ReFuels has released Q1 results, the first following the completion of the transaction with Foresight, which has displayed strong growth in the underlying CNG Fuels business in the first quarter. Management have now guided to CNG Fuels EBITDA £8-£10m for FY26 (40% attributable to ReFuels), with station level EBITDA of £1.4m in Q1 from revenues of £29.6m. This has been driven by a combination of increasing dispensed volumes and continued RTFC strength, with pricing at around 26p delivering a margin of c.30% for the business. We have updated our model to reflect the presentation of the financials driven by the new group structure and our central case valuation remains unchanged at NOK28.
