Refuels N.V. — Investor Presentation 2025

Sep 6, 2024

First quarter 2025

For the period April to June 2024

6 September 2024

Disclaimer

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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.

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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 >1740

vehicles using CNG s' f s

GHG emissions saved (tonnes)¹

100%

Bio-CNG station availability

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

Strong underlying growth with dispensed Bio-CNG volumes up 30% year-on-year

Annualised EBITDA for station portfolio¹ of GBP 6.9m in Q1; expected to be GBP >12m by end March 2025

Increased value generated from Renewable Transport Fuel Certificates (RTFCs)

Construction of 16th grid-connected station started in August; 4 attractive and higher-capacity stations next in line

More than 100 6x2 Iveco trucks ordered and long waiting lists for Scania 6x2 customer trials

Term sheet signed with funds managed by Foresight Group for simplified structure

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

Mass adoption driven by customers' net-zero ambitions, cost advantages and network effect

13,582 tonnes of Bio-CNG in dispensed volume in Q1 2025, up 30% y-o-y

54,243 tonnes

dispensed volume annualized run-rate¹ per June

9,500 heavy goods vehicles (HGVs) can refuel at our station network daily

~370,000 tonnes

of annual biomethane dispensing capacity

Mobile Refuelling Stations (MRS)

enabling customers to accelerate Bio-CNG adoption and drive future volumes for the grid connected stations

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

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

• 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

Roll-out of new stations at major trucking routes

Recently opened

Bangor, North Wales

Aylesford, Southeast England

Under construction

Doncaster, Northcentral England

19

Livingston, Scotland

20

11

Capacity

1

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

5 highly attractive sites next in line to be built

• 5 attractive higher-capacity station locations expected to be ready for construction within 2024, with 1 already inbuild
• The company expects the unlevered Internal Rate of Return (IRR)¹ of these 5 new stations to be in the range of 25-45%
• 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 these 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

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 Foresight Group as explained in the information document dated 12 May 2023

Simplifying structure and return profile

ReFuels and funds managed by the Foresight Group have signed a non-binding term sheet, simplifying ownership structure of the CNG station network

• The agreement aims to replace the priority return arrangement and Foresight's station-level holdings
• Working capital loans and interest owed to Foresight will be converted into CNG Fuels shares as part of the transaction
• The changes will strengthen CNG Fuels' balance sheet and consolidate cashflows from stations and biomethane into one entity
• This consolidation provides flexibility to access additional capital to meet the target of 30-40 stations in operation or in-build by the end of 2026
• ReFuels aims to finalize the transaction before the end of 2024, with further updates to be announced in due course

Newark Bellshill Castleford

Aylesford

Crewe¹

Knowsley Leyland Erdington

Bangor Northampton Corby

In-build Livingston

Doncaster

Withdrawn from the HyHAUL project CNG stations are well-placed to serve a

• ReFuels has decided to withdraw from the Hydrogen Aggregated UK Logistics (HyHAUL) project as of August 2024
• ReFuels' subsidiary, CNG Fuels, was a first-phase consortium partner in the HyHAUL project
• Recent estimates on the Total Cost of Ownership (TCO) indicate that hydrogen fuel cell trucks will not be competitive in the mid-term

Refuels is positioned to support a multi-fuel future, but will midterm focus on the most feasible technology to decarbonise the trucking industry, which is biomethane (Bio-CNG)

future hydrogen market using three common distribution pathways:

Brage Krogsrud (Sep 5th, 2024 @ 17:27): Use another photo

Station portfolio profitability driven by volume growth

• Station portfolio EBITDA of GBP 1.73 million in Q1 2025 compares to 764k in Q1 2024, corresponds to 125% growth in EBITDA over the year
• EBITDA growth rate in Q1 slowed compared to prior quarters due to a temporary fall in demand from a large fleet customer undergoing some internal restructuring but is expected to return and will provide a boost to earnings accompanied by increasing trucks arriving on the road from other customers
• Annualised EBITDA run-rate across the station portfolio of GBP 6.9m in Q1
• Confirmed truck orders over the next 12 months should increase run-rate to more than GBP 1 million before the end of the financial year ending 31 March 2025 (Q4 2025)

Station portfolio monthly EBITDA adjusted¹

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

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.

18 2. CNG 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

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 the dislocations in the biodiesel markets, these margins weakened for four of the six last quarters, but are now recovering with a combination of falling biomethane cost and improving RTFC pricing fundamentals
• 34.4 million RTFCs generated and sold in Q1 at a volumeweighted price of 17.8 pence/RTFC, corresponding to a positive margin
• 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
• Due to rapidly growing volumes, an improvement in margins from current levels can drive substantial earnings potential for the Group

Financial highlights

• Consolidated revenue was GBP 27.6 million for the first quarter of the 2025 financial year and GBP 19.1 million for the comparative quarter ending 30 June 2023, although this was a shortened period
• The Group achieved a gross profit contribution of GBP 2.9m in the quarter, compared with a loss of GBP 1.1m in the prior shortened comparative period. Gross profit was primarily driven by higher volumes, RTFC prices and station management fees
• Adjusted EBITDA loss decreased to GBP 1.3m for the quarter versus GBP 1.7m for the prior period and GBP 14.7m for the prior financial year
• Overhead costs per kilo has improved significantly over h f g f / g ' / g h recent comparable quarter. This demonstrates the economies of scale benefits from growing volumes.

(Figures in GBP million)	Q1 2025	Q1 2024	FY 2024
Revenue	27.6	19.1	108.2
Gross profit	2.9	(1.1)	2.3
EBITDA	(1.5)	(4.7)	(14.4)
EBITDA1 Adjusted	(1.3)	(1.7)	(14.7)
Profit/(loss) before taxes	(5.7)	(5.0)	(21.4)
Cash flow from operating activities	3.2	(6.3)	(15.0)
Cash flow from investment activities	0.1	9.3	10.4
Net cash flow	4.9	6.7	4.4
Available cash	9.1	6.7	4.3
Total assets	176.2	163.4	164.2
Equity	105.4	125.1	110.9
Equity ratio	60 %	77 %	67 %

Adjusted for a) equity settled share-based payment expense, b) fair value remeasurement, c) EPC timing, d) RTFC timing (adjusting from the invoice to accrual basis)

Normalisation adjustments to EBITDA

Financial position

• On 30 June 2024, total assets were GBP 176.2 million of which GBP 84.5 million was goodwill and GBP 10.7 million were customer/brand related intangible assets
• Independent valuation work on the intangible assets identified at acquisition has been completed and resulted in a decrease in the fair value of the intangible assets in the current and prior periods
• Trade and other receivables has increased in the period; primarily driven by related party transactions with CNG Foresight as a normal part of the principle and agent relationship where CNG Fuels operates the stations and manages customer payments. Of the total balance of GBP 34.7 million in trade receivables, GBP 22.6 million are related party transactions
• Borrowings in current assets are largely made up of loans from related parties to CNG Fuels Limited. CNG Fuels and funds managed by Foresight Group have agreed terms to convert these loans into shares in CNG s' sh s s f h s

Cash flow development

• Net cash flow generated by operating activities was GBP 3.2 million in the first quarter while net cash flow generated from investment activities was GBP 0.1 million in the period
• Operating cashflow was largely due to trade creditors increasing and trade receivables decreasing during the period
• Net cash flow generated from financing activities was GBP 1.6 million which was primarily due to a drawdown of GBP 2 million on the working capital loan during the quarter

Cash flow Q1 2025 GBP million

Cash at	Cash from	Cash from	Cash from	Cash at
31.03.2024	operations	investing	financing	30.06.2024

4

Brage Krogsrud (Sep 5th, 2024 @ 17:27): Use another photo

Underlying market with blue-chip customers

Licensed HGVs >18t in the UK (' )

4x2 trucks 6x2 trucks Rigid

1,760 2,670 910 21,000 HGV market

Penetration of 4x2² articulated

Blue-chip customer base

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

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

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

Source: Department of Transport, UK

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

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

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)

More than 100 Iveco 6x2 CNG trucks ordered and long waiting lists for trials of Scania 6x2

4x2 trucks currently represent 14% of the total articulated trucks in the UK

Major truck suppliers are ramping up production of 6x2 CNG trucks, a 6x larger market

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 >1,760 CNG HGVs Estimated future orders ~2,500 Order book ~910

Sources: Company information, Element Energy, European Commission

¹ GVW = Gross Vehicle Weight

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

Signs of improving fundamentals for RTFC prices

RTFC prices are primarily influenced by the price spread between fossil diesel and waste-based biodiesel (UCOME)

Most RTFCs are currently traded in the spot market, ReFuels is optimistic about the impact the many regulatory measures and rising biodiesel demand will have on RTFC prices

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,

30 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)

5 mm

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

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

Q1

Summary and Outlook

For further information please visit refuels.com

Appendix

Q1 2025

Brage Krogsrud (Sep 5th, 2024 @ 17:27): Use another photo

Statement of profit and loss

Summary of result
(Figures in GBP 1000)	Q1 2025	Q1 2024	FY 2024
Revenue	27,636.2		19,061.0 108,208.2
Gross profit	2,938.6	(1,102.3)	2,319.0
Gain on disposal of subsidiaries	100.0	-	1,200.2
Administrative expenses	(3,982.3)		(3,585.0) (16,317.9)
Operating profit (EBIT)	(943.8)		(4,687.3) (12,798.7)
Share based payments	(472.8)		(108.7) (1,855.1)
Other gains and losses	(88.8)	84.6	278.2
EBITDA	(1,505.4)		(4,711.4) (14,375.7)
Adjusted EBITDA1	(1,291.1)		(1,716.0) (14,717.1)
Amortisation and depreciation	(489.9)		(224.9) (1,589.5)
Finance revenue	-	-	-
Finance costs	(3,703.0)		(47.9) (5,418.8)
Profit/loss before tax	(5,698.3)		(4,984.2) (21,384.0)
Income tax expense	(74.6)	(121.3)	409.8
Profit/loss for the period	(5,772.9)		(5,105.6) (20,974.2)

Statement of financial position

(Figures in GBP 1000)	Notes	30.06.2024	31.03.2024
Assets
Goodwill	5	84,539.1	84,539.1
Intangible assets	5	10,694.1	10,887.2
Property, plant and equipment		3,698.5	3,556.2
Investments	5	31,020.1	31,223.3
Deferred tax asset		29.1	29.1
Non-current assets		129,981.0	130,234.9
Inventories		1,961.5	1,761.9
Trade and other receivables	6	34,741.8	27,517.1
Cash and cash equivalents		9,126.5	4,326.2
Derivative financial instruments		-	37.5
Current tax assets		367.3	367.3
Current assets		46,197.1	34,010.0
Trade and other payables	7	45,238.4	33,179.0
Current tax liabilities		179.5	37.1
Borrowings	8	19,025.1	13,431.7
Lease liabilities		965.3	985.5
Derivative financial instruments	9	765.1	713.7
Current liabilities		66,173.5	48,347.1
Net current assets		(19,976.3)	(14,337.0)
Lease liabilities		1,555.0	1,436.3
Deferred tax liabilities	10	2,759.1	2,808.9
Long-term provisions		255.9	796.8
Non-current liabilities		4,570.0	5,042.0
Net assets		105,434.7	110,855.9
Equity
Share capital of Refuels		529.3	529.3
Share premium of Refuels	11	113,338.7	113,338.7
Share-based payment reserve		2,327.9	1,855.1
Treasury shares		(132.6)	(132.6)
Non-controlling interest		16,605.0	16,650.3
f – s f		(27,233.7)	(21,385.0)
Total equity		105,434.7	110,855.9

Cash flow development

(Figures in GBP 1000)	Q1 2025	Q1 2024
Cash flow from operations
Profit/(Loss) after income taxes	(5,772.9) (5,105.6)
Adjustments for:
Taxation charged	74.6	121.3
Investment income	(3.1)	(1.1)
Depreciation	296.9	110.1
Amortisation	193.0	114.8
Share based payment expenses	472.8	108.7
Other gains & losses	(11.2)	(84.6)
Impairment losses	-	-
Finance cost	3,706.1	49.0
Profit or loss on disposal of investments	(100.0)	-
Taxation receipts/ (payments)	-	(38.8)
Changes in working capital:
Inventories movement	969.6	(133.4)
Change in other current receivables	(7,948.7) 23,501.6
Change in trade payables		11,869.6 (24,446.7)
Change in other current liabilities and provisions	(544.1)	(485.2)
Net cash used in operations	3,202.7	(6,289.8)
Cash flow from investment activities
Business acquisitions	-	9,359.6
Business disposals (net cash disposed)	100.0	-
Proceeds on sale of tangible assets	-	-
Payments for tangible assets	(6.2)	(15.8)
Interest received	3.1	1.1
Net cash flow from investment activities	96.9	9,344.9
Cash flow from financing activities
Proceeds from issue of equity	-	4,004.5
Purchase of treasury shares	-	(132.6)
Proceeds from borrowings	2,000.0	-
Repayment of borrowings	(47.7)	(62.2)
Repayment of lease liabilities	(297.0)	(130.5)
I s – s b s	(2.8)	(1.8)
I s – b gs	(30.7)	(16.8)
Net cash flow from financing activities	1,621.9	3,660.6
Net change in cash and cash equivalents	4,921.5	6,715.7
FX on translation OCI	(121.1)	(39.8)
Cash and cash equivalents at the beginning of the period	4,326.2	35.5
Cash and cash equivalents at the end of the period	9,126.5	6,711.4

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)

All the largest truck manufacturers are offering CNG-fuelled trucks

Fuel cost savings of switching to Bio-CNG, but also resilient customer adaption during uncertainty

~7 years to transition a trucking fleet to CNG trucks

Sample customers Illustrative replacement cycle for a fleet

ReFuels is a vertically integrated supplier of Bio-CNG

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

• s' x f s s j f ss 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