OPAL Fuels Inc.

Good morning and welcome to the Opal Fuels third quarter 2025 earnings call and webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 again. As a reminder, this event is being recorded. I would now like to turn the call over to Todd Firestone, Vice President of Investor Relations, to begin. Please go ahead.

Thank you, and good morning, everyone. Welcome to the Opal Fuels Third Quarter 2025 Earnings Conference Call. With me today are co-CEOs Adam Kimora and Jonathan Moore, as well as Kajistan, Opal's Chief Financial Officer. Opal Fuels released financial and operating results for the Third Quarter 2025 yesterday afternoon, and those results are available on the investor relations section of our website at opalfuels.com. The presentation and access to the webcast for this call are also available on our website. After completion of today's call, a replay will be available for 90 days. Before we begin, I'd like to remind you that our remarks, including answers to your questions, contain forward-looking statements, which involve risks, uncertainties, and assumptions. These forward-looking statements are not a guarantee of performance and actual results. could differ materially from what is contained in such statements. Several factors that could cause or contribute to such differences are described on slides two and three of our presentation. These forward-looking statements reflect our views as of the date of this call, and Opal Fuels does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date of this call. Additionally, this call will contain discussion of certain non-GAAP measures. A definition of non-GAAP measures used and a reconciliation of these measures The nearest gap measure is including appendix of the release and presentation. Adam will begin today's call providing an overview of the course results, recent highlights, and an update on our strategic and operational priorities. John will then give a commercial and business development update, after which Kazi will review financial results. We'll then open the call for questions. And now, I'll turn the call over to Adam Camara, co-CEO of Opal Fuels.

Thank you, Todd. Good morning, everyone, and thank you for participating in Opal Fuel's third quarter 2025 earnings call. The third quarter was another quarter of consistent operational progress in line with our expectations, and we are maintaining our full year guidance. R&G production was 1.3 million MMBTUs, representing both sequential growth and an increase of approximately 30% compared to the third quarter of last year. Importantly, Due to all the operational improvements we are making, October production was the highest rate in OPWL's history following a record performance in September. These production rates are in line with the levels required to achieve the low end of our full year production guidance we set at the beginning of the year. The trajectory here is clear, and the operating base is performing with greater consistency and reliability. We also continue to advance our growth plans. At the end of the third quarter, we brought the Atlantic project online and we are very pleased with its initial ramp. This is our first project with our partner, South Jersey Industries. This project brings us to 12 operating RNG facilities with a combined 9.1 million MMBTU of annual design capacity. In addition, we began construction at our CMS RNG project in North Carolina, representing 1.0 million MMBTU of annual design capacity net to OPWL. We are continuing to advance a number of attractive new project opportunities within our pipeline and feel confident we have the ability to meet our target of 2.0 million MMBTU of annual design capacity into construction in 2025. On the financial side, we completed our fourth investment tax credit monetization to date and third for this year, bringing our total gross proceeds to 43 million year to date. We expect that we will complete a fourth sale by year end or in early 2026. These ITC sales continue to be an effective tool to offset capital requirements and support our development program, and as a reminder, are not included in our adjusted EBITDA calculation. Our third quarter adjusted EBITDA was 19.5 million, lower compared to the same period last year, impacted by a lower RIN price environment. While RIN prices were lower in the third quarter, recent pricing trends have been constructive. Given the increasing production performance, the growth of fuel station services segment, and beginning to recognize 45Z production tax credits in the fourth quarter, we remain confident in delivering operating and financial results in line with our full year guidance. As we look towards the future, we remain encouraged our growth will continue in 2026 and beyond. We have a robust opportunity set to continue to build our RNG production platform and see an increasing need for energy infrastructure assets to support CNG and RNG adoption for heavy duty trucking. CNG and RNG is being recognized as the most cost effective and operationally sound fuel choice to replace diesel. To capture some of the building momentum we're seeing in the downstream, we continue to invest in our team and the fuel station service segment as it becomes more of a focus in our capital allocation strategy. OPWL's vertically integrated model is continuing to show its strength to capitalize on this opportunity, bringing the most value to biogas feedstock hosts and providing fleets with a partner that can deliver a full solution to decarbonize their fleet at a lower cost than diesel. With that, I'll turn it over to John.