Refuels N.V.

Investor Presentation • Oct 27, 2025

Fully funded clean fuels growth platform

Company presentation

27 October 2025

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.

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Heavy goods vehicles driving up emissions

Biomethane - superior clean fuel available at scale

~25-40% lower fuel cost vs. diesel and HVO¹

80-90% lower GHG emissions vs. diesel

Vast untapped feedstocks across Europe²

¹ Percentage average fuel cost saving of running a typical Bio-CNG vs HGV running on traditional diesel and hydrotreated vegetable oil (HVO)

² European Biogas Association Roadmap 2040

Decarbonising Europe's truck fleet

Owns 40% of CNG Fuels, a clean fuel infrastructure platform with a growing network of refuelling stations for heavy goods vehicles

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 into other European markets

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

16
refuelling stations across the UK

2,100

vehicles using
CNG Fuels' infrastructure

222k

GHG emissions saved (tonnes)¹

175

customers

REFI

EURONEXT

A clean fuel infrastucture platform with two revenue streams

Including shareholder loan instruments of GBP 150.15 million from CNG Fuels carrying 10% coupon p.a.

Including shareholder loan instruments of GBP 15.95 million from CNG Fuels carrying 10% coupon p.a.

Expanding market leadership

Current fleet ~10% of UK's 4x2 HGVs

6x2 trucks opens a 6x larger market

Tesco and Co-op take delivery of >70 CNG trucks

«These vehicles represent a significant step towards our goal of reducing emissions and achieving carbon neutrality in our operations by 2035. By investing in biomethane, we are committed to driving positive change.»

«Following trials, we know that these new CNG units not only meet our needs as a leading convenience retailer, but also make a positive contribution to the reduction of greenhouse gas emissions in our environment.»

Fully funded for doubling capacity

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 GBP 25m five-year debt facility provided by Foresight (at 9.5% and flexible prepayment terms)

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

Attractive station economics

Illustrative new station economics

Progressing new stations at major trucking routes

Livingston, Scotland

20m

Magor, South Wales

30m

Swindon, South-West England

30m

To be decided

[30]m

Robust market-based certificates scheme with no subsidies

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

¹ Renewable Transport Fuels Services (RTFS) is 74.4 % owned by CNG Fuels

Unlocking value from certificates

Supportive drivers for RTFCs

• Increasing annual biofuels supply obligation towards 2032
• Sustainable aviation fuel (SAF) competing for the same feedstock as biodiesel and HVO
• EU and UK duties on biodiesel imports from China¹
• Prices of RTFCs have recently increased from 25 - 26p to 27 - 28p/RTFC

Expecting GBP 8–10m in 2026 EBITDA and rapid growth towards 2030

Number of trucks set to grow

Illustrative CNG Fuels EBITDA

Annualised GBP >100m end-2030

Clear path to create shareholder value EBITDA

Illustrative value potential¹

Value ReFuels, GBP million

^1. Value of Refuels after deducting GBP 150.15 million in shareholder loan instruments to Foresight and external debt of GBP 25 million, both at annual 10% compounding rate. Illustration excludes ratchet mechanism and shareholder loans

^2. Per 8 September 2025

Bio-CNG the superior clean fuel to decarbonise trucking

17

Robust certificate scheme with strong drivers for higher prices

Fully funded infrastructure platform set to double capacity by end-2028

Driving fleet

For further information please visit refuels.com

to zero