REFUELS N.V - Q1 2027 Results and Q&A

Refuels delivered a strong Q1 2027 financial performance, with adjusted EBITDA at CNG Fuels more than tripling year-on-year to £4.9 million, supported by higher bioCNG volumes, improved station profitability, strong certificate margins and increasing network scale benefits. Revenue rose 62% to £47.9 million, while gross profit increased 74% to £9.4 million. The station business generated positive standalone EBITDA for the second consecutive quarter, highlighting the growing contribution from improving utilisation across the UK network. Refuels reiterated its FY2027 adjusted EBITDA guidance of £16 million to £20 million and expects dispensed biomethane volumes to grow by approximately 15% to 20% during the year. The company continues to benefit from strong demand for lower-carbon, cost-effective heavy goods vehicle fuel, with bioCNG offering estimated greenhouse gas emissions reductions of 80% to 90% versus diesel and an attractive vehicle payback period. Customer adoption remains encouraging, with more than 900 new HGV deliveries expected over the next 12 to 18 months and existing customers targeting more than 8,000 CNG trucks by the end of 2030. Three new stations are under construction in Magor, Swindon and Carlisle, taking the network to 19 stations once operational. With positive policy momentum towards a multi-fuel transport strategy, strong certificate earnings visibility and continued investment in network capacity, Refuels remains well positioned for long-term growth in the UK low-carbon transport market.