OPAL Fuels (OPAL) Q4 2025 Earnings Call Transcript

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Monday, March 16, 2026 astatine 11 a.m. ET

• Co-Chief Executive Officer — Adam J. Comora

• Co-Chief Executive Officer — Jonathan Gilbert Maurer

• Chief Financial Officer — Kazi Kamrul Hasan

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Adam J. Comora and Jonathan Gilbert Maurer, arsenic good arsenic Kazi Kamrul Hasan, OPAL Fuels Inc.’s Chief Financial Officer. OPAL Fuels Inc. released fiscal and operating results for the 4th fourth and afloat twelvemonth 2025 this morning, and those results are disposable connected the Investor Relations conception of our website astatine investors.opalfuels.com. The presumption and entree to the webcast for this telephone are besides disposable connected the website. After completion of today’s call, a replay volition beryllium disposable for 90 days. Before we begin, I would similar to punctual you that our remarks and answers to your questions incorporate forward-looking statements, which impact risks, uncertainties, and assumptions.

Forward-looking statements are not a warrant of performance, and existent results could disagree materially from what is contained successful specified statements. Several hazard factors that could origin oregon lend to specified differences are described connected slides 2 and 3 of our presentation. These forward-looking statements bespeak our views arsenic of the day of this call, and OPAL Fuels Inc. does not undertake immoderate work to update forward-looking statements to bespeak events oregon circumstances aft the day of this call. Additionally, this telephone volition incorporate treatment of definite non-GAAP measures. A explanation of non-GAAP measures utilized and a reconciliation of these measures to the nearest GAAP measures are included successful the appendix of the merchandise and presentation.

Adam volition statesman today’s telephone by providing an overview of the quarter’s results and caller highlights. Jonathan volition past springiness a commercialized and concern improvement update, aft which Kazi volition reappraisal fiscal results. We volition past unfastened the telephone for questions. I volition present crook the telephone implicit to Adam J. Comora, Co-CEO of OPAL Fuels Inc.

Adam J. Comora: Good morning, everyone, and convey you for participating successful OPAL Fuels Inc.’s Fourth Quarter and Full Year 2025 Earnings Call. We are pleased to beryllium present contiguous and look guardant to discussing our 2025 results, our outlook and plans for 2026, and the existent macro and regulatory environment. Starting with full-year and fourth-quarter results, we are pleased the twelvemonth ended powerfully and adjusted EBITDA finished astatine $90.2 million, wrong our guidance. On the surface, 2025 adjusted EBITDA was a level twelvemonth versus 2024; however, accumulation grew 28%, which was masked successful our fiscal results by respective factors, including 22% little RIN prices.