Financial Data and Key Metrics Changes - Total revenues in Q1 2023 were $19.2 million, a decrease of $13 million or 40.5% compared to $32.2 million in Q1 2022, primarily due to the strategic decision not to self-market RINs from 2023 RNG production [53] - EBITDA for Q1 2023 was a loss of $9 million, a decrease of $12.8 million from EBITDA of $3.8 million in Q1 2022 [36] - Net loss for Q1 2023 increased by $2.7 million compared to the previous year, primarily due to reduced revenues from the decision not to sell RINs [36] Business Line Data and Key Metrics Changes - Renewable Natural Gas (RNG) segment revenues in Q1 2023 were $14.8 million, a decrease of $17.9 million or 54.7% compared to $32.7 million in Q1 2022 [56] - RNG production was 1.4 million MMBtu in Q1 2023, unchanged from Q1 2022 [26] - Revenues from renewable electricity facilities in Q1 2023 were approximately $4.4 million, an increase of $0.4 million or 10% compared to $4 million in Q1 2022 [32] Market Data and Key Metrics Changes - Average realized RIN price in Q1 2023 was $2.01, down 41.9% from $3.46 in Q1 2022 [57] - Average commodity pricing for natural gas in Q1 2023 was $3.42 per MMBtu, 30.9% lower than in Q1 2022 [56] - The average D3 RIN index price for Q1 2023 was $2.03, approximately 37.5% lower than the average in Q1 2022 [57] Company Strategy and Development Direction - The company made a strategic decision to delay the transfer of D3 RINs from 2023 RNG production until Q2 2023 due to expected volatility in pricing [48] - The company is focused on expanding its capacity, including the development of a new landfill gas-to-RNG facility in South Carolina expected to be operational in 2025 [19] - The company is also in late-stage negotiations to develop an RNG facility alongside its existing renewable electric generation facility in Irvine, California [52] Management's Comments on Operating Environment and Future Outlook - Management believes the reduction in RIN prices is temporary and has strategically chosen not to transfer any D3 RINs generated from 2023 production during Q1 2023 [31] - The company expects RNG production volumes for 2023 to range between 5.7 million and 6.1 million MMBTUs, with corresponding revenues between $137 million and $145 million [66] - Management expressed excitement about the potential of carbon utilization and developments in the transportation space [5] Other Important Information - The company incurred capital expenditures of approximately $13.3 million in Q1 2023, with significant investments in ongoing projects [35] - General and administrative expenses for Q1 2023 were $9.5 million, an increase of 12.6% compared to the previous year, primarily due to stock-based compensation [54] - The company reported an impairment loss of approximately $0.5 million in Q1 2023 related to a feedstock processing machine component [33] Q&A Session Summary Question: Impact of holding back RINs on EBITDA - Management confirmed that holding back RINs had an estimated impact of approximately $3 million on EBITDA for the quarter [40] Question: Confidence in future RIN prices - Management stated they do not provide guidance on future attribute prices but acknowledged the volatility impacts revenue and EBITDA expectations [41] Question: Views on developments in RNG space, particularly regarding Cummins - Management expressed excitement about the potential of eRINs and the developments in natural gas engines for transportation [70]

6.71 Balance Sheet (in thousands, except share data): | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------------------------------|-------|-----------------------------------| | ASSETS \nCurrent assets: | | as of March 31, 2023 \n78,043 | | as of December 31, 2022 \n105,177 | | Cash and cash equivalents Accounts and other re ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39919 MONTAUK RENEWABLES, INC. (Exact name of registrant as specified in its charter) Delaware 85-3189583 (IR ...

Financial Data and Key Metrics Changes - Total revenues in 2022 were $205.6 million, an increase of $57.4 million or 38.8% compared to $148.1 million in 2021 [26] - Adjusted EBITDA for 2022 was $70.5 million, an increase of $42.6 million or 152.4% over adjusted EBITDA of $27.9 million for 2021 [48] - Net income for 2022 increased by $39.7 million over net income for 2021, primarily related to increased operating revenues [55] Business Line Data and Key Metrics Changes - Revenues from the Renewable Natural Gas (RNG) segment in 2022 were $196.2 million, an increase of $64.4 million or 48.9% compared to $131.8 million in 2021 [35] - The company produced approximately 5.5 million MMBtu of RNG during 2022, a decrease of $0.2 million compared to 2021 [32] - Revenues from renewable electricity facilities in 2022 were $17.2 million, an increase of $1.7 million or 11.1% compared to $15.4 million in 2021 [44] Market Data and Key Metrics Changes - Average commodity pricing for natural gas for 2022 was 72.9% higher than the prior year [35] - Average pricing realized on RIN sales during 2022 was $3.25, compared to $1.91 in 2021, an increase of 70.2% [36] - The average market price of D3 RIN since the 2023 RVO release was approximately $2.18, declining as low as $1.88 in February 2023 [39] Company Strategy and Development Direction - The company expects RNG production volumes to range between 5.7 million and 6.1 million MMBtu for 2023, with corresponding revenues between $137 million and $145 million [57] - The company plans to construct a second RNG processing facility at the Apex landfill, anticipating a 40% increase in RNG processing capacity [19] - The digestion expansion project is expected to reach commercial operations during the third quarter of 2023 [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged volatility in environmental attribute prices impacting revenue expectations [57] - The company does not provide guidance on future environmental attribute prices but expects larger production volumes in 2024 compared to 2023 [61] - Management views recent price volatility as temporary and plans to transfer only RINs generated from 2022 production during the first quarter of 2023 [40] Other Important Information - The company recorded impairments of approximately $4.9 million in 2022, an increase of $3.7 million compared to 2021 [45] - Total general and administrative expenses were $34.1 million for 2022, a decrease of $8.4 million or 19.8% compared to 2021 [29] - The company had cash and cash equivalents of approximately $105.2 million as of December 31, 2022 [54] Q&A Session Summary Question: 2023 RNG production growth rate - The midpoint growth rate for 2023 does not include expected volumes from the Apex project coming online in 2024, indicating larger production volumes anticipated in 2024 [61] Question: Revenue guidance assumptions on D3 RINs and LCFS prices - The revenue guidance reflects expectations of attribute pricing, with EBITDA margins expected to reflect changes in the tiered royalty structure [66] Question: RVO proposal from the EPA and its impact - Management acknowledged that the RVO proposal aligns closely with the run rate of RIN generation, indicating a healthy discussion around the proposed volumes [70] Question: Attractiveness of fixed price institutional voluntary market - Both the voluntary market and international markets provide opportunities for securing a healthy baseline of revenue streams [75]

Cautionary Statement Regarding Forward-Looking and non-GAAP Financial Information Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expect, and you should therefore not unduly rely on such statements. The risks and uncertainties that could cause results to differ include: our ability to develop and operate new renewable energy projects, including with livestock farms, and related challenges associated with new projects, su ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022; or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-39919 MONTAUK RENEWABLES, INC. (Exact name of registrant as specified in its charter) Delaware 85-3189583 (State or o ...

Investor Presentation THIRD QUARTER 2022 NOVEMBER 9, 2022 Disclaimers and Confidentiality Forward-Looking Statements "Forward-looking statements" within the meaning of U.S. federal securities laws that involve substantial risks and uncertainties. All statements other than statements of historical or current fact included in this report are forward-looking statements. Forward-looking statements refer to our current expectations and projections relating to our financial condition, results of operations, plans ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39919 MONTAUK RENEWABLES, INC. (Exact name of registrant as specified in its charter) Delaware 85-3189583 ...

Investor Presentation SECOND QUARTER 2022 AUGUST 9, 2022 Disclaimers and Confidentiality Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of U.S. federal securities laws that involve substantial risks and uncertainties. All statements other than statements of historical or current fact included in this report are forward-looking statements. Forward-looking statements refer to our current expectations and projections relating to our financial condition, re ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 680 Andersen Drive, 5th Floor Pittsburgh, Pennsylvania 15220 (Address of Principal Executive Offices) (Zip Code) For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0 ...