Q4 2025 presentation

For the period January-March 2025

30 May 2025

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

40% ownership of CNG Fuels, a clean fuel infrastructure platform with a growing network of refuelling stations, supported by a blue-chip customer base

Supplying biomethane, a fast-track option for net-zero trucks with ~90% lower emissions and reduced fuel costs compared to diesel

Market leader in the UK with long-term ambition to expand in other European markets

Active across the biomethane supply chain, including unlocking material value from Renewable Fuel Transport Certificates (RTFCs)

refuelling stations across the UK

vehicles using CNG s' f s

GHG emissions saved (tonnes)¹

170

customers

A typical Bio-CNG station

Fuel dispensers

Gas inlet

Bio-CNG compressor

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

80 trucks per hour in capacity

High pressure storage

Highlights

First quarter of profit since the listing of ReFuels
Dispensed volumes of biomethane (Bio-CNG) up 15% quarter-over-quarter and 20% year-over-year
Currently serving more than 2,000 CNG trucks, representing close to 10% of the UK 4x2 truck fleet
First Scania 6x2 CNG trucks confirmed for customer delivery in the coming months, unlocking a 6x larger market
Biomethane sourcing for calendar year 2025 complete, increasing visibility of healthy certificate earnings for H2 2025 at higher margins
Opened 16th station in Scotland in May, increasing capacity to 10,500 HGVs
Completed transaction in April with Foresight: CNG Fuels fully equity-funded to double capacity to 20,000 HGVs by end-2028

New simplified structure from April

1 In addition to shareholder loan instruments of GBP 150.15 million from CNG Fuels carrying 10% coupon p.a.

2 In addition to shareholder loan instruments of GBP 15.95 million from CNG Fuels carrying 10% coupon p.a.

³ Subject to terms negotiated with the relevant customers which may vary, CNG Fuels seeks to ensure there is full pass through of gas price without risk for CNG Fuels

A leading Bio-CNG infrastructure platform

Mass adoption fuelling higher volumes

Current fleet of >2,000 HGVs...

…s g steady volume growth (tonnes)

Biomethane – a clean fuel available at scale

25-40% lower cost

vs. diesel and HVO¹

80-90% lower GHG emissions vs. diesel

Locally produced and circular energy source

HVO under scrutiny for palm oil use Vast untapped feedstock for CNG in Europe¹

First 6x2 CNG trucks confirmed for delivery

Successful demonstration trials

>15 Scania trucks to be delivered to customers in the coming months

Newly released Iveco 6x2 model with strong customer interest

Expecting 6x2 segment to follow the 4x2 market penetration adoption rate

6x2 trucks significantly increases the addressable market

~0.06% CNG s' s s

~10% CNG s' customers

21,000 4x2 trucks¹

124,000 6x2 trucks¹

Doubling capacity to meet future demand

Refuelling capacity roll-out plan HGV/day 6 16 >25 10¹ 2 ~30 Numb f CNG Fu s' s s d m b fu g s s

Plan to build >9 high-capacity stations next three years complemented by a fleet of additional mobile refuelling stations (MRS)

Fully-funded by cash flow from operations and planned debt facility

>100 early-stage developments and opportunities supporting additional roll-outs depending on demand and certificate prices Opportunities

Roll-out of new stations at major trucking routes

Livingston, Scotland 20m

Magor, South Wales

26m

¹ Million kg of Bio-CNG annually in total capacity ² For next 4 stations

Station capex GBP ~8m

Internal rate of return² 25-30%

Payback ~5 years

Capacity

Mobile refuelling stations accelerating adoption

I s f CNG s' proprietary mobile refuelling stations (MRS)

A cost-effective and flexible solution until a CNG Fuels station opens in the area

Unlocking truck orders and may in some cases be stationed as long-term solution

MRS currently deployed + 1 in-build ~30

MRS targeted by end-2028

~3,000

truck capacity per day by end-2028

Introducing dual-pressure as standard on all future MRS

Increased capacity in preparation for 6x2 truck roll-out

Potential to retrofit existing MRS

Rising feedstock costs driving certificates higher

Locking in biomethane for H2 at high margins

Continued increase in certificate prices with 23 pence per RTFC in Q4, up 44% from 16 pence in Q4 2024.
Margins recognised continue to trend towards historical average, enabling sourcing with healthy returns
73 million RTFCs sold in Q4 included those carried forward from Q3¹
2025 fully sourced with 2026 sourcing progressing
Leveraging favourable market conditions to lock-in forward certificate sales at attractive margins
Increasing visibility of certificate earnings for H2 2025
Margins displayed are those recognised in RTFS management accounts which do not take into account timing differences required by accounting standards
19 ¹The recognition of the sale of 13.74 million RTFCs was deferred into the Q4 quarter These RTFCs were generated in Q3 but sold in the spot market and therefore revenues recognised when the RTFCs were sold in the fourth quarter.

Biomethane gross profit margins*

Biomethane sourcing higher in H2 2025

s s f CNG s' s s gradually increases in line with growing truck fleet
Timing of biomethane sourcing does not fully match actual dispensed volume per quarter
RTFC certificates are generated against sourcing period, with RTFS being awarded 3.8 certificates per kg Bio-CNG¹
ReFuels utilises the calendar year RTFO obligation period to time biomethane purchases and RTFC sales to optimise sourcing when economic conditions are favourable
For 2025, sourcing and certificate generation are weighted towards year end^C

Illustration of biomethane sourcing for calendar year 2025

s s

ReFuels Financial highlights

First profitable quarter since listing in 2023
Revenue growth driven by increased RTFC volume and prices, combined with higher dispensed volume
FY 2025 revenues of GBP 154 million corresponding to 42% growth from FY 2025
First quarter with positive EBITDA¹ of GBP 4 million, reflecting increased RTFC margin and stable costs
Adjusted overhead costs per kilo dispensed continued to decrease to 25 pence in Q4, from 32 pence last year
- Overhead costs per kilo are expected to continue to decline as volumes increase over time

(Figures in GBP million)	Q4 2025		Q4 2024 FY 2025	FY 2024
Revenue	46.2	27.5	153.7	108.2
Gross profit	6.9	(2.4)	17.0	2.3
EBITDA	4.2	(7.5)	1.1	(14.4)
EBITDA1 Adjusted	4.7	(14.7)	2.3	(14.7)
Profit/(loss) before taxes	3.4	(12.1)	(16.7)	(21.4)

Cash flow from operating activities	(0.2)	(1.8)	(0.7)	(15.0)
Cash flow from investment activities	(0.02)	(0.6)	0.3	10.4
Cash flow from financing activities	(0.3)	0.8	2.5	8.9
Net cash flow	(0.5)	(1.5)	2.1	4.4
Available cash	6.3	4.3	6.3	4.3

Total assets	176.0	180.3	176.6	180.3
Equity	95.0	121.9	94.7	121.9
Equity ratio	54%	68%	54%	68%

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

Steady growth from station portfolio

Station portfolio EBITDA of GBP 1.82 million in Q4, up 14% from GBP 1.57 million same period last year
Full-year 2025 EBITDA of GBP 7 million
Improvement from previous quarter driven by lower operating costs per kg, as well as improving electricity prices.
Truck deliveries have been slow due to market conditions in the haulage sector but are now improving
Delivery of the existing order book will deliver positive EBITDA contribution to the group including CNG Fuels overheads

S f EBITDA djus d (GBP ' )¹

Note that all figures pertaining to station profitability of the CNG Foresight Group² are unaudited management account numbers for the April 23 to March 25 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.

CNG Fuels generating positive earnings

CNG Fuels became a fully integrated clean fuel company from 11 April 2025, consolidating refuelling infrastructure, biomethane sourcing and certificate generation under one entity
Proforma figures illustrate financials for the combined entity through the fiscal year 2025, 1 April 2024 to 31 March 2025:
- Revenues of GBP 42.4m in Q4 2025
- EBITDA of GBP 5.7 GBP
ReFuels has a 40% ownership of CNG Fuels with the opportunity for share distributions up to 55% based on the valuation of CNG Fuels in certain future value realisation scenarios

Proforma consolidated financials CNG Fuels¹

Q1 2025 Q2 2025 Q3 2025 Q4 2025

¹ Unaudited figures

Summ d u

Summary and outlook

First EBITDA profitable year and positive outlook with improved earnings visibility

Increasing number of 6x2 CNG trucks confirmed for delivery, expecting large orders in coming months

Leading Bio-CNG clean fuel infrastructure platform established to drive growth

Fully equity-funded for doubling of refuelling capacity by end-2028

For further information please visit refuels.com

Appendix

Statement of profit and loss

(Figures in GBP 1000)	Notes	Q4 2025	Q4 2024	FY 2025	FY 2024
Revenue	1	46,155	27,517	153,693	108,208
Gross profit		6.919	(2,368)	17,024	2,319
Gain on disposal of subsidiaries			300	400	1,200
Administrative expenses		(3,735)	(4,128)	(15,372)	(16,318)
Extraordinary items				(507)
Operating profit (EBIT)		3,184	(6 196)	1,544	(12,799)
Share based payments		(250)	(636)	(1,288)	(1,855)
Other gains and losses		994	(711)	835	278
EBITDA	2	3,929	(7 543)	1,091	(14,376)
Adjusted EBITDA1		4,362	(14 717)	2,307	(14,717)
Amortisation and depreciation		(549)	(601)	(2,060)	(1,589)
Finance revenue
Finance costs		(264)	(3,914)	(15,762)	(5,419)
Profit/loss before tax		3,116	(12,058)	(16,732)	(21,384)
Income tax expense		(381)	679	(694)	410
Profit/loss for the period	3	2,735	(11,379)	(17,425)	(20,974)

Statement of financial position

(Figures in GBP 1000)	Notes	31.03.2025	31.12.2024
Assets
Goodwill	5	84,539	84,539
Intangible assets	5	10,115	10,308
Property, plant and equipment		4,945	4,197
Investments	5	31,223	31,223
Deferred tax asset		29	29
Non-current assets		130,851	130,296
Inventories		5,330	4,551
Trade and other receivables	6	33,452	50,511
Cash and cash equivalents		6,359	6,298
Derivative financial instruments		179
Current tax assets		466	408
Current assets		45,786	61,768
Trade and other payables	7	41,915	61,007
Current tax liabilities		830	373
Borrowings	8	32,711	32,516
Lease liabilities		954	1,029
Derivative financial instruments	9	5	836
Current liabilities		76,415	95.760
Net current assets		(30,628)	(33,993)
Lease liabilities		2,794	1,903
Deferred tax liabilities	10	2,610	2,659
Long-term provisions		78	77
Non-current liabilities		5,481	4,639
Net assets		94,742	91,665

Equity
Share capital of Refuels		529	529
Share premium of Refuels	11	113,339	113,339
Share-based payment reserve		3 132	2,896
Treasury shares		(133)	(133)
Non-controlling interest		18,016	16,066
Retained deficit - owners of parent		(40 141)	(41,033)
Total equity		94,742	91,665

Cash flow development

(Figures in GBP 1000)	Q4 2025	Q4 2024	FY 2025	FY 2024
Cash flow from operations
Profit/(Loss) after income taxes	3,025	(11,380)	(17,135)	(20,975)
Adjustments for:
Taxation charged	381	(679)	694	(410)
Investment income	(17)	895	(48)	(11)
Depreciation	359	408	1,291	896
Amortisation	193	193	772	694
Share based payment expenses	250	636	1,288	1,855
Other gains & losses	(994)	(489)	(1,234)	(1,478)
Impairment losses	35	152	35	152
Finance cost	286	3,925	15,816	5,430
Profit or loss on disposal of investments		(300)	(400)	(1,200)
Taxation receipts/ (payments)	(32)	(1,421)	(138)	(2,071)
Changes in working capital:
Inventories movement	(779)	(352)	(3,568)	(1,266)
Change in other current receivables	17,721	16,275	(5,252)	21,841
Change in trade payables	(20,615)	(10,990)	7,855	(18,253)
Change in other current liabilities and provisions	1	482	(722)	(176)
Net cash used in operations	(187)	(2645)	(747)	(14,972)
Cash flow from investment activities
Business acquisitions				0,360
Business disposals (net cash disposed)		300	400	1,200
Proceeds on sale of tangible assets			(105)
Payments for tangible assets	(34)	(24)		(152)
Interest received	17	(5)	48	11
Net cash flow from investment activities	(17)	271	343	10,418
Cash flow from financing activities
Proceeds from issue of equity		71		4,100
Purchase of treasury shares				(133)
Proceeds from borrowings		1,000	4.000	6,000
Repayment of borrowings	1	(16)	(139)	(168)
Repayment of lease liabilities	(286)	(a)	(1,152)	(769)
Interest paid - lease liabilities	(45)	(129)	(184)	(8)
Interest paid - borrowings	(1)	(1)	(17)	(99)
Net cash flow from financing activities	(331)	828	2,509	8,922
Net change in cash and cash equivalents	(535)	(1,547)	2,105	4,368
FX on translation OCI	17	(46)	(94)	(11)
Cash and cash equivalents at the beginning of the period	6,855	5,919	4,326	35
Cash and cash equivalents at the end of the period	6.337	4,326	6.337	4,326

Heavy goods vehicles driving up emissions

~1% of UK road transport fleet

5% of UK traffic

17% of UK transport GHG emissions

Vehicles at the end of Q2 2024, road traffic in 2023 and greenhouse gas emissions from transport in 2022. Source: Department for Transport (2024)

Underlying market with blue-chip customers

Licensed HGVs >18t in the UK (' )

4x2 trucks 6x2 trucks Rigid

Penetration of 4x2² articulated HGV market

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

Blue-chip customer base

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

Resilient customer adaption during uncertainty

¹ CNG Fuels. Notes: Percentage average fuel cost saving of running a typical Bio-CNG vs diesel HGV

Robust market-based certificates scheme

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

¹ Renewable Transport Fuels Services (RTFS) is 78.4 % owned

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 amplify 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

• s' x f s s 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

ReFuels s UK's g s f 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