Montauk Renewables, Inc. Q4 FY2025 earnings call

• Despite sale of one RNG facility in 2024, 2025 RNG production grew; PECO project received final tranche of increased feedstock, inlet feedstock avg ~458,000 gal/day (17% above contractual min); evaluating additional development expansion opportunities. • Completed construction and commissioning of second RNG processing facility at Apex landfill; produced 7.8% more RNG in 2025 y-o-y. • GreenWave Energy Partners joint venture matched RNG volumes with transportation pathways, received 706,000 RINs and $1.5 million income in 2025. • Filed joint motion with NCUC in Sep 2025, MOTOC filed response comments in Oct 2025; NCUC denied waivers in Jan 2026, compliance obligations for joint motion filers continue to increase through 2029. • Begun commissioning of Turkey, North Carolina facility; first phase capacity to process feedstock from ~400 - 450,000 hog spaces (~35,000 tons annual waste collection); entered into long-term agreements with over 40 farming locations; first phase capital investment ~$200 million, expect production/revenue generation to commence in Apr 2026. • Completed $200 million senior credit facility with HAZI in Mar 2026; negotiated five-year gas rights extension for Rager R&G facility

Renewable Natural Gas Segment: 2025 RNG production grew despite sale of a facility in 204; PECO project received final tranche of increased feedstock, inlet feedstock averaged ~458,000 gallons per day (17% above contractual min); 2025 RNG production from expanded/redesigned facility was 31.8% higher y-o-y; Apex landfill facility produced 7.8% more RNG in 2025 y-o-y; Revenues from renewable natural gas segment in 2025 were $155.7 million, a decrease of $2.3 million (-1.4%) compared to $158 million in 2024. Renewable Electricity Segment: Produced 177,000 megawatt hours in 2025, a decrease of ~9,000 megawatt hours (-4.8%) compared to 2024; Revenues from renewable electricity facilities in 2025 were $17.2 million, a decrease of $0.6 million (-2.9%) compared to $17.8 million in 2024

• Expect RNG production volumes to range between 5.8 and 6.1 million MMVTU in 2026, corresponding RNG revenues to range between $175 and $190 million. • Expect renewable electricity production volumes to range between 195 and 207,000 megawatt hours in 2026, corresponding renewable electricity revenues to range between $35 and $41 million. • Commissioning of Turkey, North Carolina project in Q2 2026 will bring significant EBITDA uplift

• Profitability highly dependent on market price of environmental attributes, including RINs; decision not to commit to transfer RINs impacts revenue and operating profit. • Compliance obligations for utilities filing joint motion continue to increase through 2029, which may impact business. • Uncertainties related to market conditions for RINs and natural gas pricing

Q: Would you be able to discuss what's built into your 2026 R&G production outlook? Specifically, where is the growth coming from? And are you expecting to see any additional volumes from the 15-liter engines?

A: Generally, across our portfolio, we're seeing increases across all of our RNG sites related to expectations of landfill improvements and existing well-filled automation initiatives; majority of growth is full-year realization of initiatives complete and showing benefits in Q4 2025.

Q: I'm attempting to just triangulate your adjusted EBITDA potential growth. I know you don't specifically guide on it, but do you think it could grow at twice the percentage rate of revenue growth?

A: We provide guidance expectations around production and revenues for our two main operating segments; don't provide external guidance around EBITDA; commissioning of North Carolina turkey project in Q2 2026 will bring significant EBITDA uplift; some non-repeated expenses won't repeat in 2026 leading to EBITDA uptick.

Q: For R&G revenues, does the $15 million range primarily reflect potential rent price outcomes or Are there other initiatives on the production side or elsewhere that could drive you toward the higher end of that range?

A: At the beginning of the year, covering various expectations including production ranges and potential RIN pricing; anticipation of elongated 2026 period with 2025 settlement of RINs due to federal government shutdown last year; managing outcomes of production ranges and RIN price holding steady