Thank you very much, Erling, and good morning to everyone watching this live or for those of you watching it afterwards on catch-up. As Erling said, we're going to take you through our Q4 presentation today, talk a bit about the year that or the financial year that has gone, and also provide a bit of outlook as to what we think the current financial year that we're in will do.

As per usual, just going to remind you guys what we do. We are UK-focused as of today with regards to our refuelling stations.

We currently have about 2,250 trucks, unique trucks, going through our stations every day. We put biomethane, and we supply biomethane into all of those trucks, generating greenhouse gas savings for our customers in the range of 85% to 90%.

Not only do they save greenhouse gas emissions, but there is also a large cost saving to them. In the last five, six years, we've saved our customers north of £55 million by them running on biomethane.

Last but not least, this is not a no longer a niche application that is only used by a couple of fleets; we are now at around 180 unique customers. Once again, a bit of a reminder as of the structure: ReFuels is the listed entity, and we have Foresight who own 60% of CNG Fuels; ReFuels owns 40% of CNG Fuels.

It is the CNG Fuels results we'll be talking about today, because that is where the profitability, the growth is coming from, and at the end of the day, the value to ReFuels shareholders. There are basically two verticals when it comes to revenues and profitability: it is RTFS, one of the largest biomethane sourcing entities in Europe, and then we have CNG Fuels, which is the downstream part of the business, which has the stations in the UK and all of the 180 customers that I just mentioned.

This is what a typical station looks like. This is our Warrington station.

That's the M62 you can see there. To the west is Liverpool; to the east is Manchester.

If you were to zoom out from here, you would see lots of distribution centres, very, very large distribution centres, within a radius of half a mile from there, you'll be easily counting somewhere in the range of 500 to 1,000 trucks. This one went live in 2019, currently dispenses about 8,000 tonnes of biomethane per year with additional growth to come over over the coming years, and currently refuels about 300 trucks a day.

These are unmanned facilities, remotely monitored by us. We have engineers that come out and, fix stuff if if if something breaks.

At the end of the day, these are very, very efficient ways of putting huge quantities of renewable energy into trucks. If we then look at the highlights: the financial year just gone, we generated an EBITDA of £14.2 million, pretty much slap-bang in the guidance that we provided for the following for the previous quarter for for our financial year.

That is more than double compared to the previous financial year, we're very pleased by the momentum and the growth that we're now seeing in our earnings. I'll talk a bit about it a bit later on, but the conflict currently going on in the Middle East is having some, so far at least, positive ripple effects with regards to customer interest.

We are guiding for this financial year that we're in an adjusted EBITDA guidance of £16 to £20 million. Baden will provide a bit more clarity on that later on, but that is basically a function of continued growth and the fact that we have been sourcing biomethane and selling RTFCs at attractive margins.

We announced, about a month ago I think it was, a comprehensive agreement with with M&S, Marks & Spencer, for about 300-plus CNG trucks. That is also one of the reasons that we are also increasing the number of mobile refuelling stations, so-called MRSs, that we have.

Once again, I'll talk a bit about what the conflict and some of the some of the impacts that has on us in a couple of slides. Finally, we do get questions from shareholders, "What are you going to do about the poor liquidity in the stock?"

We are working hard to resolve that, and we are optimistic that we will have that sorted sometime in the second half, and we are investigating an uplisting from Euronext Growth up to the main list at Oslo Børs. Taking us into the operational review: the conflict in, or the the war in the Middle East started at the end of February.

Even prior to that, there were attractive price spreads between CNG and diesel, CNG and HVO—HVO is 100% biodiesel. What's happened since then is that that spread has increased even further.

Not only do existing customers that have CNG trucks on the road save more money, today than they did in in in early February, but also that is generating a lot of new interest from existing and customers and and, say, potentially new customers with regards to to adding fleets in in in the future. If we then look at what does that mean for us: we have seen a quite significant uptick in initial contacts from fleets that are not customers as of today.

When it comes to the demo vehicles that are out there, they're all fully booked, pretty much week in, week out. As of today, this depends a bit where in the country you are, but there's about a nine-month waitlist if you want to demo one of the 6x2 trucks.

If we then look at the conversion rate there, which is maybe an interesting metric, is that we are we are more optimistic, if we if we can put it like that, that we will see a higher conversion rate of of fleets trialling 6x2 vehicles than we have seen historically on 4x2 4x2 customers and 4x2 demos. We talk a lot about 6x2s.

The 4x2 market for us today is about 10%, or we make up about 10% of the overall size of that market in the UK. We are very small in the 6x2 market, as you can see here, 0.1%.

We have lots of ongoing trials, orders are being placed. We, of course, there is a lag here.

It takes time. You're not just going to demo a vehicle and then go and buy it tomorrow.

It need it needs to fit into your purchasing cycles, and so on and so forth. From from what we are seeing today, the interest we're seeing on the 6x from the 6x2 market, we're very encouraged by the early adopters there and and the trajectory of that market in the coming years.

I mentioned the M&S agreement. That's a an important agreement for us, and and and I think it's a good example of what we are likely to do, whether we publicly announce them or not, because of course you'll only be announcing agreements that also the counterparty is happy to to announce.

They have a large fleet, they have many distribution centres. It's not always that we will have one of our grid-connected stations that is actually nearby one of their distribution centres, which is why we need to deploy our mobile refuelling stations.

This is an agreement for up to four of those being deployed over the coming years. There might be more in in the future.

We're quite, I'd say optimistic and fairly, I'd say bullish about the growth we are going to see in the mobile refuelling sector going forward. That's important to mention because that is a that is a solution that can be deployed much faster than actually building and bringing a grid-connected station online.

Today, we've got eight out of the 10 largest supermarkets in the UK, our customers. We're working hard to make that a 10 out of a 10.

Give us a year or a year and a half, we'll hopefully manage to to get there. What's in it for our customers?

For those of you who follow us, you've probably, heard us talk about the the benefits of biomethane from a greenhouse gas emissions standpoint. More importantly, there are substantial financial savings here as well by moving from diesel over to running on on bio-CNG and and running CNG trucks.

That's important, in particular in the in the current environment where diesel prices have come up a lot. Yes, CNG prices have also come up, but they've come up less than diesel.

That spread, as you'll remember from a couple of slides ago, has increased significantly. That impacts the payback period, which again means that the additional capex you need to invest in a CNG truck gets paid back quicker.

This is an important part of the equation for a lot of our customers. They typically can't afford to go green and lose money.

Now as well, we previously there have been kind of two two key considerations for our customers: it's been economics, and it's been, sustainability. Now also security of supply.

We've got customers who are genuinely concerned that there might be disruption to diesel supplies in the coming months. That is not going to be the case with gas, and it's not going to be the case with biomethane.

That is a fuel that is not affected by geopolitics, and as such has greater runway when it comes to security of supply. That we're also now starting to see filter through from our customers.

If you then look at biomethane as a whole, and here we're talking about the EU, yes, we are a UK, based company, but we are a large buyer of biomethane in the EU. For us, whether, the UK is part of the EU or not, formally, doesn't really matter.

We are connected; we're all part of the same gas grid. If you then look, sometimes people say, "Oh, biomethane can't play such a large part and can't, can't play such a large role in the energy mix in the future."

That is just not correct. If you look at the feedstock potential out there to produce biomethane, we are roughly We could In Europe, we could roughly 10x production by 2050, there or thereabouts, compared to where we are today.

If you then look at the IEA's estimates, almost 50% of EU's gas demand could be met through biomethane. That's huge, all right?

Think of energy resilience, think of not relying on geopolitics if you can embrace or if you can secure 50% of your energy needs domestically or from neighbouring countries. That is a big deal.

If we then look at trucks, and this is a bit of a truck educational slide. We've had some some some feedback in the past that it's a bit confusing, rigids, 4x2s, 6x2s.

Hopefully, these visuals here will will be clear. Our core markets are is the 4x2 and the 6x2 markets, that's why we talk a lot about them.

However, we are also seeing quite significant adoption in the rigid market. Two things to note here: one, delivery times from OEMs is quite short at the moment.

If you go and order trucks today, yeah, there's a summer break coming where factories shut for a month, etc., but you can comfortably get those trucks delivered in Q4 this year. That was not the case a couple of years ago when lead times were almost a year.

The second thing worth noting here is we're starting to see the second-hand market develop. A typical first owner of a truck might keep it for five, six, seven years before it then goes into the second-hand market.

Now we've kind of reached critical mass with regards to vehicles coming to the end of their first-year first-year ownership, sorry, first-life ownership, going into second-hand market. We've been a bit unsure as to how quickly and and how that market will function, but now we're starting to see encouraging signs from that.

We have we announced earlier this week that Swindon, construction will start there on Monday. That will take us up to 18 grid-connected stations, and station number 19 will go into build hopefully in July and/or August.

We have a plan by 2028 to essentially double our theoretical refuelling capacity with regards to trucks, not only through grid-connected stations, but also through MRSs, and we are well on developing that plan. Here's just to summarise the stations as of today.

Livingston was last year. Magor is in build.

Lots of progress has been made there. That will open during the second half of this year.

Then we've got Swindon, as I mentioned. More importantly, Carlisle, very important location, a location that our customers have been basically crying out for for years almost, we're very pleased to announce that that will be going into build also very soon.

As you will see in the financials in a bit, a lot of our earnings do come from RTFCs, Renewable Transport Fuel Certificates. Haven't got time here to go into all of the the market drivers there.

As you will see, that price is volatile. We expect it will continue to be volatile going forward.

Here it's also important to note that it is possible here to sell certificates forward almost two years out in time, typically 18 months out in time, which we do. Because of that, that gives us very good visibility as for our earnings.

Baden, I'm sure, will explain that in a couple of slides, that that's what gives us the confidence in the range of £16 to £20 million EBITDA, adjusted EBITDA guidance for this financial year, and then we'll then we'll of course update that guidance as we as we go through, because we have the ability to sell these certificates forward, and we did that a while back. With that, I will hand over to Baden.

All right. Thank you very much, Philip.

Now we'll turn to the financial review. These next slides cover CNG Fuels' financial performance.

I know Philip said that, but just to make it clear, as a reminder, ReFuels owns 40% of CNG Fuels, and so the figures we're discussing here are the CNG Fuels existing figures of performance consistent with the quarterlies. For the full year 2026, CNG Fuels delivered £14.2 million of of EBITDA, which was well which was right in the middle of our guided range of £13 to £15 million, and double the £6.7 million we delivered in in financial year 2025.

Important to note, there are we still have our audits ongoing at the moment, there are still some non-cash items being looked at with with the and discussed with the auditors, and so any any adjustments to those will will come through and be seen in the annual accounts, which we release in August. Key drivers of performance: increased bio- bio-CNG volumes, improved certificate margins, and and, of course, the ongoing scale benefits of our integrated station and RTFS platform.

In Q4 specifically, the certificate margins improved to 26% when compared with 22.6% in the fourth quarter of 2025. Internally, we also saw gross profit continue to improve through the year, with Q4 representing a significant share of the full-year gross profit, mainly driven by RTFC sales and margins.

Q4 EBITDA was slightly lower than Q3, as partially due to year-end accrual timing, but, of course, the full-year trend remained very positive. Looking forward, we expect our dispensed biomethane volumes for the year to grow 15% to 20% for the financial year 2027.

That's supported by existing station capacity, adding more trucks onto the road, and that driving high utilisation across the entire network, which of course we're adding stations to, which will continue to grow capacity. That supports our full-year FY 2027 adjusted EBITDA guidance of £16 to £20 million.

We'll only be adjusting, to be clear, for non-cash accounting items, those are essentially fair value remeasurements and share-based payments. Thank you, Philip.

Next slide, please. Here, yep, steady financial results.

Here are our and for the year. Q4 revenue was forty £42.2 million, broadly stable with the £42.4 million in the Q4 last year.

Small reductions largely due to lower gas gas prices, which of course are passed through to our customers, and a and slightly lower RTFCs being sold in the comparable period, which is mostly again timing of certificate sales. Importantly, gross profit improved to £10.2 million, up from £8.7 million in Q4 2025, and that improvement was also was driven by the volume growth and higher RTFC margins we've been recognising.

For the full year, revenue increased to £154.1 million compared to £134.3 million in FY 2025, while gross profit increased to to £33.3 million compared to £23.6 million last year. EBITDA, as we've said, up to £14.2 million compared with £6.7 million in the previous financial year.

In Q4, EBITDA was the £4.5 million of of EBITDA was split approximately was split between .25 million positive from the CNG station business and £4.25 million from RTFS. Very pleased to see the positive contribution from both revenue streams within the business.

Philip, next slide, please. Thank you.

Thank you for that. Here you can see the RTFC prices and sales over the last eight quarters.

What's really useful and interesting to see is how in comparison to the graph you saw a moment ago from Philip, where you can see the RTFC prices being very volatile, you can see a fairly smooth increase and improvement over eight quarters, or or at least a smooth trajectory over eight quarters, which represents the way the way that we we handle our forward sales and and face face, yeah, rarely face any consistent any consistent exposure to the spot price market. The group generated 63.4 million RTFCs compared with 73 million from the same quarter last year, a reflection really of the timing of biomethane and RTFC sales, not of underlying volumes, which of course have increased in the same period.

These RTFCs were sold at a volume- volume-weighted average price, realised price, of 25.8 pence per RTFC. The realised price was above the the true market price in in March of 19.1 pence, because all RTFCs generated in the period were delivered against forward contracts within this new RTFO obligation year that we would have set set in in the prior year.

It's an important part of our commercial strategy. We use forward sales to lock in healthy margins against corresponding biomethane purchases, and this gives the the business much better visibility over the profitability across the obligation year.

RTFC prices were affected by the narrowing spread of biodiesel to fossil diesel, with diesel prices being elevated through the Middle Eastern Middle East tensions, the Strait of obviously Strait of Hormuz disruption. Spot prices did reduce towards towards the end of the quarter, but, of course, as we've seen, our realised Q4 price was protected by these forward contracts.

For the 2026 obligation year, most most RTFCs that we expect to generate for later delivery have prudently been sold forward at the pre-war prices around the 25, 26 range, which provides us with great margin margin visibility and also helps underpin the earnings guidance that we've been able to provide today. Broader market, then just I guess finally, is the broader market backdrop remains supportive, as Philip had the the drivers on the previous slide, but with SAF demand, higher biofuel biofuel mandates, and anti-dumping duties on the Chinese biodiesel, all contributing to a tighter European biofuel market over time.

Next slide, please, Philip. Here you can see the quarter's cash flow development, a new addition to our quarterly releases.

I think it was last last week only we released the Q1, Q2, Q3 of this financial year cash flow by request of of a number of parties, and today of course we can release the Q4 and our year to date. CNG Fuels generated £3 million of cash from operations in Q4, taking the full-year operating cash generation to £9.2 million.

The main difference between EBITDA and the operating cash flow was related to working capital, particularly inventory held at the period end, which largely reflects RTFCs and the biomethane sourcing activities. Cash outflow from investing activities was £2 million in Q4, primarily related to the construction of the station in Magor.

For the full year, investing cash flow was negative £1.8 million, with investment in the station network partially offset by the cash acquired as part of the restructuring with CNG Fuels, which we did in April last year. Financing cash flow was negative £1.2 million in the Q4; that reflects loan movements and shareholder loan payments, whilst full-year financing cash flow was positive £0.6 million.

Overall, CNG Fuels ended the period with £10.7 million of cash, which is largely in line with the prior quarter. Next slide, please, Philip.

Finally, our this is our financial position for for the end of financial year 2026. Total assets held, £240.8 million, including £105 million of of property, plant, and equipment, which mainly reflects the operational bio-CNG station network.

It's really important to note that we're still doing valuation work still being carried out on these figures, and, once again, these will be confirmed for our annual annual accounts. We had a big transaction obviously last year, so that needs to be carefully looked at, and so you will see the final figures for those in in August.

Total equity was £76.1 million, giving an equity ratio of 32%. The group also had end of period cash, as I said previously on the previous slide, of £10.7 million.

In October 2025, CNG Fuels secured a £25 million credit facility with Foresight Group to fund three new stations. The facility carries a 9.5% interest rate, has flexible repayment terms, and we are now drawn to £5.9 million as of 31st March this year against our Magor project.

This facility is supporting the existing stage of development, will also fund the Swindon development and the Carlisle development. Just as a final reminder, that will take our station network to about 13,500 HGV capacity, 460,000 tonnes of bio-CNG a year.

With these stations, we target an IRR, an unlevered IRR, of about 25% to 30% across these developments, for 15-year IRR, sorry, for these developments. Yep, that's it from me.

Thank you, Philip.

Thank you, Baden. I will summarise briefly, and then we will take some questions.

We keep showing this slide. It's not because we are unimaginative and can't come up with any better slides; it's because there are some, I think, important messages in this.

We, think that we should be able to get to 8,000 trucks on the road by 2030. That will then give us, there or thereabouts, an EBITDA number of about £100 million, plus/minus, hopefully more.

We feel that we are on track to meet that target. Now, 2030, a lot of things can happen between now and then.

We can overshoot; we can undershoot. I think the key message from us is, yes, that target is far away, but as of today, we don't see any reason why we can't hit that.

Yes, to go from 2,250 trucks to 8,000 trucks does sound like a big jump, but once the 6x2 market really starts to develop here, yeah, we should be able to get there. As a reminder, we're feeling pretty good about the trajectory we're on.

Then finally, if we then look at the here and now and the current year we're in, as Baden said, we are mentioned and guided for a 15% to 20% growth in volume this year. We've locked in the vast majority of the RTFCs we will generate and sell.

I think the M&S agreement is a very good example of how we can pull forward orders from customers by deploying mobile refuelling stations. That is a segment that we would expect to grow quite significantly over the coming years.

Finally, as Baden mentioned, adjusted EBITDA guidance, £16 to £20 million as of today, and of course we will update that quarterly as we go ahead. With that, I will not go into the appendix; we will drop it there, maybe go back to this previous slide.

Then we'll take some questions. Erling, have we got any questions?

Good question. The way we read the situation today, we're three months into the basically the strait effectively being closed, into the worst energy supply shock that the world's ever seen.

Initially, that will have an effect on the majority of our customers that run diesel trucks, right? Diesel costs have gone up.

Yes, they might be able to recoup some of those costs from their clients, customers, whatever. Initially, that's probably going to mean there's a bit of stress in the logistics sector.

That said, we are seeing now some customers are pulling truck orders forward, meaning replacements or CNG orders they were planning on placing, next year, they're pulling forward to this year. Why?

Because they are genuinely concerned about the security of supply of diesel, and also because of the price spread. I think, yes, whilst some of our customers are likely to be under some financial strain as of today, here and now, the medium-term to longer-term picture for us looks quite positive with regards to increased adoption rates both from existing and new customers.

very well. There's strong interest.

Maybe a bit of recap there. I think it was October last year, anyway, sometime during the autumn of last year, we announced that we'd done our first significant long-term fixed price agreement with a large customer.

Took us some time to structure that, took us some time to paper it to make sure that it works for them and worked for us. Now, if I was to jump forward six months in time, I would expect we no longer just have one of those contracts; we have a lot of them.

Now we are almost getting weekly interest from customers at looking at long-term hedging. Now, why do I mention these agreements?

Because, of course, that's great for our customers. If they can see visibility, if they can get visibility on a medium to low price of CNG, because the curve comes out a lot down a lot in the next couple of years, then of course that gives them confidence to go out and potentially order more CNG trucks earlier than they otherwise would have been in a volatile environment.

A lot of interest given what's been happening in the energy markets in the last two, three months.

To take the the the final point, yes, it can be scaled a lot very quickly. We've done a bit of work internally.

We reckon we can build three of these constantly in parallel. In theory, we could build one of these a month a month every every six weeks.

Yes, we can we can we can scale it significantly, and we do expect it to scale significantly going forward. Because, as I said, we've got 16 grid-connected stations today, two more in build, Carlisle soon will take us to 19.

19 is not a lot. There's still huge parts of the country we're not covering, and we will need to deploy a lot more MRSs in order for customers to be able to adopt.

That's why I've mentioned a couple of times, the M&S agreement is a great example of customers, and of course, quite a few of the new MRS agreements that we're going to do will maybe not get announced, or at least they'll not be announced with a with a named counterparty. We're quite optimistic about that market, and we're already, making plans to to to scale that that deployment quite quite rapidly.

Yeah. We get contacted quite a bit by investors saying, it's a hard stock to invest in because, it's almost impossible to buy a decent chunk of shares, it's almost impossible to sell a decent chunk of shares.

Yes, we hear you. We are working on it.

We are looking at uplisting in Oslo. It's not a very simple exercise to do.

We have a structure where we have a Dutch TopCo, ReFuels is N.V. is Dutch.

We're listed in Norway. We have operating businesses in the UK, etc.

Bear with us. We are taking this very seriously, but there are certain steps we need to go through.

We need to have audited accounts, of course we're working on those, etc. This is very much on our radar to execute and to achieve greater liquidity for our shareholders in the second half of this year.

I'm a large shareholder myself, is Baden. As I say, this is not something we take lightly.

This is something that we are very focused on executing on and feel quite comfortable that we will get this done during the second half of this year.

Thank you. Thank you for those of you tuning in.

Exciting times ahead for us. There's never a dull moment in the world that we live in.

Got a lot of positive stuff happening at this point in time. Looking forward to seeing you again in after the end of August, and hopefully have some other updates in the meanwhile.

Thank you so much.