Thank you very much, Erling. Welcome to everyone this morning who is either watching it live or on catch up.

As Erling said, please feel free to send through some questions, and then Baden and I will get into that in a bit. As per usual, I'll take you through the highlights of the quarter, a bit of the market developments.

Baden will then do the financial update, and then we'll round off and take some questions. As per usual, just reminding you what we do.

We've got stations, very large public-access stations and mobile refuelling stations in the UK that are decarbonising large trucks primarily, also known as HGVs. Currently, we've got north of 2,250 trucks going through our stations exclusively.

In the last 6 years, we've saved our customers north of £65 million worth of fuel costs. In the last calendar year, about 250,000 tonnes of greenhouse gas emissions.

As we always say, this is no longer a niche application that is just being used by a handful of large fleets. We are now getting close to 200 customers that are using our station network every day.

Once again, just a bit of a refresher as to the underlying structure here. ReFuels owns 40% of CNG Fuels, which is an integrated clean fuel platform that sources biomethane, generates certificates, trades those, and then through RTFS.

Then downstream, we have the CNG Fuels network in the UK that you just saw on the map previously. This is an example of one of our stations, Warrington, between Manchester and Liverpool.

It has taken time to build out the network. Now, we are moving into a phase where we are cash generative.

We are profitable, as you will see from our earnings today. This is a good example of a typical station that we developed.

They're unmanned. As such, the drivers do all the work.

We remotely monitor them, have a team of engineers that will come out and make repairs if need be. Currently here, we are refuelling more than 300 trucks a day, and it is currently north of 50% capacity.

This station alone has the ability over time to refuel more than 600 trucks daily. If we then look at the highlights of this quarter, our adjusted EBITDA has more than tripled compared to the same period last year to £4.9 million.

We reiterate our guidance of £16 to £20 million worth of adjusted EBITDA for this financial year. Two main drivers for that.

It's increased station profitability and attractive margins of sourcing biomethane and generating RTFCs. We are expecting more than 900 new CNG trucks to be delivered over the next 12 to 18 months, putting us on a clear trajectory towards more than 8,000 HGVs going through our network by 2030.

As you'll see a bit later on, there is growing political support for a multi-fuel approach to decarbonise trucks. Previously, that has been heavily focused towards electrification.

There is now more realism creeping in, and we're starting to see that once again on some slides later on. Finally, we just recently announced that our third high-capacity station, that one is in Carlisle, has gone into construction, and we've now got three stations simultaneously in construction that will come online over the next 9 months.

Baden will go through the financial section here a bit later. If we then look at what's been going on in the world, particularly over the last 6, 7 months, the closure or the effective closure, or at least the difficulty of getting regular ships in and out of the Strait of Hormuz has meant that, yes, we have higher natural gas prices, which I'll talk a bit later on, but more importantly, we have even higher diesel prices.

As such, the savings of our customers of running CNG trucks today are greater than they were a while back. We see the same for HVO, which is 100% biodiesel.

We are now in a world where previously our customers were focused on saving money by running CNG trucks and going green. Now, they are also focused on energy security.

The way we look at the situation, there are no easy fixes to some of the underlying problems, particularly around the availability of diesel, which isn't only related to the Strait of Hormuz, it's also related to the Ukraine-Russia war with Ukraine becoming increasingly good and effective at striking Russian refineries. Russia used to be one of the largest exporters of diesel globally.

Now, they are potentially needing to import diesel. We have some structural issues here that are affecting the diesel market.

Yes, gas prices have come up, but here it's important to understand that diesel price as such and the spreads that our customers are looking at has increased since the outbreak of the war in the Middle East. We do face some headwinds in the UK with regards to the overall status of and the health of the UK haulage market.

It heavily expanded during the COVID years, and of course, it is a cyclical market. It's natural that there will take a time where it will also contract as vehicles, as there was maybe overexpansion, and then it will take a couple of years before it starts growing again.

However, it is also fair to say that the UK economy is not exactly in a strong position currently. We're seeing very meager growth in the UK sector, and more importantly, in the private sector, it's fair to say that conversations we're having with our customers, we are seeing a contraction in many parts of the private sector.

That of course has an effect on the need to replace trucks, which of course is a headwind for us in general. That said, a small percentage of the overall truck market is running on CNG trucks, so as such, it isn't affecting us as much as it will the diesel sector.

Couple of things still remain though. Biomethane offers 80% to 90% lower GHG emissions.

We are seeing lower fuel costs still despite natural gas price have come up in price. Why?

Because diesel and HVO in particular has done exactly the same. Therefore, we are continuing to see strong payback periods for our customers who are adopting CNG trucks even in the current environment.

We often get questions, is there enough biomethane around. As of today, there is far more biomethane chasing transport than there is transport demand, not only in the UK, but across Europe.

Since we started tracking these statistics about 12 to 18 months ago, the number of reported investments going into upstream expansion, that is additional biomethane production, has increased significantly. Last year, we're at £28 billion, now it's reported £36 billion.

Based on discussions that we are having with some of the large new platforms coming to market, infrastructure and PE platforms coming to market, I would not be surprised if that figure now is north of £40 billion. There's a lot of money going in upstream to increase production.

Some of that will be subsidised biomethane, meaning it's not going to go into transport, but some of it or quite a lot of it will be unsubsidised, and they will need to seek demand downstream, which is why we're quite optimistic about there being sufficient biomethane for the foreseeable future. We continue to talk about 6x2 adoption within the CNG space.

Good things are happening there. If we go back about a year ago, we had 12 fleets in the UK that were running CNG 6x2s.

As of this quarter or the quarter just gone, we have come up to 22 fleets, and there are more coming on every month. The number of 6x2 trucks in operation is also increasing along a trajectory that we have been expecting.

I think what was really important here is the number of trials we're seeing. There were 15 trials with 6x2 trucks completed in the April to June quarter.

As you can see from the 12 to 22 fleets, that is really an indication that this is starting to become a mainstream solution and that we're starting to see true mass adoption also for 6x2s. We have visibility through our customer base going out to 2030, our current large customer base going out to 2030, that they have plans to adopt plus-minus 8,000 CNG trucks by that time.

This, of course, does not take into account any new large customers that we're bringing on board, particularly through the 6x2 adoption. As such, we have good visibility that the growth trajectory that we've communicated in the past is not only feasible, but is also very realistic and is something that we have strong confidence will actually be delivered over the coming 3 to 4 years.

Policy is always a topic that we can spend a lot of time discussing. What we're now starting to see, and we've been expecting this for years, is more realism starting to creep in, both from the political parties, but also through some of the large trade associations like Logistics UK and the Society of Motor Manufacturers and Traders.

They now see that the electrify everything approach isn't working, it's not delivering the type of growth and along the trajectory that was required. As such, technology neutrality is becoming a word that is finally being understood by many politicians.

As an example, the Conservative Party came out just a couple of weeks ago and said that they would back a technology-neutral approach and that the 2035-2040 dates that have been floating around is something that they will scrap. Mentioned construction, we've now got three stations into construction, highly anticipated stations.

Magor will open later this year, Swindon and Carlisle during the first half of next year. Construction is going well.

We're on track there for delivering those stations on time, and we've got a lot of customers who are really excited about them and who have been holding back truck orders, further truck growth until these stations went into construction and they could see that these were actually going to be delivered in the coming quarters. With that, I will hand it over to Baden.

Thank you very much, Philip. Let me run you through the financial performance of CNG Fuels for the first quarter.

CNG Fuels being the best proxy for the ReFuels performance and the value attributed to the shareholders. CNG Fuels delivered adjusted EBITDA of £4.9 million in Q1 compared to £1.4 million in the same quarter last year.

Adjusted EBITDA, as Philip mentioned, has more than tripled year-on-year. A reminder on adjusted EBITDA, they are essentially the removal of all non-cash non-cash fair value remeasurements and the value movements in the supported.

That improvement was supported by a combination of three factors: so higher bio-CNG volumes, stronger certificate margins, and increased scale benefits across the network as we've been growing. The certificate business remained the largest contributor, but most importantly, this was also the second consecutive quarter in which the station business produced a positive EBITDA.

That's an important milestone because it shows that the improving utilisation is increasingly translating into an additional and complementary earnings stream for the business. The certificate margin for the quarter was approximately 29%, although the average market price for RTFCs during the quarter was 19.2 pence.

Our realised selling price was 26.1 pence in the per certificate for the same period. That reflects the benefit of us of the forward contracts that we've been selling that we've been that we've been using that are already in place.

We are we are reiterating our guidance for FY '27 of £16 to £20 million based on the Q1 results, expected volume growth, and the visibility we have over the certificate earnings. We also continue to expect 15% to 20% growth in dispensed biomethane volumes for the whole financial year, although noting, of course, Philip as Philip said, this be still a challenging market for haulage in the UK.

Next slide, please, Philip. This slide this slide shows how EBITDA growth is translating through the income statement.

Revenue for the quarter increased by 62% from £47.9 million to to £47.9 million from £29.6 million in Q1 last year. The revenue increase was driven by high dispensed volumes, high natural gas prices, and a greater number of certificates sold.

It's worth noting that the higher gas prices increase reported revenue, but our but as our customer arrangements seek to pass through the gas cost to customers, so that doesn't that doesn't naturally reflect the performance of the business. A much more meaningful measure of underlying progress therefore is the gross profit and EBITDA.

Gross profit increased by 74% to £9.4 million with £5.4 from £5.4 million last year. This reflects volume growth, improved certificate margins again, and the scale benefits from high utilisation.

RTFS contributed 58% of the total gross profit for the period, and the station business contributed 42% in the period too. Relatively even and obviously both very very very very good to see.

Adjusted EBITDA increased from 4. increased to £4.9 million, up 250% year-on-year.

Of that, RTFS contributed £4.3 million while the station business contributed £600,000. That £0.6 million contribution from the stations is strategically significant.

In the last year's annual report that we put out recently, the it showed that the annual station portfolio EBITDA was £5.5 million before the central CNG Fuels overheads. The Q1 result now demonstrates that with the relevant with the relevant station business costs and as as well as CNG Fuels overheads as well, we're now the network is now producing positive EBITDA for the second successive quarter.

At the bottom line, CNG Fuels report at the bottom line for profitability, CNG Fuels reported £0.3 million, which is much large is much larger profit than than Q1 last year, although that number was was swayed by an exceptional large accounting item, which makes it hard to compare, but but obviously is a positive to see the net bottom line result being positive. Next slide, please, Philip.

Thank you. A key part of our earnings performance is how we manage the RTFC pricing and margin visibility.

This chart illustrates both the underlying RTFC market and the benefit of our forward sales strategy. RTFC pricing, as we've discussed before, but it's always useful to be to be reminded, is principally influenced by the spread between fossil diesel and waste-based biodiesel, or UCOME.

That underlying spread can be very volatile, and during the quarter, higher diesel prices associated with the disruption in global fuel markets narrowed the biodiesel to diesel spread and reduced spot RTFC prices. Despite the average market RTFC price being 19.2 pence in the quarter, we realised an average price of 26.1 pence on the certificates we sold.

This is because all of the RTFCs delivered in the quarter were delivered against forward contracts we entered into previously at higher prices. In total, we generated and sold 65.4 million RTFCs compared with 40.2 million in the corresponding quarter last year.

The realised pricing, together with the attractive biomethane sourcing, produced a certificate margin of 29.3%, up from 22.6% in Q1 last year. To be clear, our approach is not to speculate on RT on RTFC or certificate prices.

We seek to match contracted biomethane sourcing with forward RTFC sales at margins that are sustainably profitable across the relevant obligation year. We've already secured the our biomethane requirements for the 2026 calendar year, and we're actively sourcing for calendar 2027 at the moment.

Next slide, please, Philip. Okay.

On cash generation, CNG Fuels generated £6.5 million of cash from operations in Q1 compared to an adjusted EBITDA of £4.9 million. The difference between the EBITDA and the operating cash flow primarily reflects the working capital movements associated with biomethane sourcing and RTFC generation and the timing of certificate sales and settlement.

Working capital will generally fluctuate between the quarters, of course. Investment expenditure was £4 million, primarily relating to the construction of the new stations at Magor and Swindon, obviously with Carlisle still to come soon.

This is an investment in growth to support the next next phase of the network capacity. To help fund these stations, our financing activities, you can see, provided a net inflow of approximately £2.8 million.

That is and that also includes lease payments in the business. It is important to notice note that future station growth will be funded both through a combination of operating cash flow and through debt facilities.

Finally, and as you can see, operating the cash cash balance has increased from £10.8 million to a very healthy £15.6 million at the 30th of June. Next slide, please, Philip.

That brings us to the balance sheet and the and our and our current business resources. Just before moving on to the CNG Fuels balance sheet, I wanted to briefly address the ReFuels level movement reported in the annual report.

Following the year-end audit and valuation work, ReFuels recognised a non-cash accounting loss relating to the Foresight transaction of £34.1 million and a consolidated group loss of £71.6 million in the parent company accounts. This this resulted in a consolidated loss of £37.7 million compared with the £48.5 million of net profit reported in the preliminary figures of May May 2026.

To be clear, this movement reflects fair value remeasurement of and loss-of-control accounting, not an operating cash loss or deterioration in the underlying CNG Fuels platform, with the key value drivers very much remain intact. On to CNG Fuels, at 30th of June, we had total assets of £235 million and equity of £86 million representing an equity ratio of 36%.

Property, plant, and equipment was approximately £108 million, reflecting the operational station network, and the balance will continue to increase with the construction at Magor, Swindon, and then Carlisle. Quarterly cash balance was £15.6 million, an increase of £4.9 million from the previous quarter.

Then lastly, CNG Fuels has the has a £25 million credit facility of which £9.2 million have been drawn. Finally, I'd actually just make note the balance sheet also includes £110 million of shareholder loans.

These form part of the they of the post-transaction capital and should be distinguished from external bank debt. These are shareholder loans, as I say.

That is, in summary, a very positive Q1 result. I hope you agree.

Thank you.

Thank you very much, Baden. We will move on.

A brief summary before we go into Q&A. Yet another reminder that if you want to ask questions, feel free to do so and post those now.

In the past, we've talked about what we could be as a company, what we could be doing in 2028, 2030, etc. As I showed on one of the previous slides, we do have visibility out to 2030 that we feel is conservative of reaching 8,000 CNG HGVs by that time.

Clearly, things can happen globally, geopolitical events, terrible economy for many years, etc., etc. All else stable, all else neutral, we feel that is very much something that we can achieve.

If you then look at where we've come from as a company, we've spent many, many years building what we can now only, I think, refer to as a very comprehensive platform. Takes time to build out a new industry, takes time to build out infrastructure.

The seeds that we've been planting for many, many years have now given us crops basically that we can start harvesting. You're seeing that through the EBITDA growth that we are showing and as Baden showed a couple of slides ago, also through being in a strong cash-generative position.

That then puts us on track, once again, by 2030 of getting us to £100 million plus-minus EBITDA potential. In summary, we are seeing higher station profitability without the help of biomethane sourcing and certificate generation, second quarter in a row where the stations are now EBITDA positive.

We are also seeing that the strategy we have of matching biomethane purchases to RTFC sales is a very good, useful strategy to have in a volatile world, and that is supporting our EBITDA growth. The visibility of the trucks out to 2030, we feel is strong, and we need more stations in order to deliver on that.

Hence, it's great to see three more fixed stations, permanent stations in build, and of course, we are continuing to increase our mobile refuelling station fleet. Finally, we are reiterating our guidance of £16 to £20 million for this financial year, and of course, we will continue to provide an update on that as we progress through the year.

With that, I will stop sharing, and then we will hopefully take some questions here.

Baden mentioned that briefly. CNG Fuels as a station owner-operator is not exposed to those prices.

Our customers pay more if the price goes up, and they pay less if the price goes down. I think what's important here is really the spread to diesel.

What we've seen, sure there is month-on-month volatility, but what we have seen here since the conflict in the Middle East started is that the spread that our customers are paying has remained the same or has increased for certain months. In summary, we aren't exposed directly to the high natural gas prices.

What's important here is the spread, and we see that those move in tandem and have historically moved in tandem.

I can take that one. Obviously we're currently building stations 17 to 19 at the moment.

The EBITDA target in 2030 assumes an additional six stations are developed over the next 24 of the 24 months prior to that. Of course, some of those new stations towards the back end won't have time to have ramped up before the 2030 2030 target, but in general, our sites have cost us somewhere between £8 and £10 million depending on the land cost over the last couple of years.

Another six stations within that range we would expect, which again will be funded through operational cash flow and most likely an increased debt facility.

As I've already had said, we have we have sold all of the all of this year's at prior prices and have been active now for a few quarters in next year in in the 2027 obligation year. We can't disclose, of course, given that we are now we are a fairly we are a fairly significant player in the liquid RTFC market given obviously the amount of biomethane that we generate and the RTFCs that we generate.

Just for commercially sensitivity reasons, I can't I can't disclose the number we have sold forward already for next year and how many we have remaining, nor nor of course the prices.

I'll deal with the last point first. What gives us confidence is we have very close relationships to the majority of our customers, particularly the large ones, the ones that have been with us for many years.

They have communicated plans, if they haven't done it publicly, then they've done it towards us. When we then collate all of those estimates that these customers are giving us, then that gives us good confidence with regards to their adoption plans over the coming years.

Clearly, we showed that for the April to June quarter alone, we had 15 trials happening with 6x2s. We have now received our own demo vehicles, we would expect that to ramp up going forward.

Of course, in there, we would expect some of those fleets, quite a few of them probably, to order trucks as well. All in all, we have good confidence on our customers' plans to do so.

Now, there are many things in this world outside of our control clearly: economy, economic factors, macro factors, and so on and so forth. What could sort of derail that?

Good question. If we have a sustained really bad economic growth in the UK for many years, then of course, that will affect truck replacements.

Here it's also important to understand that, as of today, we have 2,250 plus trucks on the road that go through our network exclusively. There are about 155,000 articulated trucks in the UK.

As such, we are somewhere in the range between 1.3%, 1.4%, whatever it is, of the overall articulated truck market are running on CNG today. Even if the overall need for replacement of vehicles goes down, then of course, that doesn't necessarily affect CNG orders the same.

Overall, we're feeling quite good about it, but there are factors out there that could influence this. Of course, on the policy side of things, we are starting to see some really helpful and, I would say, common-sense moves here.

The EU have been on the lead here for a couple of years, indicating more of a multi-fuel approach. We now see the UK doing the same.

That, all else equal, should be a positive for us over the coming years.

I'll take that one again. Thanks, Philip.

Just to quickly set the scene before I respond to that, 25 stations is our ambition to build in the essentially next year is an additional three and three more the following year after that. That will take us to 25 stations in operations towards the end of 2020 towards the 20 end of 2029 calendar year.

We obviously have ambitions for far more stations than that after then. It's important to note that the stations being built now will contribute to the EBITDA in 2030 in some fashion.

The stations built next year, less so, and the stations built the following year, probably very little, although they may contribute something to EBITDA. The vast majority, and that absolute lion's share of EBITDA that will be in that 2030 figure, is from the stations that are already open now.

The 16 stations already open now many, many will be reaching maturity, several will be coming through sort of mid-stage maturity, and those are the ones that are really going to build it. The reality is actually without the next six stations, we'd probably get very close to that number.

Without the next six stations, we wouldn't continue to build this network effect that continues to drive adoption through the existing 16 sites. They all help each other and it's a portfolio.

Sure, absolutely. I guess that comes to very similar to my last answer.

We have built a network now, it's a pretty much UK-wide network. We are filling in some of the final, putting probably another couple of final nodes, but then it's really mostly going to be filling in for the business.

For us, we have to operate our stations 24/7. We have to operate them with 100% availability of CNG, which we do.

To do that requires a certain amount of overhead, which we have outlayed over the years as well as outlaying, obviously, for our capacity to continue to build now and build stations and add them to the network over time. To have these capabilities does take a lot of overhead up front.

We have reached essentially a level where we hit the mass we required for that. Over the last 2 years, we've had really very small increases in the overall operating cost of the business while recognising very high volume increases.

It's our belief and our analysis that actually increasing our overhead by relatively small amounts, 20% to 30%, we could double or triple volume through the networks. Of course, you've already seen the operating leverage we have when it comes to increases in volumes through the stations from, for instance, last year to tripling our EBITDA this year just by getting up over those hurdles.

We have real operating leverage to generate very substantial earnings in the years ahead with basically our cost base now.

It's a good question. Eventually trucks fall apart.

That might sound a bit silly, but it is a reality, right? You can only run a truck, whether it's diesel or CNG or whatever energy vector a truck runs on, eventually it will need replacing, right?

The cycle will need to start turning. It's, of course, a factor of not only the fact that the trucks will need replacing, it's also a function of how much haulage volume is required, and of course, that's a function of the economy.

The industry is expecting potentially, we'll see, it's only August now and data lags a bit, was expecting 2026 to be a bit of a turning point with the 3 years where truck orders or truck deliveries of new trucks have shown a downward trajectory. Clearly, we've got geopolitics currently which are hard and you have to remember that the vast majority of our customers still operate diesel trucks or the majority of the trucks that they operate are diesel.

With diesel prices coming up 30%, 40%, some of them will have clauses where they can pass that on to the customers, some won't. Clearly, in there, that's going to be a huge hit to operating cash flow, which again is having an impact on how much capex can they spend on new trucks.

Several points here and variables here that impact when this will turn. All else equal, we would have expected this year to turn.

Now, it might drag on into 2027. Eventually, it has to turn because trucks literally fall apart and as such, we need replacements on the road.

Good question. Let's let's look at what let's look at our home market and the state of our home market.

It's not like we are constrained by lack of growth opportunity in the UK, right? We have decades left of growth here, so as such, we will our very focused on making sure that we execute well on our home market, which is the UK, and as such, that we, deliver on the operational leverage that Baden was talking about and we continue to take advantage of our market position here.

Anything that we do internationally shouldn't detract and shouldn't really jeopardise what we're doing in the UK because here we haven't run out of road when it comes to growth. If you then look internationally, we will be, constructive and/opportunistic as to what we do internationally.

It's taken us 12 years to build what we've, create and build what we've done in the UK. For us to go into international markets organically and start from scratch with hiring people and, permitting and and and building stuff, that makes no sense.

What we would do internationally, either we would need to do it through JVs, or we would need to do it through M&A. M&A requires capital and so on and so forth.

That is, of course, something that we're we're monitoring. There have been some interesting opportunities in the past that we've said no to for various reasons.

We will continue to monitor it in '27 and '28. There's no doubt that what we do in the UK, the scale we do the stations at, how we operate, and the IP we've got is unique in the European context.

As such, it is something that is attractive to some of the core Continental European markets. It's not something we are going to just jump into for the sake of doing it.

It needs to be right, and it needs to tick the box of not jeopardising what we're doing here in the UK, because that's, after all, our bread and butter and is what's going to pay the bills and create shareholder value for the foreseeable future.

Thank you, Erling, for the questions. Thank you for everyone who's tuned in live or catching up on this later on.

Strong quarter. We're really looking forward to coming back here in the next months to update you on our Q2.

Lots of exciting stuff going on in our space. If you don't already receive our news updates, please go onto refuels.com and you can register there to get these sent to you whenever they go live.

Looking forward to seeing you on the next one, and thank you once again.