Opal Fuels (OPAL) investor relations material

Executive summary

• Remains on track to meet full-year 2026 guidance despite a seasonally soft and challenging Q1 operating environment, with improved RNG production and operational performance.

• Production is improving as expected, with strong engagement in new CNG and RNG fleet deployments and business development accelerating.

• Regulatory support remains strong with IRA Investment Tax Credits, 45Z production tax credits, and EPA's Set Rule 2.

• Revenue for Q1 2026 was $73.4 million, down 14% year-over-year, with a net loss attributable to Class A stockholders of $2.6 million.

• Vertically integrated model and proven track record position the company for leadership in RNG production and downstream fuel supply.

Financial highlights

• Adjusted EBITDA was $16.7 million in Q1 2026, down from $20.1 million in Q1 2025, mainly due to lower RIN prices.

• Revenue was $73.4 million, compared to $85.4 million in the prior year period.

• RNG production reached 1.2 million MMBtu, up 9% year-over-year.

• Fuel Station Services segment EBITDA was $9.2 million, down from $10.9 million year-over-year, due to lower construction revenues, RIN prices, and maintenance timing.

• Net loss attributable to Class A stockholders was $2.6 million, or $(0.09) per share, compared to $(0.01) per share in Q1 2025.

Outlook and guidance

• Full-year 2026 guidance is maintained, with expectations for accelerating production growth and continued operational improvements.

• Full-year 2026 Adjusted EBITDA is projected between $95 million and $110 million, assuming a $2.45/gallon D3 RIN price.

• RNG production for 2026 is expected to range from 5.4 to 5.8 million MMBtu.

• Management expects available cash, assets, and cash flows to cover commitments for at least the next 12 months.

• Anticipates easier year-over-year comps in Q2 and Q3 as RIN prices stabilize and operational improvements take effect.