We are updating on ReFuels, following a transformative year, which now sees the business positioned for value creation following years of heavy infrastructure investment. The business has transformed into an integrated producer and distributor of bio-CNG for heavy duty vehicles and is now funded to deliver improving earnings over the medium term. With this, we have updated our long term forecasts and valuation approach to reflect the new positioning for the business and have detailed the path that exists for value creation for shareholders. Our central case moves to NOK30, based on an implied exit multiple of 8x EBITDA based on CNG Fuels FY29 EBITDA.
