OPAL Fuels : First Quarter 2026 Earnings Presentation (fdbb42)

Published: 2026-05-11 10:30:13 ET OPAL

Published on 05/11/2026 at 10:30 am EDT

May 2026

Financial Information: The financial and operating forecasts contained in this presentation represent certain estimates of the Company as of the date thereof. The Company's independent public accountants have not examined, reviewed or compiled the forecasts and, accordingly, do not express an opinion or other form of assurance with respect thereto. The forecasts should not be relied upon as being indicative of future results. Furthermore, none of the Company or its management team can give any assurance that the forecasts contained herein accurately represents the Company's future operations or financial condition. The assumptions and estimates underlying such financial forecast information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of the Company or that actual results will not differ materially from those presented in these materials. Some of the assumptions upon which the forecasts are based inevitably will not materialize and unanticipated events may occur that could affect results. Inclusion of the prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information are indicative of future results or will be achieved.

Non-GAAP Financial Measures: To supplement the Company's unaudited condensed consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"), the Company uses a non-GAAP financial measure that it calls adjusted EBITDA ("Adjusted EBITDA"). This non-GAAP Measure adjusts net (loss) income for realized and unrealized gain on interest rate swaps, net loss attributable to non-redeemable non-controlling interests, transaction costs and one-time non-recurring charges, non-cash charges, major maintenance for renewable power, unrealized loss (gain) for derivative instruments, environmental credits associated with renewable biogas that has been produced and is in storage pending completion of certification of the relevant environmental attribute pathway(s) and Environmental Credits at quarter end market prices attributable to renewable biogas produced in the period but not yet sold or delivered. Management believes this non-GAAP measure provides meaningful supplemental information about the Company's performance, for the following reasons: (1) it allows for greater transparency with respect to key metrics used by management to assess the Company's operating performance and make financial and operational decisions; (2) the measure excludes the effect of items that management believes are not directly attributable to the Company's core operating performance and may obscure trends in the business; and (3) the measure is used by institutional investors and the analyst community to help analyze the Company's business. In future quarters, the Company may adjust for other expenditures, charges or gains to present non-GAAP financial measures that the Company's management believes are indicative of the Company's core operating performance.

Non-GAAP financial measures are limited as an analytical tool and should not be considered in isolation from, or as a substitute for, the Company's GAAP results. The Company expects to continue reporting non-GAAP financial measures, adjusting for the items described below (and/or other items that may arise in the future as the Company's management deems appropriate), and the Company expects to continue to incur expenses, charges or gains like the non-GAAP adjustments described below. Accordingly, unless expressly stated otherwise, the exclusion of these and other similar items in the presentation of non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent, or non-recurring. These Non-GAAP financial measures are not recognized terms under GAAP and do not purport to be alternatives to GAAP net income or any other GAAP measure as indicators of operating performance. Moreover, because not all companies use identical measures and calculations, the Company's presentation of Non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. We strongly encourage you to review all of our financial statements and publicly filed reports in their entirety and to not solely rely on any single non-GAAP financial measure.

Trademarks: This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners, and the Company's use thereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, service marks, trade names and copyrights. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, © or ® symbols, but the Company and its affiliates will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights.

First Quarter 2026 Adjusted EBITDA of $16.7 Million and RNG Production of 1.2 Million MMBtu(1)

1Q26 RNG production growth of 9% compared to 1Q25

1Q26 Adjusted EBITDA $3.4 million lower compared to 1Q25 primarily driven RIN pricing and additional sales of RNG production in 2025 following updates to biogas regulations last year

FSS Adjusted EBITDA $1.7 million lower compared to 1Q25 driven by a combination of timing of LCFS sales, lower RIN price, and timing of construction and maintenance expenses related to servicing the stations

Sold $11.5 million of ITC credits from Atlantic

Recently completed a $100 million multi-year agreement to monetize

OPAL's section 45Z production tax credits.

Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of the full year estimated Adjusted EBITDA to net income (loss), the closest GAAP measure, cannot be provided due to the inherent difficulty in quantifying certain amounts including but not limited to changes in fair value of the derivative instr uments and other items, due to a number of factors including the unpredictability of underlying price movements, which may be significant. See pages 24 and 25 of this presentation for an explanation of this measure and how it is calculated.

First Quarter 2026 Adjusted EBITDA Decrease Primarily Driven by Lower RIN Price

($ in millions)

$4.0

Lower D3 RIN price

Production growth

45Z

Lower RNG sales

Lower compensation expense

$20.1

$16.7

$0.5

$1.0

$1.7

$0.8

Timing of LCFS sales

Lower RIN price

Construction and Service timing

1Q 2025

Commodity

RNG

Fuel

Renewable

Corporate

1Q 2026

Actual

Pricing

Fuel

Station

Power

Actual

Services

Recently Announced Preferred Equity Financing Increases Liquidity and Supports

Next Phase of Growth

Completed new $180.0 million preferred stock facility financing in March. At closing, $120.0 million was issued from the facility, of which approximately $100.0 million was used to fully redeem the existing Series A Preferred Units and provide working capital. The remaining $60.0 million of the facility will be available for future draw-downs.

Drew down approximately $109 million from our term loan facility.

We ended the quarter with approximately $233 million of total liquidity, including approximately $133 million of cash and short-term investments, $60 million of undrawn Preferred Stock Facility commitments, and approximately $39 million of revolver availability.

In 1Q26 we sold $11.5 million of ITC credits from Atlantic

Recently completed a $100 million multi-year agreement to monetize OPAL's section 45Z production

tax credits.

OPAL's Integrated Model is Driving Results With Peer Leading Growth Since Our IPO in 2022

Company Highlights

NASDAQ: OPAL

Overview

2025 Revenue:

$349M

2025 Adjusted

EBITDA:

$90M

2025 RNG

Production:

4.9 Million

MMBtu

2025 GGE Sold,

Serviced, Delivered:

162M

GGEs

14.0%

32.3%

22.0%

20.4%

5-Yr CAGR

The leading vertically integrated producer and distributer of Renewable Natural Gas (RNG) operating at scale today

Upstream

OPAL Fuels collects naturally occurring biogas under long-term contracts from landfills and dairies, and upgrades the biogas to pipeline quality methane

Downstream

OPAL Fuels distributes the RNG under long-term contracts to heavy-duty truck fleets through fueling stations that we construct

Fueling generates valuable environmental

credits

The environmental credits are sold to refiners, who are required to buy the fuel under the RFS

Biogas Conversion System

Livestock Waste

Landfill

Sold as RNG for Transportation

OPAL distributes RNG via its market leading dispensing infrastructure platform across 300+

fueling stations

OPAL's Model Captures Value Across the RNG Value Chain From Production to Dispensing and Monetization

All Biogas Sources

Generate Renewable Power Onsite

Sold into the Grid for Everyday Applications

Renewable electricity sold into utility grid

RNG PATHWAY - Biogas Sources → Conversion → End Markets

RINs¹

LCFS Voluntary

POWER PATHWAY - Biogas Sources → Renewable Power Generation → Grid

RINs¹

LCFS Voluntary

Anaerobic Digester

Organic Waste

Sold to Other Natural Gas Users

Supplied to utilities and industrial users

Renewable identification numbers ("RINs") are credits used for compliance and are the "currency" of the Renewable Fuel Standard program. Renewable fuel producers generate RINs, market participants trade RINs and Obligated Parties obtain and then ultimately retire RINs for compliance.

Revenue Model

Business

OPAL's Vertical Integration Maximizes the Value of the RNG Molecule and Drives Market Share Gains

RNG Fuels

Fuel Station Services

Renewable Power

RNG Production

Generation of RNG through capture of landfill emissions and recycling of animal waste

Fuel Station Services

Market share leading builder and service provider of alternative fueling stations, using RNG, for Class 8 heavy duty fleets

Renewable Power

Established owner of landfill gas to electric projects with 25-year history of successful operations

Multiple Revenue Streams

Revenue from sale of RINS (Renewable Fuel Standard) and brown gas

Substantial IRA Tax Benefits:

ITC: 30% - 50% of cost PTC: $1.00 - $5.00 per MMBtu

RNG Fuel Marketing and Distribution

Deliver OPAL production and third-party supply to OPAL's network of fuel stations with long-term optionality across end markets as they evolve

Long-term service contracts maintain high availability and customer satisfaction

Construction of fuel stations

Revenues from sale of capacity, energy and Renewable Energy Credits

Power projects are opportunities to convert to RNG for future growth

2025A Adj. EBITDA: $70mm

2025A Adj. EBITDA: $47mm

2025A Adj. EBITDA: $10mm

Market Leader with Strong Partner and Customer Base

Representative Partner and Customer Contract Duration Representative Customer Contract Duration

20 - 25 Years 10 Years

RNG Projects

Renewable Power Projects

OPAL Fuels is one of the largest RNG project operators in the United States

OPAL Fuels' fueling station network leverages its RNG Fuels production through its vertically integrated value chain

RNG + Renewable Power Production Projects

Current (3/31/2026)

In-Construction

RNG Fuels

12 Projects

9.1mm MMBtu

>2 million MMBtu

Fueling Station Services

300+ Stations Built

OPAL: 45 Stations

38 Stations

Fueling Station Network

Fuel Stations

OPAL Stations

OPAL: 16 Stations

Renewable

Power

15 Projects

105.8 MWh

N/A

FPA Stations

OPAL's Share of Year-End Design Capacity of RNG Projects in Operation and

Construction (Million MMBtu)(1) (2)

(3)

12.4

9.1

3.3

In-Construction

8.8

2.6

11.4

7.5

3.9

4.7

8.6

9.6

2.3

5.2

4.4

2021 2022 2023

2024

2025

Represents OPAL Fuels' proportional share.

Design capacity is the annual design output for each facility and may not reflect actual production from the projects, which depends on many variables including, but not limited to, quantity and quality of the biogas, operational up-time of the facility, and actual productivity of the facility.

2021 to 2025 'In-Construction' includes Atlantic, Cottonwood, Burlington, Kirby, and the Central Valley dairy RNG projects. For more information, please see the Company's Form 10-K for the three and twelve months ended December 31, 2026.

Total Volumes Sold, Dispensed, and Serviced (Million GGE)

Total Volumes Sold, Dispensed, and Serviced (MM GGE)

133.2

150.2

161.9

96.4

115.9

2021 2022 2023

2024

2025

OPAL Fuels' Fuel Station Services' Nationwide Construction, Service, and Dispensing Platform Creates a Sustainable Competitive Advantage

✓

Provides Access to RFS Market for New RNG Project Development to Maximize Mutual Value for OPAL and Feedstock Partners

✓

Provides Certainty of Renewable Fuels Supply for Fleets Bolsters Market Share Capture for Both Segments, Upstream and Downstream

Provides Advantaged Project Returns Compared with Peers

RNG Fuel: 12 RNG Facilities Online Today

Operating RNG Assets

9.1 Million

RNG MMBtu Annual Design Capacity(1)

Landfill: Imperial Landfill: Greentree

Landfill: Noble

Landfill: New

Landfill: Pine

Landfill: Emerald

Road

River

Bend

Location

Pennsylvania

Ohio

Florida

Minnesota

Michigan

Type

Landfill

Gas Rights

OPAL's Share of

Design Capacity

(2)

1.06 million MMBtu 1.06 million MMBtu 0.46 million MMBtu

Landfill: Prince

0.66 million MMBtu

0.42 million MMBtu

1.33 million MMBtu

William Landfill: Sapphire

Landfill: Polk

Landfill: Atlantic

Dairy: Sunoma

Dairy: Bio-Town

Location

Virginia

North Carolina

Florida

New Jersey

Arizona

Indiana

Type

Landfill

Dairy

Gas Rights

Prince William Cty., Virginia

Polk Cty., Florida

Private Dairies

OPAL's Share of 1.73 million MMBtu

Design Capacity

0.80 million MMBtu

1.06 million MMBtu

0.33 million MMBtu

0.19 million MMBtu

0.05 million MMBtu

Reflects OPAL proportional ownership of production of design capacity. Design capacity is the maximum permitted output for each facili ty and may not reflect actual production from the projects, which depends on many variables including, but not limited to, quantity and quality of the biogas, operational up-time of the facility, and actual productivity of the facility.

GFL receives royalty payments from the RNG facility while Noble Environmental maintains the rights to the landfill.

Vertical Integration Maximizes the Value of RNG Production and Drives New Biogas Project Opportunities

OPAL is the #2 Operator of RNG Stations in the U.S.

Fuel Station Services Segment is a Driver of Growth

($ Millions)

$215

$167

$135

$69

$50

2021 2022 2023 2024 2025

FSS Segment Revenue

Provides Diversification, Predictable Cash Flows, Attractive Returns on Capital,

and Sustainable Growth

Legacy business with 25-year history based on fixed price PPAs

15 projects / 106 MW nameplate capacity in operation

Electric projects generally have PPAs with investment grade off-takers

Pipeline of projects for potential RNG conversion

Potential New Development Opportunities in Strengthening Power Markets

Disclaimer

OPAL Fuels Inc. published this content on May 11, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 11, 2026 at 14:28 UTC.