ReFuels boosts guidance on record volumes, eyes dual listing

ReFuels N.V. announced a strong second quarter and first half of fiscal year 2026, with dispensed biomethane volumes across its CNG Fuels network increasing by 16% year-over-year. This led to a 190% jump in CNG Fuels' Q2 2026 EBITDA to £2.9 million, prompting ReFuels to raise its FY 2026 EBITDA guidance to £10-12 million, up from the previous £8-10 million. The company highlights the increasing adoption of Bio-CNG, particularly with fleet operators introducing larger 6x2 CNG trucks.

The company is progressing with its expansion plans, with three new high-capacity stations expected to be completed in 2026, supported by operational cash flow and a new £25 million five-year debt facility from Foresight Group. ReFuels aims to double its refuelling capacity to serve 20,000 heavy goods vehicles per day by the end of 2028. To support long-term growth and broaden its investor base, ReFuels is also considering an uplisting from Euronext Growth Oslo or a dual listing during 2026.

Financially, CNG Fuels reported Q2 2026 revenue of £35.7 million and a gross profit of £7.7 million, driven by higher dispensed volumes and increased value generation from Renewable Transport Fuel Certificates (RTFCs). The company generated and sold 62.5 million RTFCs in the quarter, contributing significantly to profitability.