.2023	31.03.2024
Assets
Goodwill	5	84,539	84.539	84,539
Intangible assets	5	10,501	11,273	10,887
Property, plant and equipment		5,315	2,831	3,556
Investments	5	31,223	31,223	31,223
Deferred tax asset		29		29
Non-current assets		131,608	129,867	130,235
Inventories		581	1,145	1,762
Trade and other receivables	6	39,388	29,254	27,517
Cash and cash equivalents		8,321	6,546	4.326
Derivative financial instruments				38
Current tax assets		408		367
Current assets		48,698	36,944	34,010
Trade and other payables	7	48,101	34,717	33,179
Current tax liabilities		352	1,737	37
Borrowings	8	28,349	2,260	13,432
Lease liabilities		909	441	985
Derivative financial instruments	9	786	371	714
Current liabilities		78,497	39,527	48,347
Net current assets		(29,799)	(2,583)	(14,337)
Lease liabilities		1,518	1,225	1,436
Deferred tax liabilities	10	2,709	2,908	2,809
Long-term provisions		154	367	797
Non-current liabilities		4,382	4,500	5,042
Net assets		97,428	122,784	110,856
Equity
Share capital of Refuels		529	529	529
Share premium of Refuels	11	113,339	113,268 578	113,339
Share-based payment reserve Treasury shares		2,650 (133)	(133)	1,855 (133)
Non-controlling interest		16,421	16,745	16,650
Retained deficit - owners of parent		(35,380)	(8,204)	(21,385)
Total equity		97,428	122,784	110,856

Cash flow development

(Figures in GBP 1000)	02 2025	02 2024	1H 2025	1H 2024	FY 2024
Cash flow from operations
Profit/(Loss) after income taxes	(8,410)		(2,414) (14,183)		(7,519) (20,975)
Adjustments for:
Taxation charged	168	73	243	194	(410)
Investment income	(26)	(440)	(29)	(441)	(11)
Depreciation	293	191	590	301	896
Amortisation	193	193	386	308	694
Share based payment expenses	320	471	793	579	1,855
Other gains & losses	21	(499)	10	(583)	(1,478)
Impairment losses					152
Finance cost	7,421	114	11.127	163	5,430
Profit or loss on disposal of investments			(100)		(1,200)
Taxation receipts/ (payments)	(36)	(476)	(36)	(515)	(2,071)
Changes in working capital:
Inventories movement	211	(515)	1,181	(648)	(1,266)
Change in other current receivables	(5,032)	(3,351)	(12,981)	20,151	21,841
Change in trade payables	3,055	6,915	14,925	(17,531)	(18,253)
Change in other current liabilities and provisions	(102)	(124)	(646)	(609)	(176)
Net cash used in operations	(1,924)	139	1,278	(6,151)	(14,972)
Cash flow from investment activities
Business acquisitions				9,360	9,360
Business disposals (net cash disposed)			100		1,200
Proceeds on sale of tangible assets			(605)	(47)
Payments for tangible assets	(598)	(31)			(152)
Interest received	26	440	29	441	11
Net cash flow from investment activities	(572)	408	(475)	9753	10,418
Cash flow from financing activities
Proceeds from issue of equity		25		4,029	4,100
Purchase of treasury shares				(133)	(133)
Proceeds from borrowings	2,000		4,000		6,000
Repayment of borrowings	(50)	(44)	(97)	(107)	(168)
Repayment of lease liabilities	(247)	(236)	(544)	(367)	(769)
Interest paid - lease liabilities	(50)	(25)	(80)	(42)	(8)
Interest paid - borrowings	(3)	(4)	(6)	(5)	(99)
Net cash flow from financing activities	1,651	(285)	3,273	3,376	8,922
Net change in cash and cash equivalents	(845)	262	4,076	6,978	4,368
FX on translation OCI	40	(428)	(81)	(467)	(77)
Cash and cash equivalents at the beginning of the period	9,127	6,711	4,326	35	35
Cash and cash equivalents at the end of the period	8,321	6,546	8,321	6,546	4,326

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

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

Government decarbonization mandate Bio-CNG emissions benefits (gCO²

• 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

/ km)

Clear cost advantage for customers driving CNG truck demand

Historical annual fuel cost savings of GBP 15k+ compared to diesel Historical vehicle upfront capex premium of GBP 20k to 25k, with OEM pricing becoming more competitive over time Customers have achieved payback periods of 1-2 years in the past, with high project IRRs over a 5+ year operating period GBP 15k annual savings GBP20k-25k upfront CAPEX premium 1-2 years payback period

Fuel and AdBlue¹ savings greatly outweigh capex and maintenance premiums related to CNG Customer pay-back period estimated to 1-2 years

Historical fuel cost savings² compared to diesel

Fuel cost savings last 5 years has on average been ~30%

Source: Company information Notes: 1) AdBlue is a non-toxic diesel exhaust fluid used to treat exhausts on diesel engines to reduce harmful emissions 2) Percentage average fuel cost saving of running a typical Bio-CNG vs diesel HGV

Strong outlook backed by confirmed order book of trucks and additional unconfirmed orders

Total estimated market 51,000 - 89,000 Gas truck penetration could reach 17- 30% of the HGV >18t GVW¹ segment by 2030, resulting in up to 89,000 natural gas-powered HGVs in the UK² Estimated future orders is based on existing customer base, not including potential new customers going forward Given current expectations, there is a need for up to 170 CNG refueling stations Current fleet and confirmed order book only accounting for a fraction of the expected total market in 2030 Estimated future orders Additional order expectations by existing customers with expected delivery in 2025 and 2026 Total market Total estimated market in 2030 Order book Confirmed order book with expected delivery within 12-18 months Current network >1,825 CNG HGVs Estimated future orders ~2,500 Order book ~860

¹ GVW = Gross Vehicle Weight

² Assuming annual absolute growth towards 2030, number of HGVs in 2030 expected to reach ~303,000

Sources: Company information, Element Energy, European Commission

Underlying market with blue-chip customers

Licensed HGVs >18t in the UK ('000)

23 23 22 22 21 20 21 ^{103 108 112 115 117 118 124 78 81 82 83 84 82 85} 2015 2016 2017 2018 2019 2020 2021^{1 204 212 217 220 221 220 230}

4x2 trucks 6x2 trucks Rigid

Penetration of 4x2² articulated HGV market

Confirmed order book yields clear pathway to >2,500 trucks

A typical replacement cycle of ~7 years indicates higher penetration going forward as diesel trucks are phased out

Blue-chip customer base

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

Source: Department of Transport, UK

Total addressable market of ~145,000 trucks, with a total HGV fleet of ~230,000 trucks

Notes: 1) Figures after 2021 are not available through the Department of Transport 2) 4x2 articulated HGV market defined as UK' total number of 2-axle (4x2) articulated tractor units 3) In addition, the truck fleet comprises 38 6x2 trucks and 172 rigid trucks

All the largest truck manufacturers are offering CNG-fuelled trucks

More trucks will drive EBITDA contribution

EBITDA contribution for current station network¹

¹ CNG Foresight Limited represents an associate investment whereby the ReFuels Group exerts significant influence but does not control or consolidate the financial results. Under the framework investment agreement between CNG Fuels (100% subsidiary of ReFuels) and CNG Foresight, the ReFuels group will start to share in the distribution of profits of the CNG

ReFuels is a vertically integrated supplier of Bio-CNG

Resilient customer adaption during uncertainty

Per truck considerations

Avg 32,000 Volume per truck / annum GBP 5,150 Gross profit per truck / annum Stable consumption – 6x2 will drive up average truck volume GBP 0.26 Compression margin per kg GBP 39,200 Lifetime earnings (1m kms) 4x2 Fleet 6x2 Fleet Avg 45,000 Volume per truck / annum GBP 7,250 Gross profit per truck / annum GBP 50,250 Lifetime earnings (1m kms) 243,900 kgs Lifetime volume 312,500 kgs Lifetime volume GBP 0.26 Compression margin per kg ~31,600 ~31,600 ~31,300 ~31,200 Jul '23 - Sep '23 Oct '23 - Dec '23 Jan '24 - Mar '24 Apr '24 - Jun '24 Average dispensed volume per truck (annualized, kg)

~7 years to transition a trucking fleet to CNG trucks

Sample customers Illustrative replacement cycle for a fleet

Confirmed station pipeline with clear visibility to reach 30-40 stations

43

Our proprietary mobile refuelling stations bring fleets on board before a nearby station is opened

Mobile refuelling stations (MRS) designed to dispense Bio-CNG ' :

• A cost-effective mobile solution until a CNG Fuels station opens in the area
• The 9 MRSs in operation can be commissioned within hours and relocated effortlessly
• Looking to complete 2 more MRSs before end of March 2025
• Each unit can refuel ~100 trucks per day; currently 500 HGVs/day are fuelled through our MRUs

MRS typically deployed to sites with planned stations

When the connected station opens in Magna Park in 2025, it will be loaded with those vehicles ensuring a rapid payback time

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

Solidifying market leadership and increasing barriers to entry as station coverage expands

Network effect

An expanded network increases range and makes CNG more accessible, unlocking truck orders

Economies of scale

Lower prices for biomethane and electricity when volumes increases

Operational leverage

+15-20% employees to serve 30-40 stations and higher utilisation will amplifiy profitability

Experienced team with incentives highly aligned with shareholders

Philip Fjeld – CEO, Board of Directors

• 22 years of experience in the gas industry
• Founded FLEX LNG in 2006, listed the company and raised over USD 600 million in equity

Baden Gowrie-Smith – CFO, Board of Directors

• Investment advisor with UBS for six years managing AUSD 750 million 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

Mike Scott – Operations and Construction Director

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

Michael Kuhn – Group Finance Director

• ' x management, with specific expertise in renewables and media at Investec Private Bank, Grant Thornton and Ingenious Asset Management

Jason Shepherd – Land Director

• More than 10 years in UK Real Estate having started his career at Deloitte
• Worked in front-end Land Acquisition and Planning elements of Real Estate, for retailers and mixed-used developers across the UK.

Alanna Flett – General Counsel

• Over 10 years' PQE as a solicitor qualified in Scotland, and has spent the past eight years working in the clean energy sector in both the UK and internationally

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

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 z ' ' ' 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 h P'

Fuels site

Overview of the Heavy Goods Vehicle fleet

Truck types Introduction of 6x2 trucks set to impact fleet uptake

Licensed HGVs >18t in the UK ('000)

«The new IVECO S-WAY 6x2 CNG is a real game changer (..) Interest from customers is already strong, indicating that this product will be in high demand.»

Jack Sims, Director at South West Truck & Van, the largest CNG truck dealership in the UK

Station capacity and steady state

New stations aligned with local demand to ensure quick ramp-up and EBITDA contribution

• 4 attractive higher-capacity station locations expected to be ready for construction in 2024
• These station locations are expected to unlock significant future orders from existing customers that are looking to decarbonise their long-haul truck fleets
• As an example, Tesco, the largest UK food retailer with more than 3,700 stores, currently has more than 600 diesel trucks across the 4 locations, including ReFuels' existing Bio-CNG station in Avonmouth
• The four stations, in addition to the two currently inbuild, will increase ReFuels' total capacity to more than 13,000 HGVs and 440,000 tonnes Bio-CNG per year

New stations Illustrative new station economics

Years in operation

Key investment highlights

Biomethane is the fast-track option for net-zero trucks	Heavy goods vehicles account for 1% of UK road transport, but 18% of sector GHG emissions1 • Through renewable biomethane (Bio-CNG), emissions can be reduced by more than 90%2 •
Leading position and roll-out plan supported by blue-chip clients	Market leader today and target of 30-40 stations in operation in the UK towards end-2026 • Customers with supportive biomethane ambitions, including Amazon, DHL and Royal Mail •
Highly attractive and scalable economics	CAPEX of GBP ~6-7m per station, implying a payback of ~5 years for current stations at steady-state • Expecting higher EBITDA contribution from future stations due to increased capacity and scale effects •
End-to-end control unlocking value from certificates	Fully integrated across the value chain, including sourcing and trading of biomethane • Additional revenue stream from market-based certificates •
Green station infrastructure for a low carbon multi-fuel future	Longer-term target of 100 stations in the UK and to expansion into other European markets • Network of stations is adaptable to hydrogen and electricity •

ReFuels h UK' alternative fuels to commercial vehicles, supplying 100% renewable biomethane to heavy goods vehicles from our rapidly growing network of Bio-CNG stations.

ReFuels N.V. Evert van de Beekstraat 1-104, The Base B 1118 CL Amsterdam refuels.com