Financial Data and Key Metrics Changes - Second quarter adjusted EBITDA was $16.5 million, which is $4.6 million lower compared to the same period last year, impacted by a lower RIN price environment and non-recurring expenses [7][19] - Revenue for the quarter was $80.5 million, up from $71 million in the same period last year, reflecting growth in RNG production and fuel station services [18] - Net income increased to $7.6 million from $1.9 million in Q2 2024 [18] Business Line Data and Key Metrics Changes - RNG fuel segment production reached 1,200,000 MMBtu, a 33% increase year-over-year [8][14] - Fuel Station Services segment EBITDA was approximately $11.2 million, a 30% increase compared to the previous year [8][17] - The company completed the sale of $16.7 million in investment tax credits, contributing to cash flow and earnings [8] Market Data and Key Metrics Changes - The company was added to the Russell 2000, Russell 2000 Value, and Russell 2000 Growth Indices, indicating strong market performance [8] - The policy environment has improved with bipartisan support for RNG, including the extension of the 45Z production tax credit through 2029 [10][11] Company Strategy and Development Direction - The company is focusing on expanding its RNG production assets and fueling station network, maintaining guidance for the year despite lower RIN prices [7][13] - Capital is being allocated to grow the Fuel Station Services segment, which provides predictable cash flow [13][17] - The company is exploring M&A opportunities in a fragmented industry to maximize shareholder value [40][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational improvements and achieving production results within the lower end of guidance [14][15] - The company is optimistic about the construction of new projects and expects to meet its target of placing 2,000,000 MMBtu into construction in 2025 [16][32] - Management noted that while there are macro headwinds, the overall outlook for RNG adoption is improving [17][27] Other Important Information - The company is investing in strengthening its operational and financial foundation, including compliance with SOX criteria by 2026 [20][21] - Total liquidity as of June 30 was $203.2 million, which includes cash and undrawn credit facilities [21] Q&A Session Summary Question: Changes in competitive landscape for downstream business - Management noted a market shift with major national fleets increasingly engaging in CNG and RNG due to recent policy changes and equipment availability [25][26] Question: Guidance maintenance despite weaker RIN prices - Management highlighted several drivers for maintaining guidance, including RIN purchases, production trends, and expected normalization of non-recurring expenses [36][38] Question: M&A landscape and acquisition opportunities - Management indicated that the industry remains fragmented, presenting opportunities for consolidation, and they are evaluating potential acquisitions to maximize shareholder value [40][41] Question: Timing of returning capital to shareholders - Management emphasized a disciplined approach to maximizing shareholder value and indicated that discussions on returning capital would occur during the upcoming Investor Day [44][45] Question: Growth outlook for Fuel Station Services - Management expressed confidence in the growth of the Fuel Station Services segment, anticipating a pickup in activity in the second half of the year [48][49] Question: Update on landfill gas project with RSG - Management confirmed that development is ongoing and they are finalizing plans for the project, which is expected to contribute to their construction targets [51][52] Question: Balancing investment between upstream and downstream - Management is evaluating opportunities in both upstream and downstream sectors based on risk-adjusted returns and their potential to enhance overall portfolio stability [59][60]

Financial Performance - Second Quarter 2025 Adjusted EBITDA was $16.5 million, a 22% decrease compared to $21.1 million in 2Q24, driven by lower RIN prices, loss of ISCC carbon credits, and non-recurring G&A expense[14, 16, 18] - RNG production for 2Q25 reached 1.2 million MMBtu, a 33% increase compared to 2Q24[14, 16] - Fuel Station Services segment experienced EBITDA growth of 30% compared to 2Q24[16] Liquidity and Capital Allocation - As of June 30, 2025, the company had approximately $203 million in liquidity, including $138 million of unused capacity under the $450 million credit facility, $36 million of unused capacity under the associated revolver, and $29 million in cash, cash equivalents, and short-term investments[21] - Net debt as of June 30, 2025, was approximately $302 million[21] - The company anticipates putting into construction approximately 2.0 million annual MMBtu of RNG annual design capacity in 2025[58] Guidance and Projections - The company maintains full-year 2025 Adjusted EBITDA guidance, projecting between $90 million and $110 million, assuming a $2.60/gallon D3 RIN price[16, 58] - The Adjusted EBITDA projection is based on an RNG production range of 5.0 to 5.4 million MMBtu[58] - Adjusted EBITDA from the Fuel Station Services segment is projected to grow by 30% - 50% compared to 2024[58] Operational Highlights - The company operates 11 RNG facilities with a total RNG annual design capacity of 8.8 million MMBtu[40] - Total volumes sold, dispensed, and serviced in the Fueling Station Services segment reached 145.0 million GGE in 2024 and are projected to reach 202.1 million GGE in 2025[35]

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 June 30, 2025 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: 001-40272 OPAL FUELS INC. (Exact name of registrant as specified in its charter) (State or other jurisd ...

FOR IMMEDIATE RELEASE OPAL Fuels Reports Second Quarter 2025 Results • Revenue for the three and six months ended June 30, 2025, was $80.5 million and $165.9 million respectively, an increase of 13% and 22% respectively, compared to the prior-year period. • Net income for the three and six months ended June 30, 2025, was $7.6 million and $8.8 million respectively, compared to $1.9 million and $2.6 million in the same period last year. • Basic and diluted net income (loss) per share attributable to Class A c ...

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, 2025 or Commission File Number: 001-40272 OPAL FUELS INC. (Exact name of registrant as specified in its charter) Delaware 98-1578357 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) One North Lexington Avenue, Suite 1450 White Plains, Ne ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2025 was $20.1 million, over 30% higher compared to the same period last year [7] - Revenue for the quarter was $85.4 million, compared to $64.9 million in Q1 2024 [13] - Net income increased to $1.3 million from $0.7 million in Q1 2024 [13] Business Segment Data and Key Metrics Changes - Fuel Station Services segment EBITDA was approximately $12.5 million, 80% higher versus Q1 2024 [7] - RNG fuel production for the quarter was 1.1 million MMBtus, up nearly 40% compared to the same period last year [8] - The company maintains its 2025 RNG production guidance of 5 million to 5.4 million MMBtus, representing a 37% increase versus 2024 [11] Market Data and Key Metrics Changes - The company is experiencing delays in investment decisions from customers due to recent trade policy uncertainties, but does not expect a material impact on guidance [9] - The regulatory outlook is shifting positively for RNG CNG powered heavy-duty trucking, which could expand adoption [10] Company Strategy and Development Direction - The company is focused on vertical integration to maximize the value of RNG produced and enhance cash flow stability [8] - There are ongoing construction projects for four landfill RNG projects, with expectations for commercial operations to commence in 2025 [11][12] - The company is maintaining its guidance for Fuel Station Services adjusted EBITDA growth of 30% to 50% versus 2024 [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the uncertain macro and regulatory environments but remains confident in long-term growth potential [9][10] - There is strong bipartisan support for American biofuels and investment in RNG, which is expected to bolster future growth [10] - The company is monitoring regulatory developments closely, including the implementation of 45Z and EPA rulings [10] Other Important Information - Capital expenditures for the quarter totaled $17 million, including $5.4 million related to equity method investments [15] - The company expects to monetize approximately $50 million in total ITC sales in 2025, enhancing operating cash flow [16] Q&A Session Summary Question: Production trajectory for the year - Management indicated that production was affected by an unusually cold winter and availability issues but expects sequential growth through the year [22][24] Question: Impact of tariffs on construction projects - Management stated that there are currently no cost increases due to tariffs, as equipment has already been ordered under fixed-price contracts [25][26] Question: RIN pricing and future expectations - The average realized RIN price was about $271 in Q1, with expectations for a lower price in Q2 [31][32] Question: Growth in Fuel Station Services - Growth is driven by higher volumes from new stations and improved margins due to a tighter dispensing market [33][35] Question: Capital return to shareholders - Management discussed the flexibility in capital deployment, including potential dividends or share buybacks as free cash flow increases [38][40] Question: Renewable power segment performance - The decrease in revenue was attributed to the termination of contracts related to the ISCC pathway [65][66] Question: Tax benefits from ITC credits - The $8 million income tax benefit was from the sale of ITC Section 48 tax credits, which is not included in EBITDA guidance [70][71] Question: Conversion of biofuel power projects to RNG - Management expressed excitement about the potential to accelerate conversion projects based on public policy outcomes [73][74] Question: Concerns about oil prices and natural gas - Management is not overly concerned about short-term oil price fluctuations, believing natural gas will remain cheaper than oil [76][78]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2025 was $20.1 million, over 30% higher compared to the same period last year [7] - Revenue for the quarter was $85.4 million, compared to $64.9 million in Q1 2024 [14] - Net income increased to $1.3 million from $0.7 million in Q1 2024 [14] Business Segment Data and Key Metrics Changes - Fuel Station Services segment EBITDA was approximately $12.5 million, 80% higher versus Q1 2024 [7] - RNG fuel production for the quarter was 1.1 million MMBtus, up nearly 40% compared to the same period last year [8] - The company maintains its 2025 RNG production guidance of 5 million to 5.4 million MMBtus, a 37% increase versus 2024 [12] Market Data and Key Metrics Changes - The company is experiencing delays in investment decisions from customers due to recent trade policy uncertainties, but these delays are not expected to materially impact guidance [9] - The regulatory outlook is shifting positively for RNG CNG powered heavy-duty trucking, which could expand adoption [11] Company Strategy and Development Direction - The company continues to execute on strategic and operational objectives, focusing on vertical integration to maximize the value of RNG produced [8] - There are ongoing construction projects for four landfill RNG projects, with a total annual design capacity of 2.1 million MMBtus [12] - The company is maintaining guidance for Fuel Station Services adjusted EBITDA growth of 30% to 50% versus 2024 [13] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the uncertain macro and regulatory environments but remains confident in the long-term fundamentals supporting growth [9] - There is strong bipartisan support for American biofuels and investment in RNG, which is expected to bolster future growth [11] - The company is monitoring regulatory developments, including the implementation of 45Z and final EPA rulings [11] Other Important Information - Capital expenditures for the quarter totaled $17 million, including $5.4 million related to equity method investments [15] - The company expects to monetize approximately $50 million in total ITC sales in 2025, enhancing operating cash flow [16] Q&A Session Summary Question: Can you discuss the production trajectory for the year? - Management indicated that production was affected by cold weather and availability issues but expects sequential growth through the year as projects ramp up [22][24] Question: Are you experiencing any inflation associated with tariffs? - Management stated that there are no current cost increases due to tariffs, as equipment for construction projects has already been ordered [25][27] Question: What are the drivers behind the RIN pricing achieved in Q1? - The average realized RIN price was about $271 in Q1, with expectations for a lower price in Q2 [32] Question: How much of the expected EBITDA growth in Fuel Station Services is from higher volumes versus stronger margins? - Growth is driven by new stations coming online, higher utilization, and anticipated margins from service contracts [36] Question: What are the company's thoughts on returning capital to shareholders? - The company is focused on maximizing shareholder value through various means, including potential share buybacks and capital deployment in growth projects [40] Question: Can you provide an update on the renewable power segment? - Revenue in the renewable power segment decreased due to the termination of contracts related to the ISCC pathway [67] Question: What was the substantial income tax benefit in Q1? - The $8 million benefit was from the sale of ITC Section 48 tax credits, which is not included in EBITDA guidance but affects net income [73]

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, 2024 or Securities registered pursuant to Section 12(b) of the Act: ☐ 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 001-40272 OPAL FUELS INC. (Exact name of registr ...

Financial Data and Key Metrics Changes - For Q4 2024, revenue was $80 million and adjusted EBITDA was $22.6 million, compared to $87 million and $32 million in Q4 2023, respectively, indicating a decline in both revenue and EBITDA [34] - The net loss for Q4 2024 was $5.4 million, compared to a net income of $20.1 million in 2023, primarily due to the timing and pricing of environmental credit sales [34] - For the full year 2024, revenue was $299.9 million, adjusted EBITDA was $90 million, and net income was $14.3 million, compared to $256.1 million, $151.9 million, and $127 million in 2023, respectively [34] Business Segment Data and Key Metrics Changes - The fuel station service segment's EBITDA for 2024 was $40.2 million, a 76% increase compared to 2023 [12] - RNG fuel production for 2024 was 3.8 million MMBtus, up 41% from 2023, but slightly below the guidance of 4.0 million MMBtus [12][21] - The company expects adjusted EBITDA growth of 30% to 50% in the fuel station services segment for 2025 compared to 2024 [22][30] Market Data and Key Metrics Changes - The company has increased its RNG projects from two to eleven since going public in 2022, with annual design capacity more than tripling [14][25] - The company expects RNG production in 2025 to range between 5 million to 5.4 million MMBtus, representing a 30% to 40% increase compared to 2024 [21][27] Company Strategy and Development Direction - The company aims to grow organically through new development, with nearly 2 million MMBtus of annual design capacity under construction [14] - The fuel station service segment is seen as a strategic value, providing diversification and predictable cash flows, with a significant growth opportunity in the heavy-duty fleet market [17] - The company is focused on building and operating biogas capture and conversion projects to deliver low-carbon intensity energy products [40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory for 2025, despite near-term volatility, citing strong market fundamentals [30] - The company remains bullish on RNG as an American biofuel, emphasizing its alignment with agricultural biofuels and potential public policies [23][24] - Management highlighted the importance of disciplined capital allocation and the ability to generate free cash flow, indicating flexibility in growth and capital preservation strategies [113] Other Important Information - The company has made leadership changes, including the appointment of Kazi Hassan as Chief Financial Officer [18] - The company expects approximately $50 million of cash proceeds from ITC sales in 2025, significantly higher than the $9 million in 2024 [23] Q&A Session Summary Question: Production guidance and expected contributions from projects in construction - Management expects increasing utilizations from facilities and anticipates sequential upticks throughout the year as ramp-up issues are resolved [45][46] Question: Competitive landscape and growth opportunities - Management noted that they are well-positioned to evaluate and pursue new opportunities in the market, particularly in light of recent industry changes [51][56] Question: Inclusion of PTC and 45Z credits in guidance - The company included an immaterial amount of 45Z credits in the low end of the guidance and a small expected value at the top end [62][63] Question: Tightness in the dispensing market and growth drivers - Management indicated that the market has been tightening due to increased RNG supply and slower adoption of new engine models, but they expect growth in dispensing volumes [68][70] Question: Equipment cost inflation and impact of tariffs - Management stated that they commit to equipment costs early in the construction process to mitigate inflation impacts, and overall inflation has been tamed compared to previous years [75][76] Question: Timeline for resolution of the partial waiver - Management is hopeful for a resolution in the April-May timeframe regarding the partial waiver and is actively advocating for it [80] Question: Project development and federal incentives - Management reported no slowdown in early-stage project discussions, emphasizing the urgency from feedstock hosts to move projects forward [108][110] Question: Balance between growth and capital preservation - Management discussed the flexibility to toggle between growth and generating free cash flow, highlighting the low maintenance CapEx of their facilities [113][114] Question: Mix between upstream and downstream segments - Management clarified that while the fuel station services segment is growing, it has not yet reached 50% of the overall EBITDA [120][123]

Fourth Quarter and Full Year 2024 Earnings Presentation March 2025 Disclaimer For the purposes of this notice, the "presentation" that follows shall mean and include the slides that follow, the oral presentation of the slides by members of management of OPAL Fuels Inc. (the "Company" or "OPAL Fuels") or any person on their behalf and the question-and-answer session that follows that oral presentation. By reading the presentation slides, you will be deemed to have (i) agreed to the following limitations and ...