Norway · Delayed Price · Currency is NOK ReFuels Earnings Call Transcripts
Fiscal Year 2026
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EBITDA guidance was raised to £13–15 million on strong operational performance and margin gains. Infrastructure expansion continues, with robust biomethane supply and a unique station model supporting growth. Long-term targets remain on track, with management confident in future prospects.
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Q3 saw a 10x year-over-year EBITDA increase and a 22% revenue rise, driven by higher volumes and operational efficiencies. Full-year EBITDA guidance was raised to GBP 13–15 million, with strong market leadership and continued network expansion.
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Achieved 20% revenue growth and quadrupled EBITDA year-over-year, raising full-year EBITDA guidance to GBP 10–12 million. Secured GBP 25 million in debt for network expansion, with strong market demand and plans to double capacity by 2028.
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Strong volume and revenue growth, improved gross margins, and first-time EBITDA guidance of GBP 8–10 million highlight a positive Q1 2026. Network expansion and upstream integration continue, with robust cash and equity positions supporting future growth.
Fiscal Year 2025
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Volume and revenue grew strongly, with EBITDA guidance raised and operational efficiencies driving margin gains. Customer adoption is accelerating, especially for 6x2 trucks, and new funding will double capacity by 2028. Strategic initiatives include a potential uplisting and robust biomethane sourcing.
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Debt facility secured to fund expansion to 25 stations, with no need for further equity for organic growth. Biomethane adoption is accelerating, customer base is diversifying, and the business is now profitable, targeting £100 million EBITDA by 2030.
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A £25 million debt facility enables accelerated station rollout and supports a three-year expansion plan, with strong operational growth, rising RTFC prices, and robust cash flows positioning the business to achieve £100 million EBITDA by 2030. Expansion into Ireland is under consideration.
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Achieved first profitable quarter since listing, with strong EBITDA and gross profit growth. Fully sourced for 2025 biomethane, expanding station network, and expecting accelerated growth as 6x2 truck adoption rises. Positive cash flow and robust market outlook support future expansion.
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Achieved first quarterly profit since listing, with strong EBITDA and gross profit growth year-over-year. Expansion plans include nine new stations and increased mobile refueling capacity, supported by robust customer demand and a solid financial position.
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A major transaction with Foresight has integrated three business verticals, expanded the station network, and simplified the financial structure, positioning the group for accelerated growth and improved debt capacity. Strong market demand, robust biomethane supply, and a flexible funding model support ambitious expansion plans.
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A major transaction has consolidated three business verticals into a single Bio-CNG platform, enabling self-funded growth and improved access to debt markets. Plans include doubling refueling capacity, expanding station networks, and leveraging strong market positioning, with no need for additional equity raises.
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Q3 2025 saw 18% year-over-year volume growth, a doubling of gross profit, and a recovery in RTFC margins as biofuel markets stabilized. The business is nearly fully sourced for 2025, with new truck models and station expansion expected to accelerate growth.
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Q2 saw 20% year-over-year growth, a return to profitability, and strong RTFC sales as market conditions improved. Truck deliveries are accelerating, margins are recovering, and new long-term biomethane supply agreements support future growth.
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Quarterly revenues rose to GBP 35.8 million with positive EBITDA, driven by record dispense volumes and improved RTFC margins. Market recovery, new station openings, and strong demand for 6x2 trucks support a positive outlook, with further growth expected as the Foresight transaction completes.
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Q1 saw strong growth in EBITDA, gross profit, and truck adoption, with margins recovering and a robust order book. Expansion continues with new stations and a focus on biomethane, while funding for further growth depends on finalizing the Foresight structure.