Q1 2027 ReFuels NV Earnings Call

September 4, 2026

Speaker #1: So, good morning everyone, and a warm welcome to Refuels Q1 2027 results. Representing the period April to June 2026. Today we will have a fully virtual presentation, and I'm joined by CEO Philip Kjell and CFO Aiden Govry-Smith.

Speaker #1: So we will, as usual, first have a presentation, and afterwards we will have a Q&A session, and you can submit your written questions during the webcast.

Speaker #1: So with that, I'll hand the word over to Philip.

Speaker #2: Thank you very much, Alan, and welcome to everyone. This morning, who's either watching it live or on catch-up. As Alan said, please feel through to feel free to send through some questions, and then Aiden and I'll get into that in a bit.

Speaker #2: As per usual, I'll take you through the highlights of the quarter, a bit of the market developments, Aiden will then do the financial update, and then we'll round off and take some questions.

Speaker #2: So as per usual, just reminding you what we do: we've got stations very large public access stations and mobile refueling stations in the UK, that are decarbonizing large trucks primarily, also known as HGVs.

Speaker #2: Currently we've got north of 2,250 trucks going through our stations exclusively, in the last 6 years we've saved our customers north of 65 million pounds' worth of fuel costs.

Speaker #2: In the last calendar year, about 250,000 tons of greenhouse gas emissions and, as we always say, this is no longer a niche application that is just being used by a handful of large fleets.

Speaker #2: We're now getting close to 200 customers that are using our station network every day. Once again, just a bit of a refresher, as to the underlying structure here.

Speaker #2: Refuels owns 40% of CNG fuels, which is an integrated clean fuel platform that sources by methane, generates certificates, trades those, and then through RTFS, and then downstream we have the CNG fuels network in the UK that you just saw on the map previously.

Speaker #2: This is an example of one of our stations, Warrington, between Manchester and Liverpool. It has taken time, you know, to build out the network.

Speaker #2: Now we are moving into a phase where we are cash generative, we are profitable, as you will see from our earnings today, this is a good example of a typical station that we developed.

Speaker #2: They're unmanned, as such the drivers do all the work. We remotely monitor them, have a team of engineers that will come out and make repairs if need be.

Speaker #2: Currently here we are refueling more than 300 trucks a day, and it is currently north of 50% capacity. So this station alone has the ability over time to refuel more than 600 trucks daily.

Speaker #2: If we then look at the highlights of this quarter, our adjusted EBITDA has more than tripled compared to the same period last year. To 4.9 million pounds.

Speaker #2: We reiterate our guidance of 16 to 20 million pounds' worth of adjusted EBITDA for this financial year, two main drivers for that. It's increased station profitability, and attractive margins of sourcing biomethane and generating RTFCs.

Speaker #2: We are expecting more than 900 new CNG trucks to be delivered over the next 12 to 18 months, putting us on a clear trajectory towards more than 8,000 HGVs going through our network by 2030.

Speaker #2: As you'll see a bit later on, there is growing political support for a multi-fueled approach to decarbonize trucks previously. That has been heavily focused towards electrification.

Speaker #2: There is no there is now more realism creeping in, and we're starting to see that once again on some slides later on. And finally, we just recently announced at our third high-capacity station that one is in Carlisle, has gone into construction, and we've now got three stations simultaneous in construction that will come online over the next 9 months.

Speaker #2: Aiden will go through the financial section here, a bit later. If we then look at what's been going on in the world, particularly over the last 6, 7 months, the closure or the effective closure, or at least the difficulties of getting regular ships in and out of the Strait of Hormuz, has meant that, yes, we have higher natural gas prices, which I'll talk a bit later on, but more importantly we have even higher diesel prices.

Speaker #1: Instructions that will come online over the next nine months. Baden will go through the financial section here a bit later. If we then look at what's been going on in the world, particularly over the last six to seven months, the closure, or the effective closure—or at least the difficulties of getting regular ships in and out of the Strait of Hormuz—has meant that, yes, we have higher natural gas prices, which I'll talk a bit about later on, but more importantly, we have even higher diesel prices.

Philip Fjeld: Construction that will come online over the next nine months. Baden will go through the financial section here a bit later. If we then look at what has been going on in the world, particularly over the last six, seven months, the closure or the effective closure, or at least the difficulty of getting regular ships in and out of the Strait of Hormuz, has meant that, yes, we have higher natural gas prices, which I will talk a bit later on. More importantly, we have even higher diesel prices. As such, the savings of our customers running CNG trucks today are greater than they were a while back. We see the same for HVO, which is 100% biodiesel, and we are now in a world where previously our customers were focused on saving money by running CNG trucks and going green, now they are also focused on energy security.

Speaker #2: So as such, the savings of our customers of running CNG trucks today are greater than they were a while back. We see the same for HBO, which is 100% bi-diesel, and we are now in a in a world where previously our customers were focused on saving money by running CNG trucks and going green.

Speaker #1: So, as such, the savings of our customers running CNG trucks today are greater than they were a while back. We see the same for HVO, which is 100% biodiesel, and we are now in a world where previously our customers were focused on saving money by running CNG trucks and going green.

Speaker #2: Now they are also focused on energy security. And the way we look at the situation, there are no easy fixes to some of the underlying problems, particularly around the availability of diesel, which isn't only related to the Strait of Hormuz, it's also related to the Ukraine-Russia war, with Ukraine becoming increasingly good and effective at striking Russian refineries, Russia used to be one of the largest exporters of diesel globally, now they are potentially needing to import diesel.

Speaker #1: Now they are also focused on energy security. And the way we look at the situation, there are no easy fixes to some of the underlying problems, particularly around the availability of diesel, which isn’t only related to the Strait of Hormuz; it’s also related to the Ukraine-Russia war. Ukraine is becoming increasingly good and effective at striking Russian refineries. Russia used to be one of the largest exporters of diesel globally; now, they are potentially needing to import diesel.

Philip Fjeld: The way we look at the situation, there are no easy fixes to some of the underlying problems, particularly around the availability of diesel, which is not only related to the Strait of Hormuz, it is also related to the Ukraine-Russia war, with Ukraine becoming increasingly good and effective at striking Russian refineries. Russia used to be one of the largest exporters of diesel globally. Now they are potentially needing to import diesel. So we have some structural issues here that are affecting the diesel market. Yes, gas prices come up, but here it is important to understand that diesel price as such and the spreads that our customers are looking at has increased since the outbreak of the war in the Middle East. We do face some headwinds in the UK with regards to the overall status of, and the health of the UK haulage market.

Speaker #2: So we have some structural issues here. There are affecting the diesel market, yes, gas prices come up, but here it's important to understand that diesel price as such and the spreads that our customers are looking at has increased since the outbreak of the war in the Middle East.

Speaker #1: So we have some structural issues here. There are effects in the diesel market, yes, gas prices have come up, but here it's important to understand that the diesel price as such, and the spreads that our customers are looking at, have increased since the outbreak of the war in the Middle East.

Speaker #2: We do face some. Winds in the UK with regards to the overall status of and the health of the UK haulage market. It heavily expanded during the COVID years, and of course it is a cyclical market, so it's natural that there will take a time where it will also contract, as vehicles, as there was maybe overexpansion, and there will take a couple of years before it starts growing again.

Speaker #1: We do face some headwinds in the UK with regards to the overall status and health of the UK haulage market. It heavily expanded during the COVID years, and of course it is a cyclical market, so it's natural that there will be a time where it will also contract, as there was maybe overexpansion, and it will take a couple of years before it starts growing again.

Speaker #2: However, it has also fair to say that the UK economy is not exactly in a strong position currently. We're seeing very meager growth in the UK sector, and more importantly in the private sector, it's fair to say that conversations we are having with our customers, we are seeing a contraction in many parts of the private sector.

Philip Fjeld: It heavily expanded during the COVID years, and of course, it is a cyclical market, so it is natural that there will take a time where it will also contract as vehicles, as there was maybe overexpansion, and then we will take it a couple of years before it starts growing again. However, it is also fair to say the UK economy is not exactly in a strong position currently. We are seeing very meager growth in the UK sector, and more importantly, in the private sector, it is fair to say that conversations we are having with our customers, we are seeing a contraction in many parts of the private sector. That, of course, has an effect on the need to replace trucks, which of course, is a headwind for us in general.

Speaker #1: However, it is also fair to say that the UK economy is not exactly in a strong position currently. We're seeing very meager growth in the UK sector, and more importantly, in the private sector. It's fair to say that in conversations we are having with our customers, we are seeing a contraction in many parts of the private sector.

Speaker #2: That, of course, has an effect on the need to replace trucks, which of course is a headwind for us in general. That said, we are, you know, a small percentage of the overall truck market is running on CNG trucks.

Speaker #2: So as such, it isn't affecting us as much as it will the diesel sector. A couple of things still remain though, biomethane offers 80 to 90% lower GHG emissions.

Speaker #1: That, of course, has an effect on the need to replace trucks, which, of course, is a headwind for us in general. That said, a small percentage of the overall truck market is running on CNG trucks, so as such, it isn't affecting us as much as it will the diesel sector.

Philip Fjeld: That said, we are a small percentage of the overall truck market is running on CNG trucks, so as such, it is not affecting us as much as it will the diesel sector. Couple of things still remain, though. Biomethane offers 80% to 90% lower GHG emissions. We are seeing lower fuel costs still, despite natural gas prices have come up in price. Why? Because diesel and HVO in particular, has done exactly the same. Therefore, we are continuing to see strong payback periods for our customers who are adopting CNG trucks, even in the current environment. We often get questions, is there going to be enough biomethane around? Is there enough biomethane around? As of today, there is far more biomethane chasing transport than there is transport demand, not only in the UK, but across Europe.

Speaker #2: We are seeing lower fuel costs still, despite natural gas prices have come up in price, why? Because diesel and HVO in particular has done exactly the same.

Speaker #1: A couple of things still remain, though. Biomethane offers 80% to 90% lower GHG emissions. We are seeing lower fuel costs still, despite natural gas prices having come up in price. Why?

Speaker #2: So therefore we are continuing to see strong payback periods for our customers who are adopting CNG trucks, even in the current environment. We often get questions, you know, is there going to be enough biomethane around?

Speaker #1: Because diesel, and HVO in particular, have done exactly the same, we are continuing to see strong payback periods for our customers who are adopting CNG trucks, even in the current environment.

Speaker #2: Is there enough biomethane around? As of today, there is far more biomethane chasing transport than there is transport demand. Not only in the UK, but across Europe.

Speaker #2: Since we started tracking these statistics, about 12 to 18 months ago, the number of reported investments going into upstream expansion, that is additional biomethane production, has increased significantly.

Speaker #1: We often get questions: Is there going to be enough biomethane around? Is there enough biomethane around? As of today, there is far more biomethane chasing transport than there is transport demand.

Speaker #1: Not only in the UK, but across Europe. Since we started tracking these statistics, about 12 to 18 months ago, the number of reported investments going into upstream expansion—that is, additional biomethane production—has increased significantly.

Speaker #2: Last year, we were about 28 billion, now it's reported 36 billion. You know, based on discussions that we are having with some of the large new platforms coming to market, infrastructure and PE platforms coming to market, I would not be surprised if that figure now is north of 40 billion.

Philip Fjeld: Since we started tracking these statistics about 12 to 18 months ago, the number of reported investments going into upstream expansion, that is additional biomethane production, has increased significantly. Last year, we were at GBP 28 billion. Now it is reported GBP 36 billion. Based on discussions that we are having with some of the large new platforms coming to market, infrastructure and PE platforms coming to market, I would not be surprised if that figure now is north of GBP 40 billion. There is a lot of money going in upstream to increase production. Some of that will be subsidized biomethane, meaning it is not going to go into transport, but some of it, or quite a lot of it, will be unsubsidized, and they will need to seek demand downstream, which is why we are quite optimistic about there being sufficient biomethane for the foreseeable future.

Speaker #1: Last year, we were at about $28 billion; now it's reported at $36 billion. Based on discussions that we are having with some of the large new platforms coming to market—both infrastructure and PE platforms—I would not be surprised if that figure is now north of $40 billion.

Speaker #2: So there's a lot of money going in upstream to increase production, some of that will be subsidized, biomethane meaning it's not going to go into transport, but some of it, or quite a lot of it, will be unsubsidized, which is exact and they will need to seek demand downstream, which is why we're quite optimistic about there being sufficient biomethane for the foreseeable future.

Speaker #1: So there's a lot of money going in upstream to increase production. Some of that will be subsidized biomethane, meaning it's not going to go into transport, but some of it, or quite a lot of it, will be unsubsidized, which is exact, and they will need to seek demand downstream. This is why we're quite optimistic about there being sufficient biomethane for the foreseeable future.

Speaker #2: We continue to talk about 6x2 adoption within the CNG space. Good things are happening there. If we go back about a year ago, we had 12 fleets in the UK that were running CNG 6x2s, as of this quarter or the quarter just gone, we have come up to 22 fleets, and there are more coming on every month.

Speaker #1: We continue to talk about 6x2 adoption within the CNG space. Good things are happening there. If we go back about a year ago, we had 12 fleets in the UK that were running CNG 6x2s.

Philip Fjeld: We continue to talk about 6x2 adoption within the CNG space. Good things are happening there. If we go back about a year ago, we had 12 fleets in the UK that were running CNG 6x2s. As of this quarter or the quarter just gone, we have come up to 22 fleets, and there are more coming on every month. The number of 6x2 trucks in operation is also increasing along a trajectory that we have been expecting. I think what is really important here is the number of trials we are seeing. There were 15 trials of 6x2 trucks completed in the April to June quarter.

Speaker #2: The number of 6x2 trucks in operation is also increasing along a trajectory that we have been expecting. But I think what's really important here is the number of trials seeing, there were 15 trials of 6x2 trucks completed in the April to June quarter, and as you can see from the 12 to 22 fleets, that is really an indication that this is starting to become a mainstream solution and that we are starting to see true mass adoption also for 6x2s.

Speaker #1: As of this quarter, or the quarter just gone, we have come up to 22 fleets, and there are more coming on every month. The number of 6x2 trucks in operation is also increasing along a trajectory that we have been expecting.

Speaker #1: But I think what's really important here is the number of trials we're seeing. There were 15 trials of the 6x2 trucks completed in the April to June quarter, and as you can see from the 12 to 22 fleets, that is really an indication that this is starting to become a mainstream solution and that we are starting to see true mass adoption also for 6x2s.

Speaker #2: We have visibility through our customer base going out to 2030. Our current large customer base going out to 2030, but they have plans to adopt plus minus 8,000 CNG trucks by that time.

Philip Fjeld: As you can see from the 12 to 22 fleets, that is really an indication that this is starting to become a mainstream solution and that we are starting to see true mass adoption also for 6x2s. We have visibility through our customer base, going out to 2030. Our current large customer base going out to 2030, that they have plans to adopt plus or minus 8,000 CNG trucks by that time. This, of course, does not take into account any new large customers that we are bringing on board, particularly through the 6x2 adoption. As such, we have good visibility that the growth trajectory that we have communicated in the past is not only feasible, but is also very realistic and is something that we have strong confidence will actually be delivered over the coming three to four years.

Speaker #2: This of course has not taken into account any new large customers that we're bringing on board, particularly through the 6x2 adoption. So as such, we have good visibility that the growth trajectory that we've communicated in the past is not only feasible, but has also very realistic in something that we have strong confidence will actually be delivered over the coming 3 to 4 years.

Speaker #1: We have visibility through our customer base going out to 2030. Our current large customer base extends through 2030, and they have plans to adopt plus or minus 8,000 CNG trucks by that time.

Speaker #1: This, of course, has not taken into account any new large customers that we're bringing on board, particularly through the 6x2 adoption. As such, we have good visibility that the growth trajectory we've communicated in the past is not only feasible, but also very realistic and is something we have strong confidence will actually be delivered over the coming three to four years.

Speaker #2: Policy is always a topic that we can spend a lot of time discussing. What we're now starting to see is more realism, and we've been expecting this for years, is more realism starting to creep in.

Speaker #2: Both from the political parties, but also through some of the large trade associations like Logistics UK and the Society of Motor Manufacturing and Traders.

Speaker #1: Policy is always a topic that we can spend a lot of time discussing. What we're now starting to see is more realism, and we've been expecting this for years, is more realism starting to creep in.

Philip Fjeld: Policy is always a topic that we can spend a lot of time discussing. What we are now starting to see is more realism, and we have been expecting this for years, is more realism starting to creep in, both from the political parties, but also through some of the large trade associations like Logistics UK and the Society of Motor Manufacturers and Traders. They now see that the electrify everything approach isn't working. It is not delivering the type of growth and along the trajectory that was required. As such, technology neutrality is becoming a word that is finally now being understood by many politicians. As an example, the Conservative Party came out just a couple of weeks ago and said that they would back a technology-neutral approach, and that the 2035, 2040 dates that have been floating around is something that they will scrap. Mentioned construction.

Speaker #2: They now see that the electrify everything approach isn't working, it's not delivering the type of growth and along the trajectory that was required. As such, technology neutrality is becoming a word that is finally been having understood by many politicians, and as an example, the Conservative Party came out just a couple of weeks ago and said that they were back a technology neutral approach.

Speaker #1: Both from the political parties, but also through some of the large trade associations like Logistics UK and the Society of Motor Manufacturers and Traders.

Speaker #1: They now see that the electrify-everything approach isn't working—it's not delivering the type of growth and along the trajectory that was required. As such, technology neutrality is becoming a word that is finally being understood by many politicians, and as an example, the Conservative Party came out just a couple of weeks ago and said that they would back a technology-neutral approach.

Speaker #2: And that the 2035, 2040 dates that have been floating around is something that they will scrap. Mentioned construction, we've now got three stations into construction, highly anticipated stations.

Speaker #1: And that the 2035, 2040 dates that have been floating around are something that they will scrap. Mentioning construction, we've now got three stations into construction.

Speaker #2: Maygore will open later this year, Swindon and Carlisle during the first half of next year, construction is going well. We're on track there, we're delivering those stations on time, and we've got a lot of customers we're really excited about them, and who have been holding back truck orders, you know, future, sorry, further truck growth until these stations went into construction and they could see that these were actually going to be delivered in the coming quarters.

Philip Fjeld: We've now got three stations into construction, highly anticipated stations. Magor will open later this year, Swindon and Carlisle during the H1 of next year. Construction is going well. We're on track there. We're delivering those stations on time, and we've got a lot of customers who are really excited about them and who have been holding back truck orders, further truck growth until these stations went into construction, and they could see that these were actually going to be delivered in the coming quarters. With that, I will hand it over to Baden.

Speaker #1: Highly anticipated stations: Maygore will open later this year, Swindon and Carlisle during the first half of next year. Construction is going well. We're on track there.

Speaker #1: We're delivering those stations on time, and we've got a lot of customers who are really excited about them, and who have been holding back truck orders—sorry, further truck growth—until these stations went into construction and they could see that these were actually going to be delivered in the coming quarters.

Speaker #2: And with that, I will hand it over to Vedan.

Speaker #1: Thank you very much, Philip. So let me run you through the financial performance of CNG Fuels for the first quarter. CNG Fuels being the best proxy for the refuels performance, and their value attributed to the shareholders.

Speaker #1: And with that, I will hand it over to Bayden.

Speaker #1: CNG Fuels delivered adjusted EBITDA of 4.9 million in Q1, compared to 1.4 million in the same quarter last year. So adjusted EBITDA, as Philip mentioned, has more than tripled year on year.

Speaker #2: Thank you very much, Philip. So, let me run you through the financial performance of CNG Fuels for the first quarter. CNG Fuels is the best proxy for ReFuels' performance, and their value is attributed to the shareholders.

Baden Gowrie-Smith: Thank you very much, Philip. Let me run you through the financial performance of CNG Fuels for the Q1. CNG Fuels being the best proxy for the ReFuels performance and the value attributed to the shareholders. CNG Fuels delivered adjusted EBITDA of GBP 4.9 million in Q1, compared to GBP 1.4 million in the same quarter last year. Adjusted EBITDA, as Philip mentioned, has more than tripled year-on-year. A reminder on adjusted EBITDA, they are essentially the removal of all non-cash fair value remeasurements and the value movements in the supported. Oops. We'll come back. That improvement was supported by a combination of three factors: higher Bio-CNG volumes, stronger certificate margins, and increased scale benefits across the network as we've been growing.

Speaker #1: A reminder on adjusted EBITDA, they are essentially the removal of all non-cash, non-cash fair value re-measurements and the value movements in the. Supported, we'll come back.

Speaker #2: CNG Fuels delivered adjusted EBITDA of £4.9 million in Q1, compared to £1.4 million in the same quarter last year. So adjusted EBITDA, as Philip mentioned, has more than tripled year on year.

Speaker #2: A reminder on adjusted EBITDA: they are essentially the removal of all non-cash items, non-cash fair value remeasurements, and the value movements in the—supported? Come back.

Speaker #1: That improvement was supported by a combination of three factors. So higher buyer CNG volumes, stronger certificate margins, and increased scale benefits across the network as we've been growing.

Speaker #1: The certificate business remained the largest contributor, but most importantly, this was also the second consecutive quarter in which a station business produced a positive EBITDA.

Speaker #2: That improvement was supported by a combination of three factors: higher buyer CNG volumes, stronger certificate margins, and increased scale benefits across the network as we've been growing.

Speaker #1: That's an important milestone because it shows that the improving utilization is increasingly translating an additional and complementary earnings stream for the business. The certificate margin for the quarter was approximately 29%, although the average market price for RTFCs during the quarter was 19.2 pence.

Speaker #2: The certificate business remained the largest contributor, but most importantly, this was also the second consecutive quarter in which the station business produced a positive EBITDA.

Baden Gowrie-Smith: The certificate business remained the largest contributor, but most importantly, this was also the second consecutive quarter in which the station business produced a positive EBITDA. That's an important milestone because it shows that the improving utilization is increasingly translating into an additional and complementary earning stream for the business. The certificate margin for the quarter was approximately 29%, although the average market price for RTFCs during the quarter was 19.2 pence. Our realized selling price was 26.1 pence per certificate for the same period. That reflects the benefit of the forward contracts that we're already in place. We are reiterating our guidance for FY27 of GBP 16 million to GBP 20 million, based on the Q1 results, expected volume growth, and the visibility we have over the certificate earnings.

Speaker #2: That's an important milestone because it shows that the improving utilization is increasingly translating into an additional and complementary earnings stream for the business. The certificate margin for the quarter was approximately 29%, although the average market price for RTFCs during the quarter was 19.2 pence.

Speaker #1: So I realize selling price was 26.1 pence in this per certificate for the same period. So that reflects the benefit of us over the Ford contracts that we've been selling that we've been that we've been using that were already in place.

Speaker #1: We are reiterating our guidance for FY27 of 16 to 20 million, based on the Q1 result, expected volume growth, and the visibility we have over the certificate earnings.

Speaker #2: So I realize the selling price was 26.1 pence per certificate for the same period. So that reflects the benefit to us over the forward contracts that we've been selling, that we've been using, that were already in place.

Speaker #1: We also continue to expect 15 to 20% growth in dispensed biomethane volumes for the whole financial year, although noting of course, Philip, as Philip said, this is still a challenging market for haulage in the UK.

Speaker #2: We are reiterating our guidance for FY27 of $16 to $20 million, based on the Q1 result, expected volume growth, and the visibility we have over the certificate earnings.

Speaker #1: Next slide, please, Philip. So this slide shows how EBITDA growth is translating through the income statement. So revenue for the quarter increased by 62% from 47.9 million to 247.9 million from 29.6 million in Q1 last year.

Speaker #2: We also continue to expect 15% to 20% growth in dispensed biomethane volumes for the whole financial year, although noting, of course, as Philip said, this is still a challenging market for haulage in the UK.

Baden Gowrie-Smith: We also continue to expect 15% to 20% growth in dispensed biomethane volumes for the whole financial year, although noting, of course, as Philip said, it's still a challenging market for haulage in the UK. Next slide please, Philip. This slide shows how EBITDA growth is translating through the income statement. Revenue for the quarter increased by 62% from GBP 29.6 million in Q1 last year to GBP 47.9 million. The revenue increase was driven by higher dispensed volumes, high natural gas prices, and a greater number of certificates sold. It's worth noting that the higher gas prices increase reported revenue, but as our customer arrangements seek to pass through the gas cost to customers, that doesn't naturally reflect the performance of the business. A much more meaningful measure of underlying progress, therefore, is the gross profit and EBITDA.

Speaker #2: Next slide, please, Philip. So this slide shows how EBITDA growth is translating through the income statement. Revenue for the quarter increased by 62%, from $47.9 million to $77.9 million, up from $29.6 million in Q1 last year.

Speaker #1: The new increase was driven by higher dispensed volumes, high natural gas prices, and a greater number of certificates sold. It's worth noting that the higher gas prices increase reported revenue, but as our customer arrangements seek to pass through the gas cost to customers, so that doesn't naturally reflect the performance of the business.

Speaker #2: The revenue increase was driven by higher dispensed volumes, high natural gas prices, and a greater number of certificates sold. It's worth noting that higher gas prices increase reported revenue, but as our customer arrangements seek to pass through the gas cost to customers, that doesn't necessarily reflect the performance of the business.

Speaker #1: Much more meaningful measure of underlying progress, therefore, is the gross profit and EBITDA. Gross profit increased by 74% to 9.4 million, with 5.4 from 5.4 million last year.

Speaker #1: This reflects volume growth, improved certificate margins again, and the scale benefits from high utilization. RTFS contributed 58% of the total gross profit for the period, and the station business contributed 42% in the period too.

Speaker #2: A much more meaningful measure of underlying progress, therefore, is the gross profit and EBITDA. Gross profit increased by 74%, to €9.4 million, from €5.4 million last year.

Baden Gowrie-Smith: Gross profit increased by 74% to GBP 9.4 million, from GBP 5.4 million last year. This reflects volume growth, improved certificate margins again, and the scale benefits from high utilization. RTFCs contributed 58% of the total gross profit for the period, and the station business contributed 42% in the period too. Relatively even, and obviously both very good to see. Adjusted EBITDA increased to GBP 4.9 million, up 250% year-on-year. Of that, RTFCs contributed GBP 4.3 million while the station business contributed GBP 600,000. That GBP 0.6 million contribution from the stations is strategically significant. In the last year's annual report that we put out recently, we showed that the annual station portfolio EBITDA was GBP 5.5 million before the central CNG Fuels overheads.

Speaker #1: So relatively even and obviously both very good to see. Adjusted EBITDA increased from 4. increased to 4.9 million, up 250% year on year. And of that, RTFS contributed 4.3 million pounds, while the station business contributed 600,000 pounds.

Speaker #2: This reflects volume growth, improved certificate margins again, and the scale benefits from high utilization. RTFS contributed 58% of the total gross profit for the period, and the station business contributed 42% in the period too.

Speaker #2: So relatively even and obviously both very good to see. Adjusted EBITDA increased from 4. increased to 4.9 million, up 250% year on year, and of that, RTFS contributed 4.3 million pounds, while the station business contributed 600,000 pounds.

Speaker #1: That 0.6 million contribution from the stations is strategically significant, in the last year's annual report that we put out recently, the we showed that the annual station portfolio EBITDA was 5.5 million pounds, before the central CNG Fuels overheads.

Speaker #2: That £0.6 million contribution from the stations is strategically significant. In the last year's annual report, which we put out recently, we showed that the annual station portfolio EBITDA was £5.5 million, before the central CNG Fuels overheads.

Speaker #1: The Q1 result now demonstrates that with the relevant with the relevant station business costs, and as well as CNG Fuels overheads as well, we're now at the network is now producing positive EBITDA for the second successive quarter.

Speaker #1: So the bottom line, CNG Fuels report at the bottom line for profitability, CNG Fuels reported 0.3 million pounds, which is much larger profit than Q1 last year, although that number was.

Speaker #2: The Q1 result now demonstrates that with the relevant with the relevant station business costs, and as well as CNG Fuels overheads as well, we're now at the network is now producing positive EBITDA for the second successive quarter.

Baden Gowrie-Smith: The Q1 result now demonstrates that with the relevant station business costs as well as CNG Fuels overheads as well, the network is now producing positive EBITDA for the second successive quarter. The bottom line, CNG Fuels reported at the bottom line for profitability. CNG Fuels reported GBP 3 million, which is a much larger profit than Q1 last year, although that number was swayed by an exceptional large accounting item, which makes it hard to compare. But obviously it is positive to see the net bottom line result being positive. Next slide please, Philip. Thank you. A key part of our earnings performance is how we manage the RTFC pricing and margin visibility. This chart illustrates both the underlying RTFC market and the benefit of our forward sales strategy.

Speaker #1: Swayed by an exceptionally large accounting item, which made it hard to compare. But obviously it's a positive to see the net bottom line result being positive.

Speaker #2: So the bottom line—CNG Fuels reported, at the bottom line for profitability, £0.3 million, which is a much larger profit than Q1 last year, although that number was swayed by an exceptionally large accounting item, which made it hard to compare.

Speaker #1: Next slide, please, Philip. So a key part of our earnings performance is how we manage the RTFC pricing and margin visibility. This chart illustrates both the underlying RTFC market and the benefit of our Ford sales strategy.

Speaker #2: But obviously, it's a positive to see the net bottom line result being positive. Next slide, please, Philip. So, a key part of our earnings performance is how we manage the RTFC pricing and margin visibility.

Speaker #1: RTFC pricing, as we've discussed before, but it's always useful to be reminded, is principally influenced by the spread between fossil diesel and waste based biodiesel, or Yucame.

Speaker #2: This chart illustrates both the underlying RTFC market and the benefit of our forward sales strategy. RTFC pricing, as we've discussed before—but it's always useful to be reminded—is principally influenced by the spread between fossil diesel and waste-based biodiesel, or UCOME.

Speaker #1: That underlying spread can be very volatile and during the quarter, higher diesel prices are associated with the disruption in global fuel markets, narrowed the biodiesel to diesel spread, and reduced spot RTFC prices.

Baden Gowrie-Smith: RTFC pricing, as we have discussed before, but it is always useful to be reminded, is principally influenced by the spread between fossil diesel and waste-based biodiesel or UKMA. That underlying spread can be very volatile, and during the quarter, higher diesel prices associated with the disruption in global fuel markets narrowed the biodiesel to diesel spread and reduced spot RTFC prices. Despite the average market RTFC price being 19.2p in the quarter, we realized an average price of 26.1p on the certificates we sold. This is because all of the RTFCs delivered in the quarter were delivered against forward contracts we entered into previously at higher prices. In total, we generated and sold 65.4 million RTFCs compared with 40.2 million in the corresponding quarter last year. The realized pricing, together with the attractive biomethane sourcing, produced a certificate margin of 29.3% up from 22.6% in Q1 last year.

Speaker #1: Despite the average market RTFC price being 19.2 pence in the quarter, we realized an average price of 26.1 pence on the certificates we sold.

Speaker #2: That underlying spread can be very volatile and during the quarter, high diesel prices are associated with the disruption in global fuel markets, narrowed the biodiesel to diesel spread and reduced spot RTFC prices.

Speaker #1: This is because all of the RTFCs delivered in the quarter were delivered against Ford contracts we entered into previously at higher prices. In total, we generated and sold 65.4 million RTFCs compared with 40.2 million in the corresponding quarter last year.

Speaker #2: Despite the average market RTFC price being 19.2 pence in the quarter, we realized an average price of 26.1 pence on certificates we sold. This is because all of the RTFCs delivered in the quarter were delivered against forward contracts we entered into previously at higher prices.

Speaker #1: And the realized pricing together with the attractive biomethane sourcing produced a certificate margin of 29.3%, up from 22.6% in Q1 last year. To be clear, our approach is not to speculate on RTFC or certificate prices.

Speaker #2: In total, we generated and sold 65.4 million RTFCs, compared with 40.2 million in the corresponding quarter last year. The realized pricing, together with the attractive biomethane sourcing, produced a certificate margin of 29.3%, up from 22.6% in Q1 last year.

Speaker #1: We seek to match contractor biomethane sourcing with Ford RTFC sales and margins that are sustainably profitable across the relevant obligation year. We've already secured the biomethane requirements for the 2026 calendar year, and we're actively sourcing for calendar 2027 at the moment.

Speaker #2: To be clear, our approach is not to speculate on RTFC or certificate prices. We seek to match contractor biomethane sourcing with Ford RTFC sales and margins that are sustainable.

Baden Gowrie-Smith: To be clear, our approach is not to speculate on RTFC or certificate prices. We seek to match contracted biomethane sourcing with forward RTFC sales and margins that are sustainable across the relevant obligation year. We have already secured our biomethane requirements for the 2026 calendar year, and we are actively sourcing for calendar 2027 at the moment. Next slide please, Philip. Okay, on cash generation. CNG Fuels regenerated GBP 6.5 million of cash from operations in Q1 compared to an adjusted EBITDA of the GBP 4.9 million. The difference between the EBITDA and the operating cash flow primarily reflects the working capital movements associated with biomethane sourcing and RTFC generation and the timing of certificate sales and settlement. Working capital will generally fluctuate between quarters, of course.

Speaker #1: Next slide, please, Philip. Okay, so on cash generation, CNG Fuels that we generated 6.5 million pounds of cash from operations in Q1 compared to an adjusted EBITDA of the 4.9 million.

Speaker #2: Across the relevant obligation year. We've already secured the biomethane requirements for the 2026 calendar year, and we're actively sourcing for calendar 2027 at the moment.

Speaker #1: Difference between the EBITDA and the operating cash flow primarily reflects the working capital movements associated with biomethane sourcing and RTFC generation, and the timing of certificate sales and settlement.

Speaker #2: Next slide, please, Philip. Okay, so on cash generation: CNG Fuels generated £6.5 million of cash from operations in Q1, compared to an adjusted EBITDA of £4.9 million.

Speaker #1: Working capital will generally fluctuate between quarters, of course. Investment expenditure was 4 million pounds, primarily relating to the construction of the new stations at Magor and Swindon, obviously with Carlisle still to come soon.

Speaker #2: The difference between EBITDA and operating cash flow primarily reflects the working capital movement associated with biomethane sourcing and RTFC generation, as well as the timing of certificate sales and settlement.

Speaker #1: And this is an investment in growth to support the next phase of the network capacity. To help fund these stations, our financing activities, you can see provided a net inflow of approximately 2.8 million pounds, and that is and that also includes lease payments in the business, but it is important to notice that note that future station growth will be funded both through a combination of operating cash flow and through debt facilities.

Speaker #2: Working capital generally fluctuates between quarters, of course. Investment expenditure was £4 million, primarily relating to the construction of the new stations at Maygore and Swindon, obviously with Carlisle still to come soon.

Baden Gowrie-Smith: Investment expenditure was GBP 4 million, primarily relating to the construction of the new stations at Magor and Swindon, obviously with Carlisle still to come soon, and this is an investment in growth to support the next phase of the network capacity. To help fund these stations, our financing activities, you can see, provided a net inflow of approximately GBP 2.8 million. That also includes lease payments in the business, but it is important to note that future station growth will be funded both through a combination of operating cash flow and through debt facilities. Finally, as you can see, our operating cash balances increased from GBP 10.8 million to a very healthy GBP 15.6 million at 30 June. Next slide please, Philip. That brings us to the balance sheet and our current business resources.

Speaker #2: And this is an investment in growth to support the next phase of the network capacity. To help fund these stations, our financing activities, you can see provided a net inflow of approximately 2.8 million pounds, and that is and that also includes lease payments in the business, but it is important to notice that note that future station growth will be funded both through a combination of operating cash flow and through debt facilities.

Speaker #1: And finally, and you can as you can see, our operating of the cash balances increased from 10.8 million to a very healthy 15.6 million at the 30th of June.

Speaker #1: Next slide, please, Philip. So that brings us to the balance sheet. And our current business resources. Just before moving on to the CNG Fuels balance sheet, I wanted to briefly address the refuels level movement reported in the annual report.

Speaker #2: And finally, as you can see, our operating cash balances increased from $10.8 million to a very healthy $15.6 million as of June 30th.

Speaker #1: Following the year-end audit and valuation work, refuels recognized a non-cash accounting loss relating to the foresight transaction of 34.1 million, and a consolidated group loss of 71.6 million in the parent company accounts.

Speaker #2: Next slide, please, Philip.

Speaker #1: That brings us to the balance sheet and our current business resources. Just before moving on to the CNG Fuels balance sheet, I wanted to briefly address the ReFuels level movement reported in the annual report.

Baden Gowrie-Smith: Just before moving on to the CNG Fuels balance sheet, I wanted to briefly address the ReFuels level movement reported in the annual report. Following the year-end audit and valuation work, ReFuels recognized a non-cash accounting loss relating to the Foresight transaction of GBP 34.1 million and a consolidated group loss of GBP 71.6 million in the parent company accounts. This resulted in a consolidated loss of GBP 37.7 million, compared with the GBP 48.5 million of net profit reported in the preliminary figures of May 2026. To be clear, this movement reflects fair value remeasurement of, and loss of control accounting, not an operating cash loss or deterioration in the underlying CNG Fuels platform where the key value drivers very much remain intact. So onto CNG Fuels. At 30 June, we had total assets of GBP 235 million, an equity of GBP 86 million, representing an equity ratio of 36%.

Speaker #1: This resulted in a consolidated loss of 37.37 million compared with the 48.5 million of net profit reported in the preliminary figures of May 2026.

Speaker #1: Following the year-end audit and valuation work, ReFuels recognized a non-cash accounting loss relating to the Foresight transaction of $34.1 million, and a consolidated group loss of $71.6 million in the parent company accounts.

Speaker #1: To be clear, this movement reflects fair value remeasurement of loss of control accounting, not an operating cash loss or deterioration in the underlying CNG Fuels platform with a key value drivers very much remain intact.

Speaker #1: This resulted in a consolidated loss of $37.7 million, compared with the $48.5 million of net profit reported in the preliminary figures of May 2026.

Baden Gowrie-Smith: This resulted in a consolidated loss of GBP 37.7 million, compared with the GBP 48.5 million of net profit reported in the preliminary figures of May 2026. To be clear, this movement reflects fair value remeasurement of, and loss of control accounting, not an operating cash loss or deterioration in the underlying CNG Fuels platform where the key value drivers very much remain intact. So onto CNG Fuels. At 30 June, we had total assets of GBP 235 million, an equity of GBP 86 million, representing an equity ratio of 36%.

Speaker #1: So onto CNG Fuels, at 30th of June, we had total assets of 235 million, an equity of 86 million representing an equity ratio of 36%.

Speaker #1: Probably planned equipment was approximately 108 million, reflecting the operational station network and the balance will continue to increase with the construction at Magor, Swindon, and then Carlisle.

Speaker #1: So, onto CNG Fuels. At 30th of June, we had total assets of €235 million and equity of €86 million, representing an equity ratio of 36%.

Speaker #1: Quarterly cash balance of its 15.6 million and increase of 4.9 million from the previous quarter. And then lastly, the CNG Fuels has a 25 million pound credit facility of which 9.2 million pounds have been drawn.

Speaker #1: Property, plant, and equipment was approximately $108 million, reflecting the operational station network, and the balance will continue to increase with the construction at Maygore, Swindon, and then Carlisle.

Baden Gowrie-Smith: Property, plant and equipment was approximately GBP 108 million, reflecting the operational station network, and the balance will continue to increase with the construction at Magor, Swindon and then Carlisle. Quarterly cash balance was GBP 15.6 million, an increase of GBP 4.9 million from the previous quarter. Lastly, CNG Fuels has a GBP 25 million credit facility, of which GBP 9.2 million have been drawn. Finally, it is made note the balance sheet also includes GBP 110 million of shareholder loans. These form a part of the post-transaction capital and should be distinguished from external bank debt. These are shareholder loans, they say. That is in summary, a very positive Q1 result. Thank you.

Speaker #1: Finally, I'd actually just made note the balance sheet also includes 110 million pounds of shareholder loans. These form a part of the post-transaction capital, and should be distinguished from external bank debt.

Speaker #1: Quarterly cash balance is £15.6 million, an increase of £4.9 million from the previous quarter. And then lastly, CNG Fuels has a £25 million credit facility, of which £9.2 million has been drawn.

Speaker #1: These are shareholder loans, they say. That is in summary a very positive Q1 result. I agree. Thank you.

Speaker #1: Finally, I'd actually just note that the balance sheet also includes £110 million of shareholder loans. These form a part of the post-transaction capital and should be distinguished from external bank debt.

Speaker #2: Thank you very much, Biden. We will move on a brief summary before we go into Q&A and get another reminder that if you want to ask questions and feel free to do so.

Speaker #1: These are shareholder loans, they say. So that is, in summary, a very positive Q1 result. I agree. Thank you.

Speaker #2: And post those now. So in the past, we've talked about what we could be as a company or what we could be doing in 2028, 2030, et cetera.

Speaker #3: Thank you very much, Bayden. We will move on to a brief summary before we go into Q&A, and another reminder that if you want to ask questions, please feel free to do so.

Philip Fjeld: Thank you very much, Baden. We will move on. A brief summary before we go into Q&A and yet another reminder that if you want to ask questions, then feel free to do so and post those now. In the past, we talked about what we could be as a company or what we could be doing in 2028, 2030, et cetera. As I showed on one of the previous slides, we do have visibility out to 2030 that we feel is conservative of reaching 8,000 CNG HDVs by that time. Clearly, things can happen globally, geopolitical events, terrible economy from in the years, et cetera.

Speaker #2: As I showed on one of the previous slides, we do have visibility out to 2030, but we feel as conservative of reaching 8,000 CNG HGVs by that time.

Speaker #3: And post those now. So, in the past, we've talked about what we could be as a company, what we could be doing in 2028, 2030, etc.

Speaker #2: Clearly, things can happen globally, geopolitical events, terrible economy from in the years, et cetera, et cetera. But all else, all else stable, all else neutral, we feel that is very much something that we can achieve.

Speaker #3: As I showed on one of the previous slides, we do have visibility out to 2030, but we feel it's conservative to expect to reach 8,000 CNG HGVs by that time.

Speaker #2: If you then look at where we've come from as a company, we've spent many, many years building what we can now only, I think, refer to as a very comprehensive platform.

Speaker #3: Clearly, things can happen globally—geopolitical events, terrible economy from the years, etc., etc. But all else, all else stable, all else neutral, we feel that is very much something that we can achieve.

Speaker #2: It takes time to build out a new industry, takes time to build out infrastructure. That is now starting to the seeds that we've been planting for many, many years, have now given us crops basically that we can start harvesting and you're seeing that through the EBITDA growth that we are showing, and as Biden showed, a couple of slides ago, also through being in a strong cash generative position.

Philip Fjeld: But all else stable, all else neutral, we feel that is very much something that we can achieve. If you then look at where we've come from as a company, we've spent many, many years building what we can now only, I think, refer to as a very comprehensive platform. It takes time to build out a new industry, takes time to build out infrastructure. That is now starting to, the seeds that we've been planting for many, many years have now given us crops basically that we can start harvesting, and you're seeing that through the EBITDA growth that we are showing and as Baden showed a couple of slides ago, also through being in a strong cash generative position. And that then puts us on track once again, by 2030 of getting us to GBP 100 million plus or minus EBITDA, potentially.

Speaker #3: If you then look at where we've come from as a company, we've spent many, many years building what we can now only, I think, refer to as a very comprehensive platform.

Speaker #3: It takes time to build out a new industry, takes time to build out infrastructure. That is now starting to the seeds that we've been planting for many, many years, have now given us crops, basically, that we can start harvesting and you're seeing that through the EBITDA growth that we are showing.

Speaker #2: And that then puts us on track once again in by 2030 of getting us to 100 million plus minus EBITDA potential. So in summary, we are seeing higher station profitability without the help of biomethane sourcing and certificate generation, second quarter in a row where the stations are now cash flow sorry, EBITDA.

Speaker #3: And as Bayden showed a couple of slides ago, also through being in a strong cash-generative position. And that then puts us on track, once again, in.

Speaker #3: But by 2030, of getting us to $100 million, plus or minus, EBITDA potential. So, in summary, we are seeing higher station profitability without the help of biomethane sourcing and certificate generation—second quarter in a row where the stations are now cash flow, sorry, EBITDA positive.

Speaker #2: EBITDA positive. We are also seeing that the strategy we have of matching biomethane purchases to RTFC sales is a very good, useful strategy to have in a volatile world, and that is supporting our EBITDA growth.

Philip Fjeld: So in summary, we are seeing higher station profitability without the help of biomethane sourcing and certificate generation. Second quarter in a row where the stations are now EBITDA positive. We are also seeing that the strategy we have of matching biomethane purchases to RTFC sales, is a very good, useful strategy to have in a volatile world, and that is supporting our EBITDA growth. The visibility of the trucks out to 2030 we feel, is strong, and we need more stations in order to deliver on that. Hence it's great to see three more fixed stations, permanent stations in build. And of course, we are continuing to increase our mobile refueling station fleet. And finally, we are reiterating our guidance of GBP 16 million to GBP 20 million for this financial year. And of course, we will continue to provide an update on that as we progress through the year.

Speaker #2: The visibility of the trucks out to 2030, we feel is strong, and we need more stations in order to deliver on that. Hence, it's great to see three more fixed stations in a permanent stations in build, and of course, we are continuing to increase our mobile refueling station.

Speaker #3: We are also seeing that the strategy we have of matching biomethane purchases to our sales is a very good, useful strategy to have in a volatile world, and that is supporting our EBITDA growth.

Speaker #3: The visibility of the trucks out to 2030, we feel, is strong. And we need more stations in order to deliver on that. Hence, it's great to see three more fixed, permanent stations in build, and of course, we are continuing to increase our mobile refueling stations.

Speaker #2: And finally, we are reiterating our guidance of 16 to 20 million for this financial year, and of course, we will continue to provide an update on that as we progress through the year.

Philip Fjeld: The visibility of the trucks out to 2030 we feel, is strong, and we need more stations in order to deliver on that. Hence it's great to see three more fixed stations, permanent stations in build. And of course, we are continuing to increase our mobile refueling station fleet. And finally, we are reiterating our guidance of GBP 16 million to GBP 20 million for this financial year. And of course, we will continue to provide an update on that as we progress through the year.

Speaker #2: And with that, I will stop sharing, and then we will hopefully take some questions here.

Speaker #3: And finally, we are reiterating our guidance of $16 to $20 million for this financial year. Of course, we will continue to provide updates on that as we progress through the year.

Speaker #1: Thank you, Philip. So we have received a couple of questions, and the first question is on the gas prices. How is CNG Fuels impacted by higher natural gas prices?

Speaker #3: And with that, I will stop sharing, and then we will hopefully take some questions here.

Philip Fjeld: And with that, I will stop sharing and then we will hopefully take some questions here.

Speaker #2: I mean, Biden, sorry, mentioned that briefly. Our we are not exposed to that or CNG Fuels sorry, CNG Fuels as the station owner operator is not exposed to those prices.

Speaker #1: Good. Thank you, Philip. So, we have received a couple of questions. The first question is on gas prices: How is CNG Fuels impacted by higher natural gas prices?

Moderator: Good. Thank you, Philip. So we have received a couple of questions, and the first question is on the gas prices. How is CNG Fuels impacted by higher natural gas prices?

Operator: Good. Thank you, Philip. So we have received a couple of questions, and the first question is on the gas prices. How is CNG Fuels impacted by higher natural gas prices?

Speaker #2: Our customers pay more if the price goes up, and they pay less if the price goes down. I think what's important here is really the spread to diesel.

Speaker #3: I mean, Bayden, sorry, mentioned that briefly. Our we are not exposed to that, or CNG Fuels, sorry, CNG Fuels as a station owner operator is not exposed to those prices.

Philip Fjeld: Baden mentioned that briefly. We are not exposed to that or CNG Fuels as a station owner operator is not exposed to those prices. Our customers pay more if the price goes up, and they pay less if the price goes down. I think what is important here is really the spread to diesel. What we have seen, sure there is month-on-month volatility, but what we have seen here, since the conflict in the Middle East started, is that the spread that our customers are paying has remained the same or has increased for certain months. In summary, we are not exposed directly to the high natural gas prices. What is important here is the spread, and we see that those move in tandem and have historically moved in tandem.

Speaker #2: And what we've seen sure there is month on month volatility, but what we have seen here since the conflict in the Middle East started is that the spread that our customers are paying has remained the same or has increased for certain months.

Speaker #3: Our customers pay more if the price goes up, and they pay less if the price goes down. I think what's important here is really the spread to diesel.

Speaker #2: So in summary, we aren't exposed directly to the high natural gas prices. What's important here is the spread, and we see that those move in tandem and have historically moved in tandem.

Speaker #3: And what we've ve seen sure there is month on month volatility, but what we have seen here since the conflict in the Middle East started is that the spread that our customers are paying has remained the same or has increased for certain months.

Speaker #1: Huge. Then we have one question on CAPEX. So how much CAPEX does the business require to hit the full year 2030 EBITDA target?

Speaker #3: So in summary, we aren't exposed directly to the high natural gas prices. What's important here is the spread, and we see that those move in tandem and have historically moved in tandem.

Speaker #3: Yeah, I can take that one. So obviously, we're currently building stations 17 to 19 at the moment. The EBITDA target in 2030 assumes an additional six stations developed over the next 24 the 24 months subsequent prior to that.

Speaker #1: Good. Then we have one question on CapEx. So, how much CapEx does the business require to hit the full-year 2030 EBITDA target?

Moderator: Good. We have one question on CapEx. How much CapEx does the business require to hit the FY27 EBITDA target?

Operator: Good. We have one question on CapEx. How much CapEx does the business require to hit the FY27 EBITDA target?

Speaker #3: Of course, some of those new stations towards the back end won't have time to have ramped up before 2030 target, but in general, our sites have cost us somewhere between 8 and 10 million pounds depending on the land cost and over the last couple of years.

Speaker #2: Yeah, I can take that one. So, obviously, we're currently building stations 17 to 19 at the moment. The EBITDA target in 2030 assumes an additional six stations developed over the 24 months subsequent to that.

Baden Gowrie-Smith: Yeah, I can take that one. We are currently building stations 17 to 19 at the moment. The EBITDA target in 2030 assumes an additional six stations are developed over the next 24 months, subsequent, prior to that. Of course some of those new stations towards the back end will not have time to have ramped up before 2030 target. But, in general, our sites have cost us somewhere between GBP 8 million and GBP 10 million, depending on the land cost over the last couple of years. So, another six stations within that range, we would expect, which again, will be funded through operational cash flow and most likely an increased debt facility.

Speaker #3: So another six stations within that range we would expect which again would be funded through operational cash flow and an increased most likely an increased debt facility.

Speaker #2: Of course, some of those new stations towards the back end won't have time to have ramped up before 2030’s 2030 target. But in general, our sites have cost us somewhere between £8 million and £10 million, depending on the land cost and over the last couple of years.

Speaker #1: Good. I have one question on RTFCs. So how much of the RTFCs for the next obligation year have you already sold, and what are the current forward prices?

Speaker #2: So, another six stations within that range we would expect, which again would be funded through operational cash flow and, most likely, an increased debt facility.

Speaker #3: So as I've already said, we have sold all of this year's. At prior prices, and have been active now for a few quarters in next year in the 2027 obligation year.

Speaker #1: Good. I have one question on RTFCs. So, how much of the RTFCs for the next obligation year have you already sold, and what are the current forward prices?

Moderator: Good. One question on RTFCs. How much of the RTFCs for the next obligation year have you already sold, and what are the current forward prices?

Operator: Good. One question on RTFCs. How much of the RTFCs for the next obligation year have you already sold, and what are the current forward prices?

Speaker #3: We can't disclose, of course, given that we are now we are a fairly we are a fairly significant player in the liquid RTFC market.

Speaker #2: So, as I've already said, we have sold all of this year's at prior prices and have been active now for a few quarters in next year, in the 2027 obligation year.

Speaker #3: Given obviously the amount of biomethane that we generate and the RTFCs that we generate. So yeah, just for commercially sensitivity reasons, I can't disclose the number we have sold forward already for next year and how many we have remaining nor of course the prices.

Baden Gowrie-Smith: As I already had said, we have sold all of this year's at prior prices, and have been active now for a few quarters in next year, in the 2027 obligation year. We cannot disclose, of course, given that we are a fairly significant player in the liquid RTFC market, given obviously the amount of biomethane that we generate, and the RTFCs that we generate. Just for commercially sensitivity reasons, I cannot disclose the number we have sold forward already for next year and how many we have remaining, nor of course, the prices.

Speaker #2: We can't disclose, of course, given that we are now we are a fairly we are a fairly significant player in the liquid RTFC market.

Speaker #1: Then moving on to one question on truck growth. So what are the main bottlenecks to reach the 8,000 HGVs by end 2030, and what gives you confidence in this expectation?

Speaker #2: We're given, obviously, the amount of biomethane that we generate and the RTFCs that we generate. So, yeah, just for commercial sensitivity reasons, I can't disclose the number we have sold forward already for next year and how many we have remaining, nor, of course, the prices.

Speaker #2: So I'll deal with the last point first. What gives us confidence is we have very close relationships to the majority of our customers. Particularly the large ones, the ones that have been with us for many years.

Speaker #1: And moving on to one question on truck growth: What are the main bottlenecks to reaching 8,000 HDVs by the end of 2030, and what gives you confidence in this expectation?

Moderator: Then moving on to one question on truck growth. What are the main bottlenecks to reach the 8,000 HDVs by 2030, and what gives you confidence in this expectation?

Operator: Then moving on to one question on truck growth. What are the main bottlenecks to reach the 8,000 HDVs by 2030, and what gives you confidence in this expectation?

Speaker #2: They have communicated plans. If they haven't done it publicly, then they've done it towards us. And when we then collate all of those estimates that these customers are giving us, then that gives us good confidence with regards to their reduction plans over the coming years.

Speaker #3: So I'll deal with the last point first. What gives us confidence is we have very close relationships with the majority of our customers, particularly the large ones—the ones that have been with us for many years.

Philip Fjeld: I will deal with the last point first. What gives us confidence is we have very close relationships to the majority of our customers, particularly the large ones, the ones that have been with us for many years. They have communicated plans. If they have not done it publicly, then they have done it towards us. When we then collate all of those estimates that these customers are giving us, then that gives us good confidence with regards to their adoption plans over the coming years. Clearly we show that for the April to June quarter alone, we have 15 trials happening with 6x2s. We have now received our own demo vehicles, so we would expect that to ramp up going forward. Of course, in there, we would expect some of those fleets, quite a few of them probably, to order trucks as well.

Speaker #2: Clearly, we are we show that for the April to June quarter alone, we had 15 trials happening with six by twos. We have now received our own demo vehicles.

Speaker #3: They have communicated plans. If they haven't done it publicly, then they've done it towards us. And when we then collate all of those estimates that these customers are giving us, that gives us good confidence with regards to their adoption plans over the coming years.

Speaker #2: So we would expect that to ramp up going forward. And of course, in there, we would expect some of those fleets quite a few of them probably to order trucks as well.

Speaker #3: Clearly, we show that for the April to June quarter alone, we have 16 trials happening with six-by-twos. We have now received our own demo vehicles.

Speaker #2: So all in all, we have good confidence on our customers' plans to do so. Now, there are many things in this world outside of our control clearly, economy, economic factors, macro factors.

Speaker #3: So we would expect that to ramp up going forward. And of course, in there, we would expect some of those fleets—quite a few of them, probably—to order trucks as well.

Speaker #2: And so on and so forth. So what could sort of derail that? Good question. I mean, if we have a sustained if we have a sustained really bad economic growth in the UK for many years, and of course, that will affect truck replacements.

Speaker #3: So, all in all, we have good confidence in our customers' plans to do so. Now, there are many things in this world outside of our control, clearly.

Philip Fjeld: All in all, we have good confidence on our customers' plans to do so. Now, there are many things in this world outside of our control, clearly, economy, economic factors, macro factors, and so on and so forth. What could sort of derail that? Good question. If we have a sustained, really bad economic growth in the UK for many years, that of course will affect truck replacements. Here it is also important to understand that as of today, we have 2,250 plus trucks on the road that go through our network exclusively. There are about 165,000 articulated trucks in the UK. As such, we are somewhere in the range between 1.3%, 1.4% or whatever it is, of the overall articulated truck market are running on CNG today.

Speaker #2: But here is also important to understand that as of today, we have 2,250 plus trucks on the road that go through our network exclusively.

Speaker #3: The economy, economic factors, macro factors. And so on and so forth. So what could sort of derail that? Good question. I mean, if we have a sustained if we have a sustained really bad economic growth in the UK for many years, and of course, that will affect truck replacements but here is also important to understand.

Speaker #2: There are about 165,000 articulated trucks in the UK. So as such, we are somewhere in the range between 1.3, 1.4% or whatever it is of the overall articulated truck market are running on CNG today.

Speaker #2: So even if the overall need for replacement of vehicles goes down, then of course, that doesn't necessarily affect CNG orders the same. So overall, we're feeling quite good about it, but there are factors out there that could influence this.

Speaker #3: As of today, we have 2,250-plus trucks on the road that go through our network exclusively. There are about 165,000 articulated trucks in the UK.

Speaker #3: So, as such, we are somewhere in the range between 1.3, 1.4 percent—whatever it is—of the overall articulated truck market that is running on CNG today.

Speaker #2: Of course, on the policy side of things, we are starting to see some really helpful and I would say common sense moves here. The EU have been on the lead here for a couple of years, taking indicating more of a multi-fuel approach.

Speaker #3: So even if the overall need for replacement of vehicles goes down, then of course, that doesn't necessarily affect CNG orders the same. So overall, we're feeling quite good about it, but there are factors out there that could influence this.

Philip Fjeld: Even if the overall need for replacement of vehicles goes down, that doesn't necessarily affect CNG orders the same. Overall, we're feeling quite good about it, but there are factors out there that could influence this. Of course, on the policy side of things, we are starting to see some really helpful, and I would say common sense moves here. The EU have been on the lead here for a couple of years, indicating more of a multi-fuel approach. We now see the UK doing the same. That, all else equal, should be a positive for us over the coming years.

Speaker #2: We now see the UK doing the same. That all that's equal should be a positive for us over the coming years.

Speaker #3: Of course, on the policy side of things, we are starting to see some really helpful and, I would say, common-sense moves here. The EU has been in the lead here for a couple of years, indicating more of a multi-fuel approach.

Speaker #1: Good. And there's just one follow-up question to the earlier CAPEX question, and that's one clarification. So six more stations planned on top of the three currently under construction.

Speaker #1: Is that correct?

Speaker #3: I'll tell you the one again. Thanks, Phillip. So just to quickly set the scene, before I respond to that, we are 25 stations is our ambition to build in the essentially next year is an additional three and then three more the following year after that.

Speaker #3: We now see the UK doing the same. That, all else equal, should be a positive for us over the coming years.

Speaker #1: Good. Then there's just one follow-up question to the earlier Capex question, and that's one clarification. So, six more stations are planned on top of the three currently under construction.

Moderator: Good. Now there's just one follow-up question to the earlier CapEx question, and that's one clarification. Six more stations planned on top of the three currently under construction, is that correct?

Operator: Good. Now there's just one follow-up question to the earlier CapEx question, and that's one clarification. Six more stations planned on top of the three currently under construction, is that correct?

Speaker #3: That would take us to 25 stations by the end of in operations towards the end of 2020 towards the end of 2029 calendar year.

Speaker #1: Is that correct?

Speaker #2: I'll tell you that one again. Thanks, Phillip. So, just to quickly set the scene before I respond to that: our ambition is to build 25 stations essentially in the next year as an addition.

Speaker #3: We obviously our ambitions for far more stations than that after then, but it's important to note that the stations being built now will contribute to the EBITDA in 2030 with in some fashion.

Baden Gowrie-Smith: I'll take that one again. Thanks, Philip. Just to quickly set the scene before I respond to that. 25 stations is our ambition to build in the, essentially next year, is an additional three, and then three more the following year after that. That will take us to 25 stations in operations towards the end of 2029 calendar year. We obviously have ambitions for far more stations than that after then, but it's important to note that the stations being built now will contribute to the EBITDA in 2030 in some fashion. The stations built next year, less so, and the stations built the following year, probably very little, although they may contribute something to EBITDA. The vast majority, and I mean, the absolute lion's share of EBITDA in that 2030 figure, is from the stations that are already open now.

Speaker #2: And three more the following year after that. That would take us to 25 stations by the end of in operations towards the end of 2020 towards the end of 2029 calendar year.

Speaker #3: The stations built next year, less so, and the stations built the following year probably very little, although they may contribute something to EBITDA. The vast majority, and I mean the absolute lion's share of EBITDA that will be in that 2030 figure is from the stations that are already open now.

Speaker #2: We obviously have ambitions for far more stations than that after then. But it's important to note that the stations being built now will contribute to the EBITDA in 2030 in some fashion.

Speaker #3: So the 16 stations already open now will all be reached out many will be reached maturity, several will be coming through a sort of mid-stage maturity, and those are the ones that are really going to build it.

Speaker #2: The stations built next year, less so, and the stations built the following year probably very little, although they may contribute something to EBITDA. The vast majority—and I mean the absolute lion's share—of EBITDA that will be in that 2030 figure is from the stations that are already open now.

Speaker #3: So the reality is actually without the next stations, we would probably be very close to without this next six stations, we'll probably get very close to that number.

Speaker #3: Without the next six stations, we wouldn't continue to build this network effect that continues to drive adoption through the existing 16 sites. So they all help each other and it's a portfolio.

Speaker #2: So, the 16 stations already open now will all be reached out. Many will be reaching maturity; several will be coming through a sort of mid-stage maturity, and those are the ones that are really going to build it.

Baden Gowrie-Smith: The 16 stations already open now, many will be reaching maturity, several will be coming through a sort of mid-stage maturity, and those are the ones that are really going to build it. The reality is actually, without the next stations, we would probably be very close to it. Without this next six stations, probably get very close to that number. Without the next six stations, we wouldn't continue to build this network effect that continues to drive adoption through the existing 16 sites. They all help each other in it's the portfolio.

Speaker #1: Good. And then a question on volume increase. So as the volumes and trucks continue to increase, how do you see the operating leverage develop?

Speaker #2: So the reality is, actually, without the next stations, we would probably be very close to—without these next six stations, we'll probably get very close to that number.

Speaker #2: Without the next six stations, we wouldn't continue to build this network effect that continues to drive adoption through the existing 16 sites. So, they all help each other, and it's a portfolio.

Speaker #3: Yeah, sure. Absolutely. And I guess that comes to a very similar to my last answer. We have built a network now. It's pretty much a UK-wide network.

Speaker #3: We are filling in some of the final knows or we're filling and popping on a couple of final nodes, but then it's really mostly going to be filling in for the business.

Speaker #1: Good. And then a question on volume increase: As the volumes and trucks continue to increase, how do you see the operating leverage developing?

Moderator: Good. Then a question on volume increase. As the volumes and trucks continue to increase, how do you see the operating leverage develop?

Operator: Good. Then a question on volume increase. As the volumes and trucks continue to increase, how do you see the operating leverage develop?

Speaker #3: For us, we would have to we have to operate our stations 24/7. We have to operate them with 100% availability of CNG, which we do.

Speaker #2: Yeah, sure, absolutely. And I guess that comes back to something very similar to my last answer. We have built a network now—it's pretty much a UK-wide network.

Speaker #3: And to do that requires a certain amount of overhead, which we have outlaid over the years, as well as outlaying obviously on for our capacity to continue to build stations and add them to the network over time.

Philip Fjeld: You want to take that one?

Baden Gowrie-Smith: Yeah, sure, absolutely. I guess that comes very similar to my last answer. We have built a network now. It is pretty much a UK-wide network. We are filling in some of the final nodes, or we are popping on a couple of final nodes, but then it is really mostly going to be filling in for the business. For us, we have to operate our stations 24/7. We have to operate them with 100% availability of CNG, which we do. To do that requires a certain amount of overhead, which we have outlaid over the years, as well as outlaying obviously for our capacity to continue to build stations and add them to the network over time. So to have these capabilities does take a lot of overhead up front. We have reached essentially a level where we hit the mass we required for that.

Speaker #2: We are filling in some of the final nodes, or we're filling and popping on a couple of final nodes, but then it's really mostly going to be filling in for the business.

Speaker #3: So that to have these capabilities does take a lot of overhead up front. We have reached essentially a level where we have where we've hit where we hit the mass we required for that.

Speaker #2: For us, we have to operate our stations 24/7. We have to operate them with 100% availability of CNG, which we do.

Speaker #2: And to do that requires a certain amount of overhead, which we have outlaid over the years, as well as outlaying, obviously, for our capacity to continue to build stations and add them to the network over time.

Speaker #3: And over the last two years, we've had really very small increases in the overall operating cost of the business while recognizing very high volume increases.

Speaker #3: And it's our belief and our analysis that actually increasing our overhead by a relatively small amount, 20% to 30%, we could double or triple volume through the networks.

Speaker #2: So that to have these capabilities does take a lot of overhead up front. We have reached essentially a level where we have where we've hit where we hit the mass we required for that.

Speaker #3: And of course, you've already seen the operating leverage we have. When it comes to increases in volumes through the stations, from for instance, last year to tripling our EBITDA this year, just by getting up over those hurdles.

Speaker #2: And over the last two years, we've had really very small increases in the overall operating cost of the business, while recognizing very high volume increases.

Speaker #3: So we have real operating leverage to generate very substantial earnings in the years ahead with basically our cost base now.

Baden Gowrie-Smith: Over the last two years, we have had really very small increases in the overall operating cost of the business while recognizing very high volume increases. It is our belief and our analysis that actually increasing our overhead by relatively small amounts, 20% to 30%, we could double or triple volume through the networks. Of course, you have already seen the operating leverage we have when it comes to increases in volumes through the stations from, for instance, last year to tripling our EBITDA this year just by getting up over those hurdles. So we have real operating leverage to generate very substantial earnings in the years ahead with basically our cost base now.

Speaker #2: And it's our belief, and our analysis, that actually increasing our overhead by relatively small amounts—20% to 30%—we could double or triple volume through the networks.

Speaker #1: Good. And then a question on the market. You touched on this in the presentation, Phillip. So we see that what's required for the general UK transport truck market to turn?

Speaker #2: And of course, you've already seen the operating leverage we have. When it comes to increases in volumes through the stations, for instance from last year to tripling our EBITDA this year, just by getting up over those hurdles.

Speaker #2: So we have real operating leverage to generate very substantial earnings. Years ahead with basically our cost base now.

Speaker #2: It's a good question. I mean, eventually, trucks fall apart. I mean, that might sound a bit silly, but it is a reality. Right? You can only run a truck whether it's diesel or CNG or whatever energy vector a truck's run on.

Speaker #1: Good. And then a question on the market. You touched on this in the presentation, Phillip. So, we see that—what's required for the general UK transport truck market to turn?

Moderator: Good. Then a question on the market. You touched on this in the presentation, Philip. We see what's required for the general UK transport truck market to turn?

Operator: Good. Then a question on the market. You touched on this in the presentation, Philip. We see what's required for the general UK transport truck market to turn?

Speaker #2: A truck runs on, eventually, it will need replacement. All right? So there will need to come the cycle will need to start turning. But it's of course a factor of not only the fact that the trucks will need replacing, it's also a function of how much haulage volume is required.

Speaker #3: That's a good question. I mean, eventually, trucks fall apart. That might sound a bit silly, but it is a reality, right? You can only run a truck—whether it's diesel, CNG, or whatever energy vector a truck runs on—for so long.

Philip Fjeld: It's a good question. Eventually trucks fall apart. That might sound a bit silly, but it is a reality, right? You can only run a truck, whether it's diesel or CNG or whatever energy vector a truck runs on, eventually it will need replacing. All right? So the cycle will need to start turning. But it's of course a factor of not only the fact that the trucks will need replacing, it's also a function of how much haulage volume is required. Of course, that's a function of the economy. But the industry is expecting, potentially we'll see, it's only August now and the data lags a bit, was expecting 2026 to be a bit of a turning point with the three years where truck orders or truck deliveries of new trucks have shown a downward trajectory.

Speaker #2: And of course, that's a function of the economy. But the industry was expecting, is expecting potentially we'll see if it's only August now and data lags a bit, was expecting 2026 to be a bit of a turning point with a three years where truck orders or truck deliveries of new trucks have shown a downward trajectory.

Speaker #3: A truck runs on, eventually, it will need replacement. All right? So there will need to come the cycle will need to start turning. But it's, of course, a factor of not only the fact that the trucks will need replacing, it's also a function of how much haulage volume is required.

Speaker #2: Clearly, we've got geopolitics currently, which are hard and you have to remember that the vast majority of our customers are still operate diesel trucks or the majority of the trucks are still operate are diesel.

Speaker #3: And of course, that's a function of the economy. But the industry was expecting—or is expecting, potentially; we'll see—it's only August now, and data lags a bit. The industry was expecting 2026 to be a bit of a turning point.

Speaker #2: With diesel prices coming up 30%, 40%, some of them will have clauses where they can pass that on to the customers, some won't. So clearly in there, that's going to be a huge hit to operating cash flow, which again is have an impact on how much CAPEX can they spend on new trucks.

Speaker #3: We've had three years where truck orders or truck deliveries of new trucks have shown a downward trajectory. Clearly, we've got geopolitics currently, which are hard, and...

Speaker #3: So you have to remember that the vast majority of our customers still operate diesel trucks, or that the majority of the trucks still operated are diesel.

Speaker #2: So several points here that and variables here that impact when this will turn. All else equal, it would have expected this year to turn.

Philip Fjeld: Clearly, we've got geopolitics currently, which are hard, and you have to remember that the vast majority of our customers still operate diesel trucks, or the majority of the trucks that they operate are diesel. With diesel prices coming up 30%, 40%, some of them will have clauses where they can pass that on to the customers, some won't. Clearly in there, that's going to be a huge hit to operating cash flow, which again, is going to have an impact on how much CapEx can they spend on new trucks. So, several points here, and variables here that impact when this will turn. All else equal, you would've expected this year's turn. Now it might drag on into 2027, but eventually it has to turn because trucks literally fall apart, and as such, we need replacements on the road.

Speaker #3: With diesel prices coming up 30, 40%, some of them will have clauses where they can pass that to the customers; some won't. So clearly, in there, that's going to be a huge hit to operating cash flow, which again is going to have an impact on how much CapEx they can spend on new trucks.

Speaker #2: Now it might drag on into 2027. But eventually, it has to turn because trucks literally fall apart and there's the as such, we need replacements on the road.

Speaker #3: So, there are several points and variables here that impact when this will turn. All else equal, we would have expected this year to turn.

Speaker #1: Good. Then we have one further question. Is there an update concerning your international expansion, especially given the significantly increased investment in the space?

Speaker #3: Now, it might drag on into 2027. But eventually, it has to turn because trucks literally fall apart and, as such, we need replacements on the road.

Speaker #2: Yeah, good question. So first of all, let's look at what let's look at our home market and states of the home market. It's not like we are constrained by lack of growth opportunities in the UK.

Speaker #1: Good. Then we have one further question. Is there an update concerning your international expansion, especially given the significantly increased investment in the space?

Speaker #2: Right? We have decades left of growth here. So as such, we will and we're very focused on making sure that we execute well on our home market, which is the UK.

Moderator: Good. Then we have one further question. Is there an update concerning your international expansion, especially given the significantly increased investments in the space?

Operator: Good. Then we have one further question. Is there an update concerning your international expansion, especially given the significantly increased investments in the space?

Speaker #3: Yeah, good question. So first of all, let's look at what let's look at our home market and. Of a home market. It's not like we are constrained by lack of growth opportunity in the UK.

Speaker #2: And as such, that we deliver on the operational leverage that Baden was talking about and we continue to take advantage of our market position here.

Philip Fjeld: Yeah. Good question. First of all, let's look at our home market and the states of our home market. It's not like we are constrained by lack of growth opportunity in the UK. We have decades left of growth here. As such, we're very focused on making sure that we execute well on our home market, which is the UK, and as such that we deliver on the operational leverage that Baden was talking about, and we continue to take advantage of our market position. Anything that we do internationally shouldn't detract and shouldn't really jeopardize what we're doing in the UK, because here we haven't run out of road when it comes to growth. If you then look internationally, we will be constructive and opportunistic as to what we do internationally.

Speaker #2: So anything that we do internationally shouldn't detract and shouldn't really jeopardize what we're doing in the UK. Because here, we haven't run out of road when it comes to growth.

Speaker #3: We have decades left of growth here. So, as such, we will—and we're very focused on making sure that we execute well on our home market, which is the UK.

Speaker #2: If you then look internationally, we will be constructive and. Opportunistic as to what we do internationally. It's taken us 12 years to build what we've created and build what we've done in the UK.

Speaker #3: And as such, we deliver on the operational leverage that Baden was talking about, and we continue to take advantage of our market position here.

Speaker #3: So anything that we do internationally shouldn't detract from or jeopardize what we're doing in the UK, because here, we haven't run out of road.

Speaker #2: For us to go into international market organically and start from scratch, with hiring people and permitting and building stuff, that makes no sense. So what we would do internationally either we would need to do it through JVs or we would need to do it through M&A.

Speaker #3: When it comes to growth, if you then look internationally, we will be constructive and, slash, opportunistic as to what we do internationally. It's taken us 12 years to build what we create and build what we've done in the UK.

Speaker #2: M&A requires capital and so on and so forth. So that is of course something that we're continuously monitoring. There have been some interesting opportunities in the past that we've said no to for various reasons.

Philip Fjeld: It's taken us 12 years to create and build what we've done in the UK. For us to go into international market organically and start from scratch with hiring people and permitting and building stuff, that makes no sense. What we would do internationally, either we would need to do it through JVs or we would need to do it through M&A. M&A requires capital and so on and so forth. That is, of course, something that we're continuously monitoring. There have been some interesting opportunities in the past that we've said no to for various reasons. We will continue to monitor it in 2027 and 2028.

Speaker #3: For us to go into international markets organically and start from scratch—with hiring people and permitting and building stuff—that makes no sense. So, what we would do internationally, either we would need to do it through JVs, or we would need to do it through M&A.

Speaker #2: We will continue to monitor it in '27 and '28. There's no doubt that what we do in the UK, the scale we do the stations at, how we operate them, the IP we've got, is unique in the European context.

Speaker #3: M&A requires capital, and so on and so forth. So that is, of course, something we've been monitoring. There have been some interesting opportunities in the past that we've said no to for various reasons.

Speaker #2: And as such, it is something that is attractive to some of the core continental European markets. But yeah, it's not something we're going to just jump into for the sake of doing it.

Speaker #3: We will continue to monitor it in ’27 and ’28. There’s no doubt that what we do in the UK—the scale we build the stations at, how we operate, and the IP we’ve got—is unique in the European context.

Speaker #2: It needs to be right and it needs to tick the box of not jeopardizing what we're doing here in the UK because that's after all our bread and butter and is what's going to pay the bills and create shareholder value for the foreseeable future.

Philip Fjeld: There's no doubt that what we do in the UK, the scale we do the stations at, how we operate, and the IP we've got is unique in the European context, and as such, it is something that is attractive to some of the core continental European markets. But yeah, it's not something that we're going to just jump into for the sake of doing it. It needs to be right, and it needs to tick the box of not jeopardizing what we're doing here in the UK, because that, after all, our bread and butter, and is what's going to pay the bills and create shareholder value for the foreseeable future.

Speaker #3: And as such, it is something that is attractive to some of the core continental European markets. But yeah, it's not something we're going to just jump into for the sake of doing it.

Speaker #1: Good. Then there are no further questions. So I'll just hand it back to you, Phillip, to close the call.

Speaker #2: Thank you, Alan, for those questions. Thank you for everyone who's tuned in live or catching up on this later on. Yeah, strong quarter. We're really looking forward to coming back here in the next months to update you or on our Q2.

Speaker #3: It needs to be right, and it needs to tick the box of not jeopardizing what we're doing here in the UK, because that's, after all, our bread and butter and is what's going to pay the bills and create shareholder value for the foreseeable future.

Speaker #1: Good. Then there are no further questions, so I'll just hand it back to you, Phillip, to close the call.

Speaker #2: Lots of exciting stuff going on in our space. So if you don't already receive our news update, please go on to refuels.com and you can register there to get these sent to you whenever they go live.

Moderator: Good. There are no further questions, so I'll just hand it back to you, Philip, to close the call.

Operator: Good. There are no further questions, so I'll just hand it back to you, Philip, to close the call.

Speaker #3: Thank you, Alan, for those questions. Thank you to everyone who's tuned in live or catching up on this later on. Yeah, strong quarter. We're really looking forward to coming back here in the next months to update you on our Q2.

Philip Fjeld: Thank you, Allen, for those questions. Thank you to everyone who has tuned in live or is catching up on this later on. Yeah, strong quarter. We are really looking forward to coming back here in the next months to update you on our Q2. Lots of exciting stuff going on in our space. So if you do not already receive our news updates, please go onto refuels.com and you can register there to get these sent to you whenever they go live. So yeah, looking forward to seeing you on the next one, and thank you once again.

Speaker #3: Lots of exciting stuff going on in our space. So if you don't already receive our news update, please go onto refuels.com and you can register there to get these sent to you whenever they go live.

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