ReFuels has delivered a strong H1 26 performance, upgrading their full year expectations for EBITDA to £10-12m from the prior £8-10m at the CNG Fuels business level (with our forecasts below reflecting the ReFuels parent company). This has predominantly been driven by increased dispensed volumes and an increase in the RTFC price over the year. This is the first set of interim results we have seen for the business as a consolidated, fully integrated biomethane producer and distributor and the underlying CNG Fuels business now looks set to reach break-even in H1 27, as customer bio-CNG fleets grow and new stations come online. This is a strong set of interim results from ReFuels following the Foresight transaction and the business now looks set for growth, financially and operationally.
