OPAL Fuels Inc.

Good day, and thank you for standing by. Welcome to the Oprah Fuels fourth quarter and full year 2025 earnings results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you'll need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker for today, Todd Firestone, Vice President, Investor Relations. Please go ahead. Thank you, and good morning, everyone.

Welcome to the Opal Fuels Fourth Quarter and Full Year 2025 Earnings Conference Call. With me today are co-CEOs Adam Kimora, Jonathan Moore, as well as Kazia San, Opal's Chief Financial Officer. Opal Fuels released financial and operating results for the fourth quarter and full year 2025 this morning, 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 the 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 risk, uncertainties, and assumptions. 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 to the nearest GAAP measures, including an appendix of the release and presentation. Adam will begin today's call by providing an overview of the Corps' results and recent highlights. John will then give a commercial and business development update, after which Kazi will review financial results. We will then open the call for questions. And now I'll turn the call over to Adam Camora, co-CEO of Opal Fuels.

Good morning, everyone, and thank you for participating in Opal Fuel's fourth quarter and full year 2025 earnings panel. We are pleased to be here today and look forward to discussing our 2025 results, our outlook and plans for 2026, and the current macro and regulatory environment. Starting with full year and fourth quarter results, we are pleased the year ended strongly and adjusted EBITDA finished at 90.2 million within our guidance. On the surface, 2025 adjusted EBITDA was a flat year versus 2024. However, production grew 28%, which was masked in our financial results by several factors, including 22% lower RIM prices. Despite the macro headwinds faced by our fuel station services segment throughout 2025, we are pleased we achieved strong growth in the segment. I will offer some high-level thoughts here at the top of the call regarding our outlook for 2026, and Kazi will share more details later. For our 2G production outlook in 2026, we continue to be encouraged by our approved operations team, new opportunities to improve gas collection, and greater efficiencies of our plants, all driving incremental production growth from our existing assets. For our fuel station services segment, we are beginning to see improving macro conditions and other factors that could make 2026 an inflection point for new fleet adoption of CNG and RNG in heavy duty trucking. It is important to note that these business development activities would not necessarily have a direct benefit to 2026 financial results. It typically takes us about a year to build a fueling station and begin selling fuel. So for 2026, this segment will still be feeling the effects of the sluggish 2025 business development activity, but we are hopeful new fleet deployments will begin setting the segment up for stronger growth in 2027 and beyond. I do want to comment on some policy developments as well. As many of you likely saw, on February 25th, the EPA sent to OMB the final set rule with updated 2026 and 2027 RVO targets. The rule is expected to be released shortly. Although we have seen strengthening bipartisan support of RNG with proactive positive tax policy from the Republican-led House and Senate, specifically the extension of the 45Z tax credit through 2029, in our view, the cellulose category within the RFS has not been as much a focus for policymakers as liquid agricultural biofuels. That being said, we do believe the recent relative stability in the D3 RIN market will continue and could have an upward bias with the broader biofuels complex. I also want to comment on our new 180 million preferred stock facility provided by Fortistar. The additional capital from this facility can be targeted for incremental infrastructure investments across the RNG value chain. Our vertically integrated business model from producing RNG to providing access to transportation fuel offtake for CNG and RNG drives advantage project returns relative to market peers and helps unlock the value of Opal's project opportunities. In closing, I remind listeners since going public nearly four years ago, our compounded annual growth rate for RNG production and adjusted EBITDA is 32% and 22% respectively. We are excited about where Opal Fuels is positioned. Our integrated model is resilient, and our results demonstrate the value of controlling the product we sell from production through dispensing to our customers. With that, I'll turn it over to John. John?