Arctic: ReFuels - Scaling Up UK's Leading Biomethane Network

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Arctic: ReFuels - Scaling Up UK's Leading Biomethane Network

ReFuels Buy Hold

REFL NO | Circular Economy | Equity Company Update | 05 June 2026 | 09:03 Sell

Scaling Up UK's Leading Biomethane Network Financials and estimates changes Target NOK 20.00 (45.00)

In April 2025, ReFuels (REFL) combined its biomethane sourcing and RTFC trading Highlights

operations with Foresight’s UK biomethane station network into a fully integrated clean Recommendation Buy

Target Price NOK 20.00

fuel company, CNG Fuels, with the ownership split 40/60 between REFL and Foresight. (45.00)

Through the transaction, REFL has practically become a holding company with all revenue Share Price NOK 15.9

generating activities consolidated in CNG Fuels. The current station network (16 stations) Upside (%) 25.8

can serve ~11,000 trucks, with CNG Fuels targeting capacity of ~20,000 trucks by 2030 Market cap (NOKm) 960

through addition of 9 stations (three of which are currently under construction). The station Enterprise Value (GBPm) 77

business provides a stable contribution driven by the compression fee charged for each Number of shares (m) 60

kilogram of fuel delivered, with the current EBITDA split heavily skewed towards the RTFC 12 months share price performance:

business. We project ~25% truck CAGR over the next five years driving EBITDA growth and

28.67 Performance (%) 3M 6M 1Y

positioning the company to address its complex capital structure. Our base case scenario REFLOSEBXNO 8.9%8.9% 21.4%21.4% -9.7%-9.7%

in the new structure derives NOK 20 per REFL share. Buy. 26.33

24.00

21.67CNG adoption in the 6x2 truck segment key growth driver

19.33CNG Fuels serves the UK truck market, with its key segments being articulated 4x2 trucks and

17.006x2 trucks.