New Risk • Mar 02
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 6.5% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.5% operating cash flow to total debt). Earnings are forecast to decline by an average of 146% per year for the foreseeable future. High level of non-cash earnings (40% accrual ratio). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$100m (kr918.2m market cap, or US$96.3m). Reported Earnings • Aug 31
First quarter 2026 earnings released First quarter 2026 results: Net income: UK£50.3m (up UK£56.1m from 1Q 2025). Revenue is expected to fall by 120% p.a. on average during the next 2 years compared to a 5.4% decline forecast for the Oil and Gas industry in Norway. Reported Earnings • May 30
Full year 2025 earnings released: UK£0.28 loss per share (vs UK£0.34 loss in FY 2024) Full year 2025 results: UK£0.28 loss per share (improved from UK£0.34 loss in FY 2024). Revenue: UK£153.7m (up 42% from FY 2024). Net loss: UK£17.1m (loss narrowed 17% from FY 2024). Revenue is expected to fall by 150% p.a. on average during the next 2 years compared to a 3.9% decline forecast for the Oil and Gas industry in Norway. Duyuru • May 22
ReFuels N.V., Annual General Meeting, Sep 18, 2026 ReFuels N.V., Annual General Meeting, Sep 18, 2026. Duyuru • Apr 30
ReFuels N.V. to Report Q4, 2025 Results on Aug 29, 2025 ReFuels N.V. announced that they will report Q4, 2025 results at 7:00 AM, Central European Standard Time on Aug 29, 2025 Reported Earnings • Mar 05
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: UK£44.1m (up 58% from 3Q 2024). Net loss: UK£5.98m (loss widened 285% from 3Q 2024). Revenue is forecast to grow 38% p.a. on average during the next 3 years, compared to a 4.3% decline forecast for the Oil and Gas industry in Norway. Board Change • Feb 24
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Non-Executive Chairperson of the Board Yvonne Visser-Stam was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Dec 01
Second quarter 2025 earnings released: UK£0.14 loss per share (vs UK£0.025 loss in 2Q 2024) Second quarter 2025 results: UK£0.14 loss per share (further deteriorated from UK£0.025 loss in 2Q 2024). Revenue: UK£35.8m (up 29% from 2Q 2024). Net loss: UK£8.41m (loss widened 442% from 2Q 2024). Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 5.9% decline forecast for the Oil and Gas industry in Norway. New Risk • Nov 29
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: UK£21m Forecast net loss in 2 years: UK£7.4m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Less than 3 years of financial data is available. Currently unprofitable and not forecast to become profitable over next 2 years (UK£7.4m net loss in 2 years). Share price has been volatile over the past 3 months (9.5% average weekly change). Market cap is less than US$100m (kr628.2m market cap, or US$56.7m). New Risk • Nov 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Norwegian stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (8.0% average weekly change). Market cap is less than US$100m (kr561.8m market cap, or US$50.8m). Breakeven Date Change • Oct 09
Forecast to breakeven in 2027 The analyst covering ReFuels expects the company to break even for the first time. New forecast suggests losses will reduce by 83% per year to 2026. The company is expected to make a profit of UK£5.68m in 2027. Average annual earnings growth of 111% is required to achieve expected profit on schedule. Breakeven Date Change • Sep 03
No longer forecast to breakeven The analyst covering ReFuels no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of UK£5.68m in 2027. New forecast suggests the company will make a loss of UK£4.06m in 2027. New Risk • Sep 02
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: UK£27m Forecast net loss in 3 years: UK£4.1m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-UK£16m free cash flow). Minor Risks Less than 3 years of financial data is available. Currently unprofitable and not forecast to become profitable over next 3 years (UK£4.1m net loss in 3 years). Market cap is less than US$100m (kr1.00b market cap, or US$94.6m). Breakeven Date Change • Jun 13
Forecast to breakeven in 2027 The analyst covering ReFuels expects the company to break even for the first time. New forecast suggests losses will reduce by 85% per year to 2026. The company is expected to make a profit of UK£5.68m in 2027. Average annual earnings growth of 108% is required to achieve expected profit on schedule. Breakeven Date Change • Jun 12
Forecast to breakeven in 2027 The analyst covering ReFuels expects the company to break even for the first time. New forecast suggests losses will reduce by 49% per year to 2026. The company is expected to make a profit of UK£5.68m in 2027. Average annual earnings growth of 108% is required to achieve expected profit on schedule. Recent Insider Transactions • Jan 31
MD, CFO & Executive Director recently bought kr96k worth of stock On the 26th of January, Baden Gowrie-Smith bought around 5k shares on-market at roughly kr19.24 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Baden's only on-market trade for the last 12 months. New Risk • Jan 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr1.03b (US$97.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Negative equity (-€306k). Revenue is less than US$1m. Minor Risks Less than 3 years of financial data is available. Currently unprofitable and not forecast to become profitable over next 3 years (€732k net loss in 3 years). Share price has been volatile over the past 3 months (8.4% average weekly change). Market cap is less than US$100m (kr1.03b market cap, or US$97.9m). Breakeven Date Change • Dec 03
No longer forecast to breakeven The analyst covering ReFuels no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of €3.31m in 2026. New forecast suggests the company will make a loss of €735.2k in 2026. New Risk • Dec 02
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: €612k Forecast net loss in 3 years: €736k This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Negative equity (-€306k). Revenue is less than US$1m. Minor Risks Less than 1 year of cash runway based on current free cash flow (-€151k). Less than 3 years of financial data is available. Currently unprofitable and not forecast to become profitable over next 3 years (€736k net loss in 3 years). Duyuru • Sep 01
ReFuels N.V. Announces Changes to Board of Directors ReFuels N.V. announced that at the Annual General Meeting of Shareholders 30 August 2023 approved the following: Appointment Ms Krastel-Hoek as non-executive director; appointment Mr. Tuohy as non-executive director. ReFuels also announced the appointments of Ms Carina Krastel-Hoek and Mr. David Tuohy as non-executive directors of ReFuels with immediate effect. In addition, ReFuels announced the resignation of Mr. Timothy John Baldwin as a non-executive director and chairperson of the Board of Directors of ReFuels effective from conclusion of the AGM. The Board of Directors of ReFuels has also approved the appointment of Ms Yvonne Visser-Stam as chairperson of the Board of Directors of ReFuels with effect from conclusion of the AGM in accordance with ReFuels' articles of association and board rules. Recent Insider Transactions • May 19
Operations Director recently bought kr332k worth of stock On the 15th of May, Luke Preston bought around 13k shares on-market at roughly kr25.82 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Luke's only on-market trade for the last 12 months. 
