Investor Presentation THIRD QUARTER 2025 RESULTS NOVEMBER 6, 2025 Cautionary Statement Regarding Forward-Looking and non-GAAP Financial Information This presentation contains "forward-looking statements" within the meaning of U.S. federal securities laws. Such statements include those relating to estimated and projected financial condition, results of operations, costs and expenditures and objectives for future operations, growth, initiatives and strategies. They also include those related to the Montauk Ag ...

Core Insights - Montauk Renewables, Inc. reported a significant decline in financial performance for the third quarter of 2025, with total revenues of $45.3 million, down 31.3% from $65.9 million in the same quarter of 2024 [3][5] - The decrease in revenues is attributed to a reduction in the number of Renewable Identification Numbers (RINs) self-marketed from 2025 RNG production, alongside a notable drop in average realized RIN prices [2][3] - The company produced approximately 1.4 million Metric Million British Thermal Units (MMBtu) of RNG, reflecting a slight increase of 3.8% compared to the third quarter of 2024 [4][5] Financial Performance - Total revenues for Q3 2025 were $45.3 million, a decrease of $20.6 million (31.3%) compared to Q3 2024 [3] - Average realized RIN price in Q3 2025 was $2.29, down approximately 31.4% from $3.34 in Q3 2024 [3][5] - Operating income fell to $4.4 million, a decrease of 80.4% from $22.7 million in Q3 2024 [3] - Net income for Q3 2025 was $5.2 million, down 69.5% from $17.0 million in Q3 2024 [3] Operational Highlights - RNG production in Q3 2025 was approximately 1.4 million MMBtu, an increase of 53 thousand MMBtu compared to the same period in 2024 [4] - The Rumpke facility contributed to increased production due to higher feedstock gas availability [4] - The company sold 12.4 million RINs in Q3 2025, a decrease of 3.3 million RINs (21.2%) year-over-year [5] Cost and Expenses - Operating and maintenance expenses for RNG facilities increased to $13.9 million, up 10.6% from $12.6 million in Q3 2024 [3] - General and administrative expenses decreased to $6.5 million, down 35.1% from $10.0 million in Q3 2024, primarily due to accelerated vesting of restricted share awards [3] Future Outlook - The company expects RNG revenues to range between $150 million and $170 million for the full year, with production volumes anticipated between 5.8 million and 6.0 million MMBtu [11] - Renewable Electricity Generation (REG) revenues are projected to be between $17 million and $18 million, with production volumes expected between 175 thousand and 180 thousand MWh [11]

Core Insights - Montauk Renewables, Inc. reported financial results for Q2 2025, highlighting a successful construction of a new RNG processing facility and a power purchase agreement for its project in North Carolina [1][3][4] Financial Performance - Total revenues for Q2 2025 were $45.1 million, a 4.1% increase from $43.3 million in Q2 2024 [3][4] - Average realized RIN price decreased by 22.4% to $2.42 from $3.12 in Q2 2024 [3][4] - Operating loss for Q2 2025 was $2.4 million, a decrease of $3.2 million compared to an operating income of $0.8 million in Q2 2024 [5][3] - Net loss for Q2 2025 was $5.5 million, an increase of $4.8 million from a loss of $0.7 million in Q2 2024 [5][3] Operational Highlights - RNG production remained flat at 1.4 million MMBtu compared to Q2 2024 [4][6] - RINs sold increased by 10.5% year-over-year to 11.1 million [4] - Renewable Electricity generation decreased to approximately 42 thousand MWh, down from 45 thousand MWh in Q2 2024 [6] Strategic Developments - The company formed a joint venture, GreenWave Energy Partners, LLC, aimed at enhancing RNG utilization for transportation [1] - A power purchase agreement was signed for the Montauk Ag Renewables project, covering 100% of the electricity produced for a term of 10 years at an average price of $48/MWh [1][3] Outlook - The company reaffirmed its full-year outlook for 2025, expecting RNG revenues between $150 million and $170 million and production volumes between 5.8 million and 6.0 million MMBtu [11]

Financial Performance - Total operating revenues increased to $42603 thousand in Q1 2025 from $38787 thousand in Q1 2024[7] - Net loss was $464 thousand in Q1 2025, compared to a net income of $1850 thousand in Q1 2024[7] - Basic and diluted loss per share was $000 in Q1 2025, compared to earnings per share of $001 in Q1 2024[7] - Adjusted EBITDA decreased to $8788 thousand in Q1 2025 from $9473 thousand in Q1 2024[32] Operational Results - RNG production volumes decreased by 22 MMBtu, a 16% decrease[8, 10] - Renewable Electricity Generation production decreased by 8 MWh, a 148% decrease[8, 10] - Renewable Natural Gas Total Revenues increased by $4463 thousand or 131%[10] - Renewable Electricity Generation Total Revenues decreased by $647 thousand or 135%[10] RIN Metrics - RINs available for sale increased by 2561 thousand, a 228% increase[10] - RINs sold increased by 1996 thousand, a 253% increase[9, 10] - Average realized price per RIN decreased by $079, a 243% decrease[9, 10] - RIN inventory increased by 565 thousand, a 169% increase[9, 10] Business Development - Second Apex RNG Facility commissioning is expected to be complete in the second quarter of 2025[20] - The Blue Granite RNG Facility project faces uncertainty as the utility will no longer accept RNG into its distribution system[21]

Core Insights - Montauk Renewables, Inc. reported financial results for Q1 2025, highlighting a revenue increase driven by RIN sales despite a decrease in average RIN prices [1][3][4] Financial Performance - Total revenues for Q1 2025 were $42.6 million, up $3.8 million (9.8%) from $38.8 million in Q1 2024 [3][4] - Net loss for Q1 2025 was $0.5 million, compared to net income of $1.9 million in Q1 2024 [4][5] - Non-GAAP Adjusted EBITDA for Q1 2025 was $8.8 million, a decrease of 7.2% year-over-year [4][26] - Operating income fell to $0.4 million, down $2.0 million (82.7%) from $2.4 million in Q1 2024 [3][4] Operational Highlights - RNG production remained flat at 1.4 million MMBtu compared to Q1 2024 [4][6] - RINs sold increased by 2.0 million (25.3%) year-over-year, totaling 9.9 million in Q1 2025 [4][6] - Average realized RIN price decreased by approximately 24.3% to $2.46 from $3.25 in Q1 2024 [3][4] Capital Expenditures and Projects - The company plans to relocate its Rumpke RNG facility, with estimated capital expenditures ranging from $80 million to $110 million, targeting commissioning in 2028 [2] - The Blue Granite RNG project faced challenges as the utility will no longer accept RNG into its distribution system, leading to impairment of certain RNG equipment [2] Market Conditions - The market price of environmental attributes, including RINs, significantly impacts the company's profitability [1] - Natural gas index pricing increased approximately 62.9% during Q1 2025 compared to Q1 2024 [3]

Core Viewpoint - Montauk Renewables, Inc. reported flat total revenues for 2024 compared to 2023, with significant challenges in RIN sales impacting profitability despite an increase in RNG production volumes [1][3][4]. Financial Performance - Total revenues for 2024 were $175.7 million, unchanged from $174.9 million in 2023 [3][4]. - Net income decreased by 34.9% to $9.7 million in 2024 from $14.9 million in 2023 [4][19]. - Average realized RIN price increased by 21.0% to $3.28 in 2024 from $2.71 in 2023 [3][4]. - Operating income fell by 31.3% to $16.1 million in 2024 compared to $23.6 million in 2023 [3][19]. - Non-GAAP Adjusted EBITDA decreased by 8.3% to $42.6 million in 2024 from $46.5 million in 2023 [4][25]. Operational Highlights - RNG production increased by 1.6% to approximately 5.6 million MMBtu in 2024 compared to 5.5 million MMBtu in 2023 [4][5]. - RINs sold decreased by 18.5% to 36.6 million in 2024, down from 45.1 million in 2023 [4][5]. - The company had 6.8 million unsold RINs at the end of 2024, an increase of 6.7 million from the previous year [4][5]. Development Projects - Montauk Ag Renewables development in North Carolina received approval for its New Renewable Energy Facility [2]. - The company has long-term agreements with farms to access waste from at least 200,000 hog spaces to support processing needs [2]. - A project to convert the existing Tulsa Renewable Electric Generation facility to an RNG facility is anticipated to require a capital investment of $25.0 million to $35.0 million, with a targeted commissioning date in 2027 [2]. Future Outlook - RNG revenues for 2025 are expected to range between $150 million and $170 million, with production volumes anticipated between 5.8 million and 6.0 million MMBtu [10]. - Renewable Electricity revenues are projected to be between $17.0 million and $18.0 million, with production volumes expected between 178,000 and 186,000 MWh [10].