ReFuels has reported FY 2026 CNG Fuels EBITDA of £14.2m, in line with guidance and more than doubling year-on-year, as Bio-CNG adoption accelerates across the UK heavy haulage sector. Full-year revenues at CNG Fuels grew 15% to £154.1m, while gross profit expanded 41% to £33.3m, reflecting improved certificate margins and early operating leverage from the station network. Q4 was softer quarter-on-quarter, with EBITDA of £4.5m compared to £5.6m in Q3, primarily due to fewer RTFCs sold and lower gas prices, though certificate margins of 26% improved from 22.6% in the prior year period. The Strait of Hormuz closure, which drove diesel and HVO prices up over 30% since February, materially widened the fuel cost advantage of Bio-CNG to 22–29% versus diesel and over 40% versus HVO, reinforcing the commercial case for fleet conversion.
