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For July - September 2025

28 November 2025

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Disclaimer

THIS DOCUMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, ITS TERRITORIES OR POSSESSIONS, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR TO ANY RESIDENT THEREOF, OR ANY 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. Generally, 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 industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "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

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

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

UK market leader with >50% of biomethane supply to trucks and a 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)

2,100

vehicles using CNG Fuels' 16 stations

£50m

fuel cost savings since 20201

222k

annual GHG emissions savings (tonnes)2

165

customers

REFL

GROWTH

<sup>1Compared to diesel, based on monthly dispensed volume January 2020-September 2025

<sup>2 Compared to diesel, for the 12-month period ending 31 March 2025

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Highlights

Dispensed biomethane volume across the CNG Fuels station network up 16% year-over-year
Fleet operators starting to introduce larger 6x2 CNG trucks into operations
Progressing three new high-capacity stations, expanding UK market leading position
CNG Fuels EBITDA up 190% quarter-on-quarter
FY 2026 EBITDA guidance raised to GBP 10-12 million (previously GBP 8-10 million)
ReFuels considering a Euronext Oslo Børs uplisting or a dual listing on another exchange in 2026

CNG Fuels EBITDA2

1 Historical numbers are restated as RTFCs are now recognised when delivered against sell contracts 2 Proforma, ReFuels owns 40% of CNG Fuels

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Continued mass adoption across UK fleets

Current fleet of >2,100 HGVs... …supporting steady volume growth (tonnes)

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Bio-CNG increasingly competitive to diesel and HVO

SAF mandates driving HVO prices Currently 2 ~40% savings vs. HVO1

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>70 new CNG trucks to Tesco and Co-op in 2025

«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.»

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6x2 replacement cycle in its infancy

130

Bio -CNG 6x2 trucks in operation, doubling YTD >100

fleet operators on waiting list for 6x2 trials

144,000

6x2 diesel trucks in the UK, a 6x larger market than 4x2 trucks >0.1%

market share vs. ~10% and growing for 4x2s

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First fixed-price Bio-CNG contract signed

Multi-year agreement with a major UK logistics operator

The customer gets fuel cost visibility to accelerate the transition from diesel

CNG Fuels gets stable, low-risk cash flows

Over time, such agreements could account for a material share of annual volumes

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Doubling capacity in highdemand freight corridors

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

First three sites will be funded via operational cash flow and the 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

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Progressing new stations at major trucking routes

Livingston, Scotland

20m

Magor, South Wales

30m

Swindon, South-West England

30m

Site to be confirmed

[x]m

Capacity1

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Proven station development capabilities

Magor development plan

ReFuels' extensive track record provides a unique competitive advantage

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Multiple factors supporting higher RTFC prices

Sustainable aviation fuel (SAF)

competing for the same feedstock as biodiesel and HVO

EU's RED III legislation tightened GHG savings criteria across all biofuels

UK's TRA introduces duties on biodiesel imports from China1

Expected to support higher certificate prices going forward

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Raised CNG Fuels 2026 EBITDA expectation

Guidance increased ~20% for the financial year
Continued favourable market conditions and growth in dispensed volumes
Improved visibility on EBITDA generation from station performance and RTFCs
Gross profit margin on RTFCs sold in quarter of 29.7%, or 22% on an accrual accounting basis
H1 2026 revenue of GBP 65 million, up 20% from H1 2025
EBITDA growth from prior year half has increased

CNG Fuels EBITDA GBP million

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CNG Fuels financial highlights

Revenue growth driven by higher dispensed volumes and increased value generation of RTFCs
Gross profit split 33:66 between the CNG Fuels station and RTFS businesses respectively
EBITDA contribution of stations was negative GBP 650k with RTFS contributing GBP 3.5 million
The CNG Fuels station business is progressing well for a H1 2027 break even based on vehicle orders
Profit After Tax of period driven by recognition of prior tax losses, now an asset based on likelihood of future profitability
Overheads and efficiencies across the combined CNG Fuels station business has reduced from 26 pence per kilo in H1 2025 to 21.5 in H1 2026

(FiguresinGBPmillion)	Q2 2026	Q2 2025	H1 2026	H1 2025	FY 2025
Revenue	35.7	31.2	65.3	54.1	134.3
Gross profit	7.7	5.0	13.2	9.1	23.6
EBITDA	2.9	1.0	4.3	0.8	6.7
Profit/(loss) after tax	5.1	(10.8)	2.1	(18.3)	(26.7)

Available cash	12.5
Total assets	226.7
Equity	80.0
Equity ratio	35%

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CNG Fuels financial position

No external debt end-Q2 except lease liabilities and shareholder loans
Signed GBP 25 million credit facility with Foresight Group
Equity was GBP 80 million (subject to the valuation exercise for next year's audits)
Property, Plant and Equipment of GBP 105 million, set to increase with development of next three stations
End of period Group cash balance of GBP 12.5 million

CNG Fuels proforma balance sheet as of 30 September 20251 GBP million

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On track for delivering long-term profitable growth

Number of trucks set to grow

Illustrative CNG Fuels EBITDA

Annualised GBP >100m end-2030

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Record Bio-CNG volumes driven by truck growth

Raising EBITDA guidance to GBP 10-12m

New stations and considering listing venue in 2026

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CNG Fuels Group statement of profit and loss

(Figures in GBP 1000)	Q2 2026	Q1 2026	H1 2026
Revenue	35,738	29,586	65,323
Gross Profit	7,658	5,517	13,174
Administrative Expenses	(4,384)	(4,154)	(8,537)
Operating Profit (EBIT)	3,274	1,363	4,637
Share based payments	(90)	(130)	(221)
Other gains and losses	(260)	121	(139)
EBITDA	2,924	1,354	4,278
Amortisation and Depreciation	(1,779)	(1,665)	(3,444)
Finance Costs	(2,935)	(2,657)	(5,592)
Profit/loss before tax	(1,790)	(2,968)	(4,758)
Income tax expense	6,872	(58)	6,814
Profit/loss for the period	5,082	(3,027)	2,056

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CNG Fuels Group balance sheet

(Figures in GBP 1000)	30.09.2025
Assets
Intangible assets (Goodwill)	68,130
Intangible assets (Identified on acquisitions)	-
Property, plant and equipment	105,107
Investments	11
Deferred tax assets	7,299
Non-current assets	180,548
Inventories	1,950
Trade and other receivables	11,050
Contract assets	20,202
Cash	12,465
Derivative financial instruments	-
Current tax assets	451
Current assets	46,118
Total assets	226,666
Trade and other payables	29,904
Borrowings	2,691
Lease liabilities	1,845
Derivative financial instruments	-
Contract liabilities	-
Current tax liabilities	-
Current liabilities	34,440
Net current assets	11,678
Shareholder loans	105,000
Lease liabilities	6,721
Provisions	485
Deferred tax liabilities	-
Non-current liabilities	112,206
Net assets	80,020
Equity
Share capital	8
Share premium	43,957
Preference shares	66,076
Share based payment reserve	2,074
Non-controlling interest	8,078
Retained deficit - owners of parent	(40,173)
Total equity	80,020

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ReFuels statement of profit and loss

(Figures in GBP 1000)	Notes	Q2 2026	Q2 2025	H1 2026	H1 2025	FY 2025
Continuing operations
Revenue	1	-	35,832	3,575	63,468	-
Gross profit		-	2,946	(209)	5,885	-
Management fee receivable from group companies		120	-	227	-	-
Gain on disposal of subsidiaries		-	-	51,224	100	-
Administrative expenses		(452)	(2,963)	(1,510)	(6,945)	(2,482)
Operating profit (EBIT)		(332)	(17)	49,732	(961)	(2,482)
Share based payments		(67)	(320)	(178)	(793)	(504)
Other gains and losses		-	(21)	(156)	(110)	690
EBITDA	2	(400)	(358)	49,398	(1,864)	(2,296)
Adjusted EBITDA 1		(400)	12		(1,279)	(2,296)
Amortisation and depreciation		-	(486)	(39)	(976)	-
Finance revenue			-		-	-
Finance costs		189	(7,394)	385	(11,097)	-
Profit share of associate		1,612	-	822	-	-
Profit/loss before tax from continuing operations	•	1,401	(8,239)	50,566	(13,937)	(2,296)
Income tax expense		-	(168)	(3)	(243)	-
Profit/loss after tax from continuing operations	3	1,401	(8,407)	50,564	(14,180)	(2,296)
Discontinued operations
Profit/loss after tax from discontinued operations		-	-	(1,138)	(14,021)	(14,021)
Profit for the period		1,401	(8,407)	49,408	(28,201)	(16,317)

1 Adjusted for equity settled share-based payment expense, fair value remeasurement and EPC timing

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ReFuels statement of financial position

(Figures in GBP 1000)	Notes	30.09.2025	30.06.2025
Assets
Goodwill		-	-
Intangible assets		-	-
Property, plant and equipment		_	-
Investments	5	128,912	127,214
Loans receivable from associates			153
Deferred tax asset		_	-
Non-current assets	6	128,912	127,367
Inventories		-	-
Trade and other receivables		516	658
Cash and cash equivalents		51	89
Derivative financial instruments		_	-
Current tax assets		-	-
Assets held for sale		-	-
Current assets		567	746
Trade and other payables		1,108	1,065
Current tax liabilities		_	_
Borrowings		_	_
Lease liabilities		_	_
Derivative financial instruments		_	_
Liabilities directly associated with assets
held for sale		-	_
Current liabilities		1,108	1,065
Net current assets		(541)	(319)
Lease liabilities
Deferred tax liabilities
Long-term provisions		_	-
Non-current liabilities		-	-
Net assets		128,371	127,048

Equity
Share capital of Refuels		529	529
Share premium of Refuels		113,339	113,339
Share-based payment reserve		3,418	3,196
Treasury shares		(133)	(133)
Foreign exchange reserve		(40)	(49)
Non-controlling interest		-	-
Retained deficit – owners of parent		11,258	10,166
Total equity		128,371	127,048

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ReFuels cash flow development

(Figures in GBP 1000)	Q2 2026	Q2 2025	H1 2026	H1 2025	FY 2025
Cash flow from operations
Profit/(Loss) after income taxes from	1,401	(8,410)	51,702	(14,183)	(17,135)
continuing operations Adjustments for:
Taxation charged		168		243	694
Investment income	(239)	(26)	(450)	(29)	(48)
Depreciation	(200)	293	(100)	590	1,291
Amortisation		193		386	772
Share based payment expenses	67	320	163	793	1,288
Other gains & losses		21		10	(1,234)
Impairment losses					35
Bad debt
Finance cost		7,421		11,127	15,816
Profit or loss on disposal of investments			(51,224)	(100)	(400)
Share of profit of associate	(1,612)		(822)
Taxation receipts/ (payments)		(36)		(36)	(138)
Changes in working capital:
Inventories movement	142	211	425	1,181	(3,568)
Change in other current receivables		(5,032)		(12,981)	(5,252)
Change in trade payables	41	3,055	(93)	14,925	7,855
Change in other current liabilities and		()		()	()
provisions		(102)		(646)	(722)
Net cash generated in continuing	(200)	(1,924)	(299)	1,280	(746)
operations	, , , ,
Net cash generated in discontinued			7,673
operations	(200)	(1004)	7.074	1000	(746)
Net cash generated in operations Cash flow from investment activities	(200)	(1,924)	7,374	1,280	(746)

Business acquisitions Business disposals (net cash disposed)			(13,745)	100	400
Proceeds on sale of tangible assets			(15,745)	(605)	(105)
Payments for tangible assets		(598)		(000)	(100)
Repayment of loan by subsidiary	153	(000)	153
Dividends received	100		100
Interest received		26		29	48
Net cash flow from investment
activities – continuing operations	153	(572)	(13,592)	(476)	343
Net cash flow from investment			(22)
activities - discontinued operations			(28)
Net cash flow from investment	150	(E70)	(12.020)	(476)	343
activities	153	(572)	(13,620)	(4/6)	343
Cash flow from financing activities
Proceeds from issue of equity
Purchase of treasury shares
Proceeds from borrowings		2,000		4,000	4,000
Repayment of borrowings		(50)		(97)	(139)
Repayment of lease liabilities		(247)		(544)	(1,152)
Interest paid – lease liabilities		(50)		(80)	(184)
Interest paid – borrowings		(3)		(6)	(17)
Interest paid – other
Net cash flow from financing activities		1,651		3,273	2,508
- continuing operations
Net cash flow from financing activities
- discontinued operations		1.651		3.273	2,508
Net cash flow from financing activities	(47)		(0.040)	-,	-,
Net change in cash and cash equivalents	(47)	(845)	(6,246)	4,077	2,105
Reclassification as held for sale	0	40	(40)	(01)	(0.4)
FX on translation OCICash and cash equivalents at the	9	40	(40)	(81)	(94)
beginning of the period	89	9,127	6,337	4,326	4,326
Cash and cash equivalents at the end of
the period	51	8,322	51	8,322	6,337
p

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Heavy goods vehicles driving up emissions

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Resilient customer adoption during uncertainty

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Robust market-based certificates scheme

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

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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 end-2028 station target and higher utilisation will drive profitability

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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

Mike Scott – Operations and Construction Director

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

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

Michael Kuhn – Group Finance Director

• 10 years' experience in financial services, project finance and asset management, with specific expertise in renewables and media at Investec Private Bank, Grant Thornton and Ingenious Asset Management

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

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.

Peter Eaton – Sales & Business Development Director

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

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

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ReFuels is the UK's leading supplier of 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