Opal Fuels Inc. (OPAL) 2026 Q1 法說會逐字稿

Good morning, and welcome to the OPAL Fuels first quarter 2026 earnings call and webcast. (Operator Instructions) As a reminder, this event is being recorded.

早安，歡迎參加 OPAL Fuels 2026 年第一季財報電話會議與網路直播。(接線員指示) 提醒您，本活動將被錄音。

I would now like to turn the call over to Todd Firestone, Vice President of Investor Relations, to begin. Please go ahead.

現在我想把電話會議交給投資人關係副總裁 Todd Firestone 來開始。請開始。

Thank you, and good morning, everyone. Welcome to the OPAL Fuels first quarter 2026 earnings conference call. With me today are Co-CEOs, Adam Comora and Jonathan Maurer; as well as Kazi Hasan, OPAL's Chief Financial Officer.

謝謝，各位早安。歡迎參加 OPAL Fuels 2026 年第一季財報電話會議。今天與我一同出席的有共同執行長 Adam Comora 與 Jonathan Maurer，以及 OPAL 的財務長 Kazi Hasan。

OPAL Fuels released financial and operating results for the first quarter of 2026 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 of this call are also available on our website. After completion of today's call, a replay will be available for 90 days.

OPAL Fuels 今早已發布 2026 年第一季的財務與營運結果，相關資料可於我們網站 opalfuels.com 的投資人關係專區取得。本次電話會議的簡報與網路直播連結亦可於我們網站取得。今日電話會議結束後，重播將提供 90 天。

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. 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 2 and 3 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.

在開始之前，我想提醒各位，我們的發言（包括對各位提問的回答）包含前瞻性陳述，涉及風險、不確定性與假設。前瞻性陳述不保證績效，實際結果可能與該等陳述所載內容有重大差異。可能造成或導致此等差異的若干因素，已於我們簡報第 2 與第 3 頁中說明。這些前瞻性陳述反映截至本次電話會議日期之觀點，OPAL Fuels 不承擔任何義務在本次電話會議日期後更新前瞻性陳述，以反映後續事件或情況。

Additionally, this call will contain a discussion of certain non-GAAP measures. A definition of non-GAAP measures used and a reconciliation of these measures to the nearest GAAP measure is included in the appendix of the release and presentation. Adam will begin today's call by providing an overview of the quarter's results and recent highlights. Jon will give a commercial and business development update, after which Kazi will review financial results. We'll then open the call for questions.

此外，本次電話會議將討論若干非 GAAP 衡量指標。所使用之非 GAAP 指標的定義，以及與最接近之 GAAP 指標的調節表，已收錄於新聞稿與簡報的附錄中。Adam 將先就本季業績與近期重點提供概述。Jon 將提供商務與業務開發更新，之後 Kazi 將回顧財務結果。接著我們將開放提問。

And now I'll turn the call over to Adam Comora, Co-CEO of OPAL Fuels.

現在我把電話會議交給 OPAL Fuels 共同執行長 Adam Comora。

Thank you, Todd, and good morning, everyone, and thank you for participating in OPAL Fuels' First Quarter 2026 Earnings Call. Despite a challenging operating environment in the seasonally soft first quarter, we remain on track to meet our full year guidance. Production is improving in line with our expectations, and we are encouraged by the firming of environmental credit pricing. In addition to the performance and growth in our operating platform, we are energized by the engagement we are seeing from our business development activities for new CNG, RNG fleet deployments in heavy-duty trucking. A variety of factors are leading to the logjam finally breaking for new CNG and RNG fleet deployments.

謝謝你，Todd，各位早安，也感謝各位參與 OPAL Fuels 2026 年第一季財報電話會議。儘管第一季在季節性淡季且營運環境具挑戰，我們仍按計畫達成全年財測指引。產量正依照我們的預期改善，我們也對環境信用額度價格走強感到鼓舞。除了我們營運平台的表現與成長之外，我們也因在重型卡車領域推動新的 CNG、RNG 車隊導入之業務開發活動所見到的互動而備受振奮。多項因素正促使新 CNG 與 RNG 車隊導入的僵局終於開始鬆動。

High and volatile diesel pricing, regulatory clarity regarding combustion engines and the successful test of the Cummins X15N are moving fleets into decision-making mode for what we believe is a great product. CNG is a winning economic proposition for fleets. It supports their operations with minimal change in disruption and the fact we deliver low carbon intensity RNG and its ancillary benefits make it that much more compelling. We spent much of last week at ACT Expo, our industry's flagship conference, and the excitement around RNG and CNG is real. In addition to the financial benefits, fleets also recognize the value of the sustainability benefits, whether it be achieving their ESG goals, building their brand equity or the strategic value to win new business or more importantly, remaining competitive and not losing business to other fleets that are deploying RNG.

柴油價格高企且波動、對內燃機的監管明確性，以及 Cummins X15N 的成功測試，正促使車隊進入決策模式；我們相信這是一項很棒的產品。對車隊而言，CNG 具備勝出的經濟性。它能以最小的變更與干擾支援其營運，而我們提供低碳強度的 RNG 及其附帶效益，使其更具吸引力。上週我們大部分時間都在參加 ACT Expo（本產業的旗艦級會議），市場對 RNG 與 CNG 的熱度是真實存在的。除了財務效益之外，車隊也認知到永續效益的價值，無論是達成其 ESG 目標、提升品牌價值，或是為了贏得新業務的策略價值；更重要的是，保持競爭力，避免把業務輸給正在導入 RNG 的其他車隊。

Natural gas in North America is abundant and is expected to remain cheaper to oil on an energy equivalency value for the foreseeable future. Many heavy-duty industries in the US, such as steel, chemicals and manufacturing have already shifted from oil and coal to natural gas to capitalize on this lower cost energy. We believe heavy-duty trucking can be the next on that list. Diesel became the dominant fuel choice of heavy-duty trucking in the 1970s when the engine technology advanced with better fuel and cost efficiencies versus gasoline. The 9- and 12-liter natural gas engine has been in the market for about 10 years and has seen strong adoption in the refuse and transit sectors after proving its cost effectiveness versus diesel.

北美天然氣供應充足，且在可預見的未來，按能量等值計算預期仍將比石油便宜。美國許多重工業產業（如鋼鐵、化工與製造業）已從石油與煤轉向天然氣，以掌握這種較低成本的能源。我們相信重型卡車運輸可成為下一個轉換的領域。1970 年代，隨著引擎技術進步、相較汽油具備更佳燃油與成本效率，柴油成為重型卡車的主流燃料選擇。9 公升與 12 公升天然氣引擎已在市場上約 10 年，在證明相較柴油具成本效益後，於垃圾清運與大眾運輸領域獲得強勁採用。

The largest refuse company in the US reports it is closing in on 100% natural gas deployment for their fleet, and we estimate the broader refuse industry is approximately 30% natural gas deployment and growing. Now that the 15-liter natural gas engine has tested well for heavy-duty transportation, we anticipate accelerating adoption in this large and untapped market. CNG and RNG currently supply about 1 billion gallons of the 45-billion-gallon diesel market, representing only a 2% market share at present. The industry and OPAL Fuels are ready to scale and begin capitalizing on this opportunity.

美國最大的垃圾清運公司表示，其車隊的天然氣導入率正接近 100%；我們估計更廣泛的垃圾清運產業目前約有 30% 的天然氣導入率，且仍在成長。如今 15 公升天然氣引擎在重型運輸的測試表現良好，我們預期在這個龐大且尚未充分開發的市場中，採用速度將加快。目前 CNG 與 RNG 約供應 450 億加侖柴油市場中的 10 億加侖，現階段市占率僅約 2%。產業與 OPAL Fuels 已準備好擴大規模並開始把握這項機會。

As equipment suppliers and vendors continue to scale, they will take costs out, reducing the upfront premium on the tractors and expanding the market opportunity beyond the heaviest volume trucks. As we are energized by what we are seeing and hearing from our fleet partners, keep in mind, however, that as we mentioned on our March call, this business development activity will not get reflected in our 2026 financial results as it takes us about 12 months to build the station after signing and these initial deployments will likely begin in smaller percentages within very large fleets.

隨著設備供應商與各類供應商持續擴大規模，他們將降低成本，減少牽引車的前期溢價，並把市場機會擴展到不僅限於最高運量的卡車。雖然我們對從車隊合作夥伴所見所聞感到振奮，但也請記得，正如我們在 3 月的電話會議中提到的，這些業務開發活動不會反映在我們 2026 年的財務結果中，因為在簽約後我們約需 12 個月建置加氣站，而這些初期導入也可能會先在非常大型的車隊中以較小比例開始。

Before turning it over to Jon, I would like to close by talking once again about the strength of our vertically integrated model and how we see its benefits on both the upstream side of new project development opportunities and on the downstream side when working with fleets. Our upstream partners like OPAL's large and growing dispensing network. On the downstream side, our fleet partners not only appreciate our operational execution and low-cost fuel stations, but also our reliable, tangible and growing RNG supply.

在交給 Jon 之前，我想再次談談我們垂直整合模式的優勢，以及我們如何看待其在上游新專案開發機會與下游車隊合作兩端所帶來的效益。我們的上游合作夥伴喜歡 OPAL 規模龐大且持續成長的加氣網路。在下游方面，我們的車隊合作夥伴不僅肯定我們的營運執行力與低成本加氣站，也重視我們可靠、具體且持續成長的 RNG 供應。

OPAL Fuels is well positioned with a proven track record both on the upstream and the downstream side of our business to be a leader in the production of RNG and capitalize on what we believe is an extraordinary growth opportunity for its use as a transportation fuel in heavy-duty trucking.

OPAL Fuels 在業務的上游與下游兩端皆具備經驗證的實績，定位良好，可成為 RNG 生產的領導者，並把握我們認為在重型卡車運輸燃料用途上極為卓越的成長機會。

With that, I'll turn it over to Jon. Jon?

接下來我把時間交給 Jon。Jon？

Thank you, Adam, and good morning, everyone. We continue to see positive prospects for 2026 and beyond. Despite the extraordinarily cold winter in the first quarter, our upstream facilities performed well, producing more RNG compared with the comparable period in 2025. We generate yearly growth in the biogas resource. In addition, our team continues to make improvements to the performance of these facilities to better utilize that biogas.

謝謝你，Adam，各位早安。我們持續看好 2026 年及更長遠的前景。儘管第一季冬季異常寒冷，我們的上游設施表現良好，RNG 產量較 2025 年同期增加。我們的沼氣資源逐年成長。此外，我們的團隊持續改善這些設施的表現，以更有效利用該等沼氣。

Together, these improvements give us confidence in our RNG production growth expectations. We continue to advance our in-construction portfolio, and we expect to bring online more than 2 million MMBtu of annual design capacity over the next year or so. We are also continuing to advance opportunities in our upstream development portfolio and anticipate announcing the allocation of capital in 2026 to new RNG projects as well as to fueling station growth. We are also making meaningful investments across our overall operating platform. These improvements include investments in personnel, technology and introducing the adoption of artificial intelligence.

綜合而言，這些改善讓我們對 RNG 產量成長的預期更具信心。我們持續推進在建專案組合，並預期在未來一年左右新增上線超過每年 200 萬 MMBtu 的設計產能。我們也持續推進上游開發專案組合中的機會，並預期在 2026 年宣布資本配置，用於新的 RNG 專案以及加氣站成長。我們也正在整體營運平台上進行具實質意義的投資。這些改善包括在人員、技術方面的投資，以及導入人工智慧的採用。

These investments will support and augment future performance across our existing operating assets and give us confidence in improving results from executing on our business plan. We're seeing a strengthening RIN environment. Since our March call, the EPA released its final Set Rule with updated 2026 and 2027 RVO targets, which were generally in line with industry expectations. The D4, D5 and D6 prices have moved up dramatically, rising to over $2. We are now beginning to see the D3 RIN participate with the broader biofuel market with current pricing above $2.50 per RIN, and that may continue increasing over the balance of the year.

這些投資將支持並強化我們現有營運資產在未來的表現，並讓我們對依照商業計畫執行以改善成果更具信心。我們看到 RIN 環境正在轉強。自我們 3 月的電話會議以來，EPA 公布了其最終的 Set Rule，並更新了 2026 與 2027 年的 RVO 目標，整體而言大致符合產業預期。D4、D5 與 D6 的價格大幅上升，已升至每張超過 2 美元。我們現在也開始看到 D3 RIN 隨著更廣泛的生質燃料市場一起走強，目前每張 RIN 的價格高於 2.50 美元，而且在今年剩餘期間可能還會持續上升。

The work we are doing today is positioning OPAL for meaningful growth over the coming years. While large-scale deployments will take time to fully translate into financial results, we expect growth in 2027 and beyond to be driven by the increasing recognition by fleet operators of crude oil and diesel's sustained price volatility and the benefits of CNG and RNG.

我們今天所做的工作，正在為 OPAL 在未來幾年帶來具意義的成長奠定基礎。雖然大規模部署需要時間才能完全反映在財務結果上，但我們預期 2027 年及之後的成長，將由車隊營運商日益認知原油與柴油價格長期波動，以及 CNG 與 RNG 的效益所驅動。

I'll now turn the call over to Kazi to discuss the quarter's financial performance. Kazi?

接下來我把電話會議交給 Kazi，請他說明本季的財務表現。Kazi？

Thank you, Jon, and good morning, everyone. Before walking through the details, I want to frame our Q1 performance around three themes. First, the platform investments we have been making is beginning to show up in our operational and financial results. Second, our financing transactions have created the runway to allocate capital. And third, our earnings profile is broadening to reduce sensitivity to commodity pricing over time.

謝謝你，Jon，各位早安。在進入細節之前，我想用三個主題來框架我們第一季的表現。第一，我們一直在進行的平台投資，開始反映在營運與財務成果上。第二，我們的融資交易為資本配置創造了充足的跑道。第三，我們的獲利結構正在擴大，隨時間推進可降低對商品價格的敏感度。

This morning, we issued our earnings press release and posted an updated investor presentation on our website and filed our Form 10-Q. Adjusted EBITDA was $16.7 million in the quarter compared to $20.1 million in Q1 of 2025. The $3.4 million decline is primarily due to lower RIN prices. D3 realized prices declined $0.30 to $2.41 in Q1 2026 versus Q1 of 2025, resulting in approximately $4 million of EBITDA impact. Operationally, the business performed as expected.

今天早上，我們發布了盈餘新聞稿，並在官網上更新投資人簡報，同時提交了 Form 10-Q。本季調整後 EBITDA 為 1,670 萬美元，較 2025 年第一季的 2,010 萬美元下降。減少的 340 萬美元主要是因 RIN 價格較低所致。2026 年第一季 D3 實現價格較 2025 年第一季下滑 0.30 美元至 2.41 美元，對 EBITDA 造成約 400 萬美元的影響。就營運而言，業務表現符合預期。

First quarter revenue was $73.3 million compared to $85.4 million in the prior year period. RNG production was 1.2 million MMBtu, up 9% year-over-year. The production improvement reflects enhanced execution by our operating team, which we expect to continue driving incremental production and efficiency gains. In our Fuel Station Services segment, first quarter EBITDA was $9.2 million compared to $10.9 million in the prior year period. The $1.7 million variance reflects a combination of lower construction revenues, lower RIN price and timing of maintenance expenses in servicing the stations.

第一季營收為 7,330 萬美元，較去年同期的 8,540 萬美元下降。RNG 產量為 120 萬 MMBtu，年增 9%。產量提升反映我們營運團隊執行力的增強，我們預期這將持續帶來額外產量與效率提升。在我們的加氣站服務（Fuel Station Services）部門，第一季 EBITDA 為 920 萬美元，較去年同期的 1,090 萬美元下降。1,700 萬美元的差異反映了較低的工程建造收入、較低的 RIN 價格，以及站點維護費用認列時點的影響。

As we continue to grow OPAL-owned stations, we are seeing increasing contributions from the associated tolling activity, which is contracted and volume-based and therefore, relatively lower exposure to RIN pricing. In these stations, the variable costs of gas, power and taxes are passed through to our customers. We expect the increasing growth of OPAL-owned stations to strengthen downstream earnings stability. We completed several financing transactions this quarter totaling $288 million, which included $180 million of preferred stock facility. In addition, we drew the remainder of our term loan facility with a net amount of $109 million.

隨著我們持續擴增 OPAL 自有站點，我們看到相關的代工處理（tolling）業務貢獻增加；該業務為合約制且以量計價，因此相對而言對 RIN 定價的曝險較低。在這些站點中，天然氣、電力與稅負等變動成本會轉嫁給客戶。我們預期 OPAL 自有站點的持續成長將強化下游獲利的穩定性。本季我們完成多項融資交易，合計 2.88 億美元，其中包含 1.80 億美元的特別股融資額度。此外，我們也動用了定期貸款額度的剩餘部分，淨額為 1.09 億美元。

We ended the quarter with approximately $233 million of liquidity. This amount includes approximately $133 million of cash and short-term investments, $60 million of undrawn preferred stock facility commitments and approximately $39 million of revolver availability. In the quarter, we sold $11.5 million of ITC credits from Atlantic. We also completed a $100 million of multiyear agreement to monetize OPAL's Section 45Z production tax credits. We maintain full year 2026 guidance.

本季結束時，我們的流動性約為 2.33 億美元。其中包括約 1.33 億美元的現金與短期投資、6,000 萬美元尚未動用的特別股融資額度承諾，以及約 3,900 萬美元的循環信貸可用額度。本季我們出售了來自 Atlantic 的 1,150 萬美元 ITC 稅額抵免。我們也完成了一項為期多年的 1 億美元協議，用以將 OPAL 的第 45Z 條生產稅額抵免變現。我們維持 2026 全年指引不變。

Stepping back, our financial strategy is clear: grow operating and free cash flow, broaden the earnings base to reduce commodity exposure and allocate capital to the highest return opportunities in our pipeline. With $233 million of liquidity and internal cash generation, OPAL Fuels is well positioned to execute on our strategy.

回到更高層次來看，我們的財務策略很清楚：提升營運現金流與自由現金流、擴大獲利基礎以降低商品曝險，並將資本配置到我們管線中報酬率最高的機會。憑藉 2.33 億美元的流動性與內部現金創造能力，OPAL Fuels 已具備良好條件來執行我們的策略。

With that, I'll now turn the call back over to Jon for closing remarks. Jon?

接下來，我把電話會議交回給 Jon 做結語。Jon？

In closing, we remain well positioned for continued disciplined execution of our strategic growth objectives and the expansion of OPAL's vertically integrated platform. I'll now turn the call over to the operator for Q&A. Thank you all for your interest in OPAL Fuels.

總結來說，我們仍處於有利位置，可持續以紀律執行策略性成長目標，並擴大 OPAL 的垂直整合平台。接下來我把電話會議交給主持人進行問答。感謝各位對 OPAL Fuels 的關注。

(Operator Instructions) John Annis, Texas Capital.

（主持人指示）John Annis，Texas Capital。

For my first one, it seems like there's real momentum on fleet conversions. Can you provide color on some of the factors driving this? And then over what period do you see this converting into higher dispensing volumes?

我的第一個問題是，看起來車隊轉換確實有很強的動能。你能否補充說明有哪些因素在推動這件事？另外，你們預期在多長的期間內，這會轉化為更高的加氣量？

Yes. This is Adam here, and I appreciate the question. It's a variety of factors that we think are going to start to translate into the beginnings of fleet deployments here. I think clearly, diesel pricing, not only the high price of diesel, but the volatility of diesel is what may be one of the key catalysts to force fleets into looking at other alternatives. I think the regulatory clarity that combustion engines are going to be something that moves forward for heavy-duty trucking.

是的。我是 Adam，謝謝你的提問。我們認為有多項因素將開始轉化為車隊部署的起步。我想很明顯地，柴油價格——不只是柴油價格偏高，柴油價格的波動性——可能是促使車隊尋找其他替代方案的關鍵催化因素之一。我也認為，法規面更清楚地表明，燃燒引擎在重型卡車領域仍將持續推進。

And it was really successful testing of the X15N engine. So all three of those things have lined up for what we believe are going to be some initial deployments here in very large fleets. And we think we will start to see some contributions in 2027. And there aren't going to be extraordinarily large numbers for what the initial set of stations and trucks may be. But we believe it's paving the way for a multiyear, really long-term conversion set for this industry in this sector. So we're excited that we've been talking about how the math makes sense and how the logic makes sense. And we think it's finally going to translate into some actions on that side of things here in '26.

此外，X15N 引擎的測試也非常成功。因此，我們認為這三項因素已經到位，將帶來一些在非常大型車隊中的初期部署。我們預期在 2027 年開始看到一些貢獻。而初期站點與卡車的數量不會特別龐大。但我們相信，這正在為本產業、此細分領域鋪陳一個多年期、真正長期的轉換趨勢。所以我們很振奮，因為我們一直在談為何經濟帳算得通、邏輯也成立。我們認為這終於會在 2026 年轉化為實際行動。

I appreciate that color. Maybe for my follow-up, you highlighted difficult weather conditions in Q1. Can you help frame how much of an impact weather had during the quarter and your thoughts on the progression of the production ramp over the next three quarters to meet your '26 guide?

謝謝你補充說明。我的追問是，你們提到第一季天候條件嚴峻。你能否協助說明天氣在本季造成了多大影響，以及你對接下來三季產量爬坡進度的看法，以達成你們 2026 年指引？

Yes. This is Jon. I'll jump in on this one. The -- clearly, the winter across the -- certainly, east of the Rockies was extraordinary from a cold and from an amount of snow standpoint. Despite that, we were able to increase our production compared to the comparable period in the prior year.

好的。我是 Jon。我來回答這題。很明顯地，這個冬季在——至少在落磯山脈以東——無論是低溫程度或降雪量都非常極端。儘管如此，我們仍能相較去年同期提升產量。

When we get cold like this, it affects us in three ways. The first is that it causes issues in the collection system at the landfill itself, where water and the gas will freeze within the collection system. The second area that affects us is in our RNG projects directly, where we get some freezing there. And then the third is that we have things outside of our control, such as power outages. All three of those affected us this year, but we were able to be resilient in our operations and rise to some of those challenges.

當天氣如此寒冷時，會透過三個面向影響我們。第一，會在掩埋場本體的收集系統造成問題，水分與氣體會在收集系統內結冰。第二個受影響的區域是我們的 RNG 專案本身，會出現一些結冰情況。第三則是一些我們無法控制的因素，例如停電。今年這三項都影響了我們，但我們的營運仍展現韌性，並成功因應其中一些挑戰。

We take actions whenever we see these things to try to add, for example, additional heat tracing or insulation or other things for our projects to add to that resilience, but it will continue to pop up upon us, particularly when it's an extraordinary winter as it was. Now we're turning into the springtime, and we're seeing the timing when oilfield expansion projects take place so that we start to see annual gas growth occur in Q2 and Q3 in terms of our -- the gas at the inlet.

每當我們看到這些情況時，我們都會採取行動，嘗試在我們的專案中增加例如額外的伴熱系統、保溫層或其他措施，以提升韌性；但這些狀況仍會不時出現，尤其是在像先前那樣的極端寒冬。現在我們正進入春季，也看到油田擴建專案的時點，因而我們開始在第二季與第三季看到年度天然氣成長，反映在我們——入口端的進氣量上。

All of our projects are on open and growing landfills. So we -- they continue to take in amounts of waste that result in our inlay gas amounts increasing, and that causes our resource to grow year-over-year. So there continues to be, in summary, good resiliency to these seasonal issues that we have and that we continue to see -- we'll see growth quarter-over-quarter during the year as we put some of these additional amounts into the collection.

我們所有的專案都位於仍在營運且持續擴張的掩埋場。因此——它們持續接收廢棄物，使得我們的進氣量增加，並帶動我們的資源逐年成長。總結來說，針對我們面臨且持續看到的這些季節性問題，仍然具備良好的韌性——而且隨著我們把額外的氣量納入收集系統，全年將會看到逐季成長。

Adam?

Adam？

Yes. The only thing I would also add there is not only on the production side, that extraordinarily cold weather did result in some higher OpEx as well associated with that cold weather. So really almost a double whammy there with what we saw in the first quarter. And although we don't give production and earnings guidance by quarter, we do expect accelerating production growth starting in second quarter and moving through the year.

是的。我另外想補充的是，不僅在產量端，那次異常寒冷的天氣也導致與寒冷相關的營運費用（OpEx）上升。所以第一季我們看到的情況幾乎是雙重打擊。雖然我們不按季度提供產量與獲利指引，但我們確實預期從第二季開始產量成長將加速，並一路延續到全年。

Ryan Pfingst, B. Riley Securities.

Ryan Pfingst，B. Riley Securities。

Maybe just a follow-up on that last one, thinking about expected revenue or earnings cadence through the rest of this year, is there anything else to highlight or to look out for in terms of potential lumpiness? Or are we expecting growth on a quarterly basis through 2026?

也許就上一題再追問一下，思考今年剩餘期間預期的營收或獲利節奏，是否還有其他需要特別強調或留意、可能造成波動（lumpiness）的因素？或者我們是否預期一路到2026年都會按季度成長？

Yes. I would say -- this is Adam here. Certainly, it feels like the comps are getting easier for us as we move through the year, where we're crossing over where the RIN price was Q2 from last year into this year. So we're sort of through the tough quarter from a RIN price perspective and see those comps getting easier, particularly in Q3. I would also say we had in the first quarter of 2025, I would say, a higher LCFS credit sale in the first quarter of last year, which also impacted the comp when you're looking year-over-year.

是的。我想說——我是Adam。當我們往後走，我們的比較基期（comps）確實感覺會變得更容易，因為我們將跨越去年第二季到今年第二季的RIN價格水準。所以從RIN價格的角度來看，我們算是度過了較艱難的一季，接下來比較基期會變得更容易，尤其是在第三季。我也想說，2025年第一季相較之下——我會說去年第一季有較高的LCFS信用額度出售，這也影響了你在看年對年比較時的基期。

And some of our 45Z benefits were masked in the first quarter of this year versus an RNG sale from the first quarter of last year. So certainly, it feels like the comps are going to get much easier as we move through the year. All of this was baked into our guidance. And then we have a couple of knits on the fuel station service side where construction revenues can be lumpy based on the timing of when that project work is done and a little bit of timing in terms of when we had some maintenance costs. So we really feel like the first quarter was sort of the worst of all worlds, and a lot of those things are going to ease as we move through the year.

此外，今年第一季我們的部分45Z效益，相較於去年第一季的一筆RNG銷售，被某種程度上掩蓋了。因此，隨著我們往後走，基期確實會變得容易得多。這些都已納入我們的指引之中。另外，在加油站服務（fuel station service）端，我們有幾個小因素：施工收入會因專案作業完成時點而呈現波動；以及在維護成本方面也有一些時點差異。所以我們確實覺得第一季有點像是「各種不利因素同時出現」，而其中許多因素在接下來一年會逐步緩解。

I appreciate that. And then secondly, curious if you could give us an update on timelines for projects in construction or perhaps more high-level commentary on any particular challenges or positives to highlight around project development more broadly?

了解，謝謝。第二個問題，想請你們更新一下在建專案的時程，或是更高層次地評論一下，在更廣泛的專案開發方面，有沒有任何特別的挑戰或正面因素值得強調？

Sure. I'll take that one. We're progressing full bore on our Cottonwood, Burlington and CMS projects. We see these projects coming online towards the end of this year and into the first half of next year. So we are seeing that construction timeline advance towards completion. The Cottonwood and Burlington projects are in the field right now with the construction -- contractors pouring cement at Cottonwood, and we're getting ready to do so at the Burlington project. CMS remains on track as well.

當然。我來回答這題。我們正全力推進Cottonwood、Burlington與CMS專案。我們預期這些專案會在今年年底到明年上半年之間陸續上線。因此我們看到施工時程正朝完工推進。Cottonwood與Burlington專案目前都在現場施工——承包商正在Cottonwood灌漿，我們也正準備在Burlington專案進行同樣作業。CMS也仍按計畫推進。

On the development side of our business, we're progressing multiple opportunities on a disciplined basis. We take into account our risk-adjusted capital as well as our dispensing availability, which Adam mentioned, we see some log jam breaking there and some positive potential growth. And certainly, on the downstream side of our business, we have 16 OPAL-owned stations that are in construction and progressing along. And that's kind of where our construction business stands today.

在我們業務的開發端，我們以嚴謹的方式推進多個機會。我們會把風險調整後資本（risk-adjusted capital）以及加注端的可用性一併納入考量；如Adam提到的，我們看到那邊的瓶頸正在鬆動，並有一些正向的成長潛力。而在我們業務的下游端，目前有16座由OPAL持有的加注站正在施工並持續推進。這大致就是我們目前施工業務的狀況。

And sorry, just to go back to one of those other quarterly questions on cadence. Our toughest comp is coming in the fourth quarter, where we had a very low SG&A quarter in the fourth quarter of last year. So I would just highlight that our toughest quarter will be in the fourth coming up this year.

另外抱歉，再回到剛才關於季度節奏的問題。我們最艱難的比較基期會出現在第四季，因為去年第四季的SG&A非常低。所以我想強調的是，今年接下來最具挑戰的一季會是第四季。

Martin Malloy, Johnson Rice & Company.

Martin Malloy，Johnson Rice & Company。

My first question, I just wanted to ask about some of the new engine introductions that Cummins has, the X15 and the X -- new X15 -- I'm sorry, new X15 and X10 for 2027. Could you maybe talk about the potential impact you see on the demand for CNG resulting from those?

我的第一個問題是，我想詢問Cummins推出的一些新引擎，X15以及——新的X15——抱歉，2027年的新X15與X10。你們能否談談你們認為這些產品對CNG需求可能帶來的影響？

Are you talking about the diesel engine that they're introducing? Are you talking about the natural gas engines? Thank you for your question.

你指的是他們要推出的柴油引擎嗎？還是你指天然氣引擎？謝謝你的提問。

The natural gas engines.

天然氣引擎。

Yes. I think the 15-liter has performed extraordinarily well and really stood up to the duty cycles and the operating requirements of the fleets. And so we think it's done extraordinarily well. And now you were asking about the X10?

是的。我認為15公升機型表現非常出色，確實能承受車隊的工況循環（duty cycles）與營運需求。所以我們認為它做得非常好。你剛剛問的是X10嗎？

I'm sorry, I misspoke there. It was the X15. And then I was just kind of curious if we could get your thoughts as you look out regarding potential return of capital to shareholders through a dividend?

抱歉，我剛才口誤了。是X15。另外我也想請教，從你們的角度往前看，是否可能透過股利等方式向股東回饋資本？

Yes. We are still seeing very strong opportunities to deploy capital and reinvest in our -- in the projects, both on the upstream and the downstream side. So we still think that is the right place to be investing and growing our business given those risk-adjusted returns. And if those opportunities no longer appear in front of us, then we will start to looking at other ways to enhance shareholder value through that -- a potential dividend policy or something else. Right now, though, we're really excited about some new upstream projects that we think we're going to be greenlighting soon and also the potential for OPAL-owned fuels stations in these fleet deployments.

是的。我們仍然看到非常強勁的資本部署機會，可以再投資於我們的——專案，包含上游與下游兩端。因此，考量那些風險調整後的報酬，我們仍認為把資金投入並擴大業務是正確的方向。如果未來這些機會不再出現在我們面前，那我們就會開始考慮其他提升股東價值的方式，例如——可能的股利政策或其他作法。但就目前而言，我們對一些我們認為很快會核准推進的新上游專案感到非常振奮，同時也看好在這些車隊部署中，由OPAL持有的加注站所帶來的潛力。

Adam Bubes, Goldman Sachs.

Adam Bubes，高盛（Goldman Sachs）。

I know you talked about 2026 fuel station services is going to be a year where biz dev activity sets the stage for future growth. But are we thinking about 2026 EBITDA down versus 2025? Or should we still expect growth this year? And then based on dialogue with customers and pipeline of projects, how much visibility do you have on how 2027 could shape up?

我知道你們提到2026年的加油站服務將是業務開發活動為未來成長奠定基礎的一年。但我們是否應該預期2026年EBITDA會較2025年下滑？或者今年仍應期待成長？另外，根據你們與客戶的對話以及專案管線，你們對2027年的能見度有多高？

Yes. So this is Adam again. No, we're not expecting fuel station services necessarily to be down in '26 to '25. And there were -- it was a noisy quarter for fuel station services. And particularly on the GGE volumes, which I know get called out and are not necessarily significantly impactful to how the profitability of that unit will do for the entire year.

是的。所以我再說一次，我是Adam。不，我們不預期加油站服務在2026年相較2025年一定會下滑。而且加油站服務這一季的雜訊因素很多。特別是在GGE銷量方面——我知道這項會被特別點出——但它不一定會對該單位全年整體獲利表現造成顯著影響。

I think we called out on a previous conference call that we did have one short-term contract, which is about 2.5 million gallons per quarter that we cycled through at the end of June here. So there is a little bit of GGE noise in there.

我想我們在先前的一次電話會議中提到過，我們確實有一份短期合約，約為每季 250 萬加侖，我們在這裡於 6 月底結束時已輪替完成。所以其中會有一些 GGE 的雜訊。

And to give you a flavor for that, we're always opportunistic in our dispensing network and have the ability to flex up or flex down. And we did have one large contract with a refuse customer that was looking for RNG supply from OPAL Fuels and some of our third-party suppliers as they were waiting for their projects to ramp and fill in their own dispensing capacity that we cycle through now in this second quarter. So we do expect the business unit to perform well this year.

為了讓你更有概念，我們在加注網路方面一向把握機會，並具備向上或向下彈性調整的能力。而我們確實有一份與一家廢棄物客戶的大型合約；在他們等待自身專案爬坡並補足自有加注能力期間，他們向 OPAL Fuels 以及我們的一些第三方供應商尋求 RNG 供應，而這份合約我們已在本第二季完成輪替。因此，我們預期該事業單位今年表現會不錯。

I think we also said in our guidance that it wasn't necessarily an outsized year in terms of what the growth would be in that segment. And for 2027, it's a little early for us to really earmark how quick deployments are going to be and how many stations it means and what it means for gallons that flow through in '27. But we do expect some impact from some of these newer opportunities.

我想我們也在財測指引中提到，就該分部而言，今年不一定會是成長特別突出的年度。至於 2027 年，現在要我們真正明確標定部署會有多快、代表多少座站點，以及對 2027 年的通過加侖數意味著什麼，還稍嫌過早。但我們確實預期這些較新的機會會帶來一些影響。

Got it. And then just putting the pieces together for the reiterated guide, I think guidance at the midpoint embeds EBITDA up around $12 million year-over-year. 45Z is expected to contribute $15 million to $20 million, and I think RNG fuel production is also rising. If Fuel Station Services is up year-over-year, I'm just having trouble bridging the moving pieces, what's the delta there? Is that corporate expense inflation? Or anything I might be missing?

了解。那麼把重申的指引各項拼在一起看，我認為指引中位數隱含 EBITDA 年增約 1,200 萬美元。45Z 預計貢獻 1,500 萬到 2,000 萬美元，而我想 RNG 燃料產量也在上升。如果 Fuel Station Services 也年增，我有點難把這些變動因素串起來，差額是什麼？是公司費用通膨嗎？或是我漏了什麼？

Yes. I mean our corporate expense will be up year-over-year. And so that could be one area, and that's in the mid-single-digit million range.

是的。我的意思是，我們的公司費用會較去年增加。所以那可能是一個因素，金額大約在數百萬美元的中個位數區間。

Let me also add, I think, Adam, this is Kazi. The RIN price variation is also on a year-over-year basis, going to be one of the major impacts.

我再補充一下，我想，Adam，我是 Kazi。RIN 價格的變動在年對年的比較上，也會是主要影響之一。

Got it. Got it. Understood. And then last one for me it sounds like, Adam, you alluded to maybe some upstream -- new upstream projects in the pipeline. In the past, you've talked about a target to place 2 million MMBtu of landfill gas projects into construction annually. How are you thinking about the range of outcomes this year?

了解。了解。明白。那我最後一個問題：聽起來 Adam，你提到上游可能有一些——管線中新的上游專案。過去你們談過每年目標讓 200 萬 MMBtu 的掩埋場氣體專案進入施工。你們今年對結果區間是怎麼思考的？

Yes. No, we will have some new RNG project growth in 2026. And really, what we've been telling folks is that we're flexible in our thinking, and we're seeing a large opportunity in our downstream Fuel Station Service segment. So we're going to be disciplined in our capital allocation. And we're not going to give a specific target for how many new RNG projects from an MMBtu basis, but you should expect growth on both sides of our -- both sides of our business.

是的。不，我們在 2026 年會有一些新的 RNG 專案成長。而我們一直跟大家說的是，我們的思考很有彈性，並且在下游 Fuel Station Service 分部看到很大的機會。所以我們會在資本配置上保持紀律。我們不會就以 MMBtu 為基礎的新 RNG 專案數量給出具體目標，但你應該預期我們——我們業務的兩端都會成長。

Richard DeDios, UBS.

Richard DeDios，瑞銀（UBS）。

You guys have increased your cash pile in last earnings call, you mentioned that you see opportunistic M&A opportunities. Can you walk us through how you're thinking about capital allocation, like what you're seeing in the M&A market and how it competes with potential projects?

你們在上次財報電話會議後增加了現金部位，並提到看到一些可把握的併購機會。你能帶我們了解一下你們如何思考資本配置嗎？例如你們在併購市場看到什麼，以及它如何與潛在專案競爭資本？

Yes. This is Adam again here. It's pretty interesting. This quarter, we saw the first transaction in our sector in quite some time with Ameresco's transaction with HASI. And I'm not sure if people have looked through those numbers yet, but it was pretty intriguing to us in terms of valuations and that sort of thing on the upstream part of our business.

是的。我這裡又是 Adam。這相當有意思。本季我們看到我們產業在相當長一段時間後的第一筆交易，也就是 Ameresco 與 HASI 的交易。我不確定大家是否已經仔細看過那些數字，但就估值以及上游業務那一端的相關情況而言，對我們來說相當耐人尋味。

So we think it's an interesting sector with a lot of opportunities on the M&A side, particularly as a lot of RNG developers may be struggling with executing on their pipeline. But -- so we're always evaluating and looking at other opportunities and do think our vertical integration puts us in a pretty unique position on that upstream M&A side of things.

因此我們認為這是一個很有意思、且在併購面有很多機會的領域，特別是當許多 RNG 開發商可能在其專案管線的執行上遇到困難時。不過——所以我們一直在評估並尋找其他機會，也確實認為我們的垂直整合讓我們在上游併購這一端處於相當獨特的位置。

Yes. Can I take a sort of follow-up to that? So there are two things that we will -- I would want to highlight. We are also continuing to invest in our existing operating asset base and our operating platform to continue to improve the production as well as the overall results. The second thing that I want to highlight is we are very disciplined when it comes to capital allocation.

是的。我可以就此再追問一下嗎？有兩點我們——我想要強調。我們也持續投資於既有的營運資產基礎與營運平台，以持續提升產量以及整體成果。第二點我想強調的是，我們在資本配置方面非常有紀律。

We do have dry powder. Some of that amount is committed -- not committed, I think we are going to invest in our existing construction projects. And on top of that, whatever is left, we are going to look at our opportunities in both RNG projects as well as the downstream dispensing station platforms. So we will look at where we should invest to think about portfolio stability over the long term and diversify having too much exposure in one area versus other. So yes, we do have cash that we have ways to put in. Also, we want to make sure that we are being disciplined in capital allocation.

我們確實有充足的資金彈藥。其中一部分金額是已規劃——不是已承諾，我想我們將投資於現有的在建專案。此外，剩餘的部分，我們會同時檢視 RNG 專案以及下游加注站平台的機會。因此我們會評估應該投資在哪裡，以思考長期的投資組合穩定性，並避免在某一領域曝險過高、相對於其他領域失衡，進而達到多元化。所以是的，我們有現金，也有可運用的方向。同時，我們也要確保在資本配置上保持紀律。

Thanks for the color. And switching to the operational side point of view, given that this year's guide is largely driven by operational improvements and as you look to scale RNG production over time, what has been the biggest operational learnings from your existing facilities? And how are those learnings being implemented for the development and execution of future projects?

謝謝你的補充說明。從營運面來看，鑑於今年的指引主要由營運改善所驅動，而你們也希望隨時間擴大 RNG 產量，你們從既有設施得到的最大營運學習是什麼？這些學習又如何被落實到未來專案的開發與執行中？

Well, we now have 10 landfill gas RNG projects. And as we've grown quite a bit over the last several years and put more into operation, we really take lessons across the fleet in terms of what works at various projects and bringing that across to our other comparable projects. In addition, we've mentioned in the past how we've upgraded the personnel across our organization and both in terms of the -- leading the RNG sector and the Fuel Station Services sector as well as the employees within those groups.

嗯，我們現在有 10 個掩埋場氣體 RNG 專案。而在過去幾年我們成長相當多、也讓更多專案投入營運之後，我們確實會在整體專案群（fleet）之間汲取經驗，了解各個專案哪些做法有效，並把這些經驗帶到其他可比的專案上。此外，我們過去也提到，我們已在整個組織中升級人員配置，無論是在——領導 RNG 事業與 Fuel Station Services 事業方面，或是在這些團隊內的員工層面。

Lastly, some of the improvements that we're making are in the well field itself, putting in technology that helps to improve gas collection and both gas quality and gas quantity need to -- can be improved through that effort. That will also serve to improve the availability of projects. And so in summary, what you're seeing is better people, better efficiencies and availabilities and better gas collection, I think, in summary.

最後，我們正在進行的一些改善是在井場本身，導入有助於提升集氣的技術；透過這些努力，氣體品質與氣體量都需要——也都可以獲得改善。這也將有助於提升專案的可用率。因此總結來說，你看到的是更好的人才、更好的效率與可用率，以及更好的集氣，我想大致就是這樣。

Yes. And just to finish off on Jon's thought, like we believe that, that's going to show up both in terms of our inlet design capacity utilization and our utilization of inlet gas, and it really goes all the way from the well field to operational availability and uptime to debottlenecking. So we've -- and really, it's leveraging where you're benchmarking your best facilities and bringing those best practices across the fleet.

是的。再把 Jon 的想法補完，我們相信這會同時反映在進氣端設計產能的利用率，以及我們對進氣的利用率上；而且它其實涵蓋從井場到營運可用率與開機時間（uptime），再到去瓶頸（debottlenecking）的整個鏈條。所以我們——而且本質上，是以你最佳的設施作為標竿，並把那些最佳實務推廣到整個專案群。

I'm showing no further questions at this time. I'd like to turn it back to Adam Comora for closing remarks.

目前顯示沒有其他問題。我想把時間交回給 Adam Comora 做結語。

Thank you all for your interest in OPAL Fuels and joining us today, and we look forward to chatting with you again soon.

感謝各位對 OPAL Fuels 的關注並在今天加入我們，我們也期待不久後再與各位交流。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝各位參與，現在可以掛線。