Thank you for your continued patience. Your meeting will begin shortly. If you need assistance at any time, please press 0, and a member of our team will be happy to help you. Thanks for your continued patience. The meeting will begin shortly. If you need assistance at any time, please press 0, and a member of our team will be happy to help you. Please stand by. Your meeting is about to begin. Hello, and welcome everyone joining today's Clean Energy Fuels Corp. Fourth Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. To register to ask a question at any time, please press 1 on your telephone keypad. Please note this call is being recorded. We are standing by if you should need any assistance. It is now my pleasure to turn the meeting over to Chief Financial Officer, Robert Vreeland. Please go ahead. Thank you, operator.

Earlier this afternoon, Clean Energy Fuels Corp. released financial results for the fourth quarter and year ending 12/31/2025. If you did not receive the release, it is available on the Investor Relations section of the company's website where the call is also being webcast. There will be a replay available on the website for 30 days. Before we begin, we would like to remind you that some of the information contained in the news release and on this conference call contains forward-looking statements that involve risks, uncertainties, and assumptions that are difficult to predict. Such forward-looking statements are not a guarantee of performance and the company's actual results could differ materially from those contained in such statements. Several factors that could cause or contribute to such differences are described in detail in the Risk Factors section of Clean Energy Fuels Corp.'s Form 10-Ks, being filed today. These forward-looking statements speak only as of the date of this release. The company undertakes no obligation to publicly update any forward-looking statements or supply new information regarding the circumstances after the date of this release. The company's non-GAAP EPS and adjusted EBITDA will be reviewed on this call and exclude certain expenses that the company's management does not believe are indicative of the company's core business operating results. Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP and should not be considered as a substitute for or superior to GAAP results. The directly comparable GAAP information, reasons why management uses non-GAAP information, a definition of non-GAAP EPS and adjusted EBITDA, and a reconciliation to these non-GAAP and GAAP figures is provided in the company's press release, which has been furnished to the SEC on Form 8-Ks today. With that, I will turn the call over to our President and Chief Executive Officer, Andrew Littlefair.

Thank you, Bob. I am pleased to report that we closed the fourth quarter and the year with strong results. Q4 marked another period of solid execution across our business, with continued strength in our fueling operations and exciting progress in our upstream RNG production platform. For the full year 2025, our performance exceeded the high end of our guidance range, reflecting the resilience of our business model and the value of our diversified customer base. During the fourth quarter, we also took an important balance sheet action by repaying $65 million of debt. This reduction in leverage lowers our future interest expense while maintaining ample cash to fund our growth initiatives. Speaking of growth initiatives, our upstream RNG business achieved two very significant miles in the last few months. As many of you know, our South Fork Dairy project in Texas has been a long journey for our team and for our dairy partner, Frank Brandt. As you may recall, three years ago, the facility suffered a fire, set back the farmer's operation and our project schedule. But the resilience of our team and the commitment from the dairy kept this project moving forward. In the fourth quarter, we completed construction and brought South Fork online. When it entered service, it became the largest operating RNG project in our portfolio and one of the largest RNG dairy digesters in the country. I am pleased to report that even since the project's completion, Frank has added to his herd count, and we are considering expanding our production facilities. Another reason this is such a great milestone is that this is a 100% Clean Energy Fuels Corp.-constructed project, and we control all RNG operations. So the financial results are fully consolidated in our financial statements and not part of our JVs.…

Thank you, Andrew, and good afternoon, everyone. We finished 2025 mostly in line with our expectations. Our GAAP loss for the year of $222 million was slightly higher than expected, principally from non-cash interest charges in the fourth quarter associated with our paydown of debt and the expiration of our delayed draw loan. Adjusted EBITDA for 2025 was $67.6 million, which exceeded the top end of our guidance of $65 million. As I have mentioned on our previous calls this year, please remember that the alternative fuel tax credit expired at the end of 2024, so the results of 2025 do not include any meaningful alternative fuel tax credit revenue or income. In 2024, for example, our EBITDA of $76.6 million included $24 million in alternative fuel tax credit income. So, on an apples-to-apples basis, a nice increase in 2025 adjusted EBITDA. For the fourth quarter, the alternative fuel tax credit amount in 2024 was $6 million to consider when comparing results to 2025. RNG delivered in 2025 was 237.4 million gallons, about 97% of our target. The slight shortfall really goes back to the first quarter where extreme weather hampered RNG supply. We were able to make up a lot, but not all, of the Q1 shortfall during the rest of 2025. In Q4 2025, we delivered 64.1 million gallons of RNG, which was approximately 5% increase over Q3 2025 and approximately 3% higher than a year ago in the fourth quarter. Also in the fourth quarter, we saw improved financial performance by our RNG upstream business, and we expect that trend to continue going into 2026. The results of our fuel distribution business, particularly at the gross margin level, were on par with what we have seen during the first three quarters, with the exception being our SG&A…

Thank you. If you would like to ask a question, please press 1 then 2. Once again, that is 1 then 2 to ask a question. We will take our first question from Rob Brown with Lake Street Capital Markets. Your line is now open. Good afternoon.

Good to see the upstream business starting to get to EBITDA positive. That is great news. Just a sense of the ramp trajectory of the eight facilities you have now open and operating and generating fuel. I think you have some metrics on the gallon volume, but how do you see the ramp trajectory to full capacity there playing out?

There will be a bit of a ramp. It is not a dramatic ramp, but certainly, mostly the second half of the year is a little better. You are not right out of the gate in Q1, but certainly much better than what it has been in Q1, and then it kind of ramps up each quarter. It is a significant improvement. We have a range of $3 million to $5 million of adjusted EBITDA, so you are going to ramp that over four quarters.

Okay, great. And then on the 15-liter engine and the truck market, I know it is a tough year. You said some signs of maybe spilling there. What are you hearing from customers in terms of the interest in buying trucks and interest in the 15-liter over this year?

I think, Rob, you are seeing some of the macro issues that plagued the trucking industry clearing up. That is a healthier backdrop. We are engaged with a lot of the largest fleets. I continue to be encouraged that customers, even with rolling back of various mandates and different policies, are showing a great deal of interest in fleets wanting to be clean, environmental, and have lower-carbon, sustainable trucks. We are seeing and hearing from their customers, the shippers, that this is still of interest. We are working hard to come up with a total cost of ownership, which we can do in our business because we can price very aggressively to give them a good economic return on that natural gas investment, and then they have dramatic savings going forward. I am optimistic. We have demo trucks; not just Clean Energy Fuels Corp., others in the industry have stepped forward. We have the largest fleets in America demoing trucks. We are beginning to see some orders—still small but very instructive—coming. The final thing is the engine seems to be working really well. As I mentioned in my remarks, the torque and horsepower, drivability, even the mileage, is really improved from what we have seen before in the 12-liter. We have to work it hard, and there is a lot of policy turmoil that people are beginning to understand, but I feel better in 2026 than I did in 2025.

Okay. That is great color. Thank you. I will turn it over.

Thank you. We will go next to Derrick Whitfield with Texas Capital. Your line is now open.

Hey, guys. Good afternoon, and thanks for your time. First, thank you for offering both upstream and downstream guidance for your business. Maybe just on the upstream side, I know you touched on the prepared remarks about 45Z. Could you advise how you are accounting for it in your guidance, both on volumes and average CI?

We are accounting for it. We are accruing for it as we produce volume. We anticipate that where that would get recorded will be a reduction of cost of sales. In our plan, we are more optimistic than what is currently in the legislation for us to reflect CIs with dairy manure. I will not get into the specifics of exact scores because that varies at every dairy, and, frankly, the legislation is still forthcoming on that. But we are generally a bit more optimistic than what is currently in legislation, and we will record that as we go along in the year according to what is out there in legislation, but we anticipate that it will improve when the final rules come out.

Maybe to put a button on that, if legislation were in the negative 50 territory, that is kind of where you would be today even though you believe that negative 200 might be the ultimate reading on average. Am I saying that correctly?

I do not know that we told you it would be minus 200, but we agree that when this finally shakes out, when a 45Z GREET model finally gets adopted, and when we look at the legislation and from the engagement that we have had, we think that it should improve from that minus 50.

Fantastic. And then leaning further on the upstream side, while I realize LCFS credits are not back to the levels where most of these projects were underwritten, we are seeing progress as you highlighted in LCFS and also potential through 45Z to further enhance economics. Outside of what you are doing with Moss at present, are the prices and 45Z getting back to a level where it might make sense to revisit some of the growth opportunities in your backlog?

Not yet, Derrick. We are optimistic and constructive on where we see, and our partners as well, the LCFS trending over time. Just to remind the audience, we underwrote some of these projects when it was $150 or $180, so we have some room to grow there. I do not think you will see us underwriting any projects right now. We are very focused on bringing these on, having them contribute. We are pleased with that. We have to watch how some of the markets break before we invest more. We have three more projects we are very excited about. We will end the year with 10, breaking over early 2027 for our 11 projects, and we feel pretty good about that. We now have dry powder in case we see one that we have to have. But right now, consider that we are going to take a breather and make sure that what we have under construction and what we have operating get optimized.

Perfect. Very helpful. Thanks for your time.

Thank you.

Thank you. We will go next to Matthew Blair with TPH. Your line is now open.

Thank you. Hello, Andrew and Bob, and congrats on beating the top end of your 2025 guidance range. For 2026, in fuel distribution, you mentioned the impacts of some significant contract renewals. I think you also mentioned it sounds like you are retaining fewer of the credits in these renewals. Could you talk about the drivers here? Is this just a function of more competition in the market, or what is really causing this?

It is twofold. Absolutely, there is competition in the RNG world, and that is what it is. We are in a good place for that, but you cannot deny that there are a lot of folks wanting to put RNG places, and we have a lot of those places to put RNG, but we have to maintain our market share, and it comes at a price. On the contract renewals, that is a reality, but it is a very positive aspect of our model. It is a recurring revenue model, and we have a lot of renewals. We have had some major ones come up where we are reflecting where we are at with current market conditions, prices, other competitors, as well as what we have spent on CapEx in prior years versus where we are headed going forward. That will be reflected. This is very positive because we are talking about renewals, in my view, and the resulting margins are still very adequate for us. They are very good. We are coming off a robust 2025, I will say. We are not necessarily repeating that, but we are accommodating these renewals, and that is part of it.

You touched on the weather issues from a year ago, Q1 2025. Are there any weather challenges so far this quarter that we should be thinking about?

A little bit. Not to the extent that we saw last year. There have been some freezes, but we are going to go mostly normal course on that. I am not anticipating coming out with

some of our facilities saw minus 40 degrees. You have some operating challenges during that, but nothing like last year. We dodged that in terms of a perfect storm of production that came offline from our third parties. We did not see that this year, so that is good.

It is anticipated somewhat in our plan anyway, because it is going to get winter here and get darn cold, and maybe colder than what you would think.

That is helpful. Thank you.

Thank you. We will take our next question from Betty Zhang with Scotiabank. Your line is now open.

Hi, Andrew. Hi, Bob. Thanks for taking my question. Could you give us an update on your JVs with BP and TotalEnergies? Is there appetite for growth from your partners? And if I heard correctly, it seems your upstream investments this year are solely related to the Moss Energy Works projects, so just wondering how those JVs are looking.

That is right. The CapEx on the RNG is for those Moss projects, the completion of the three. We have that money, and that will get spent throughout the remainder of this year. Two of those projects will be finished, one in the spring, one a little later than that, and then the third project in 2027. That is all we have anticipated with our partners right now, Betty. Our partners—BP has a lot of landfill gas they bring on with their other investments. I think all of us are very interested in bringing East Valley, which is really a significant investment, a very large dairy, on and have it operate correctly. We have our hands full, and I think all of us feel good about where we are. We are always looking at opportunities, as I said on the last question, but right now, we do not have any hard plans or any other investments that we are ready to pull the trigger on. That would be the case with all of our partners.

Makes sense. For my follow-up, would you be able to give us some color on 2026 RNG volumes as well as your own upstream production volumes?

Our RNG volumes are anticipated to be 250 million gallons, and the RNG production volumes from our RNG upstream JVs and South Fork are 7 million to 9 million gallons. I will add a little side note on that for everyone's information. That 7 million to 9 million gallons that will be produced at those dairies—all of that gas comes to us. That does also flow through our fuel distribution business. The economics on that can change. In everything except South Fork, it is kind of a 50/50 type share in the economics. When you are looking at that production volume, we get about 50% of the economics on seven of those, and the South Fork is fully consolidated, so we get all the economics there.

Perfect. Thank you.

Thank you. We will go next to Craig Shere with Tuohy Brothers. Your line is now open.

Good afternoon. I understand you are more optimistic heading into 2026 on the new advanced CNG truck sales flow. But given the narrowing spreads between diesel and CNG, is it reasonable to think that the payback period for the fuel savings for the fleet customer is getting a little elongated here? I understand they are trying to cut costs for the additional upfront cost of the CNG trucks over time, but are we at risk of any elongated payback period and that creating a headwind to this growth outlook?

Of course, if the spreads narrowed significantly, you would see that payback period getting elongated. We do not see that yet. As Bob mentioned in his remarks, we are not necessarily optimistic about that spread widening, but we are constructive. We believe we may not quite see the spreads we saw in 2025, but we will have good spreads on natural gas versus oil price. Obviously, there is geopolitics at work here, but that is not an issue that has come up where we are seeing alarm. We can discount our fuel significantly and allow for about a two-year payback. We have to always work with our channel partners and with Cummins and with the dealers and with the OEMs to make sure that we are putting the best price of that package forward, because there is probably always work to be done on that, and the more of those we sell, the better that will get. We are working on that hard with all of those people. We have seen a little bit of tightening of the spread in the Central, South, and Eastern United States, but since January 1, that has widened a little bit. We are okay right now, Craig, but it is something that we keep our eye on constantly.

Is 2025 an all-time record RNG volume through the downstream, and how do you anticipate opportunities to source third-party RNG to continue to grow that over the next two to three years?

We would mark it down as a record quarter. It is probably gold medal worthy.

On the last part of your question, everybody wants into the transportation sector, and there is a lot of RNG available. We have very good relations with the industry. We source from 90 suppliers today. There is plenty of RNG. What all of us need in the business is more transportation volume, and we are on the tip of the spear there working hard every day to create it. There is a lot of RNG available. All of us could use a little bit more adoption and more volume in transportation because the alternative markets are tough right now. Everybody wants in, and we are in an enviable place because we have all those nozzle clips. There is no shortage of RNG at present, and, frankly, not for the next couple of years, I would imagine.

I hope there will be soon. Great. Thank you.

Thank you. We will go next to Eric Stine with Craig-Hallum. Your line is now open.

Hi, Andrew. How are you? Just sneaking a few in here at the end. Hopefully, no repeat. Following up on that last question, I know some time ago you had set the goal that it would be all RNG through your Clean Energy Fuels Corp.-owned stations, and I know that 100% of the volume in California is RNG. Where do we stand towards that goal? I know you talked about that in 2026, you expect about 250 million gallons of RNG.

Maybe this, Eric: through our infrastructure, we are at 89%.

To get to 100, as you said, you have really no limitations in terms of RNG supply. Correct?

Some of that 89% is because we have seen some conventional fossil natural gas go up. We sort of work against ourselves once in a while on that. We have done a good job moving almost all of the fuel to dairy in California. A few years ago, we talked about someday we would like to see that go from 10% to 30%. It is almost at 100. Maybe in 2026, it will be. We are doing well on that goal, and it will continue to be high like this, I would think, from here on in.

In terms of stations where you do O&M, there are cases where you are involved in the supply of the RNG as well. Is that correct?

That is something that we see as an advantage. We have long-term relationships where we have built that station. There could have been a time in the past where a transit property got their natural gas from the local utility. Because we know them, and because we are experts in RNG, we have been able to flip transit properties from buying CNG from a utility to where we are now supplying the RNG. That is what I was talking about in my remarks. We have a big list right now of candidates in 2026 where we hope to work that relationship and move them from a competitor supplier—CNG from a utility—and move them over to RNG. We have a workforce, a team of people; that is what they do. We hope to add that. Wish us well on that.

It sounds like that would probably be the bigger objective than getting through your stations where it is at 89% up to 95% to 100%. Is that fair?

That will help. If we land 4 million gallons or 5 million gallons as an adder where we were doing the maintenance but we were not supplying the gas, and we can flip that to RNG that we are supplying, that is one of the ways that number comes up.

Last one for me. You talked a little bit about the 45Z and waiting on the guidance to be dialed in some, but what conversations are you having in terms of, at some point, monetizing those credits with a third party?

Our expectation is to get into routine monetization. We have already been in the market with the ITC monetizing that, and our team is well connected with third parties there as well. That is the plan. We also work with our partners on that. We are in a good spot, and there is definitely an appetite out there for the 45Z credits.

Thank you very much.

Thank you, Eric.

Thank you. At this time, there are no further questions in queue. I will now turn the meeting back to Andrew Littlefair.

Thank you, operator, and thank you, everyone, for joining us. We look forward to speaking with you next time on our first quarter results. Have a good day.

Thank you.

This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.