OPAL Fuels Closes Out 2025 on a High Note, Expects Strong Growth in 2026
The renewable fuels industry has been abuzz with activity recently, and OPAL Fuels was no exception. The company's Q4 and full year 2025 earnings call provided a glimpse into the company's performance over the past 12 months, as well as its outlook for the coming year.
According to Adam Comora, Co-CEO of OPAL Fuels, the company finished the year with an adjusted EBITDA of $90.2 million, within their guidance. While this may seem like a flat year versus 2024, production actually grew by 28% - a significant increase that was largely masked by lower RIN prices.
One area where OPAL Fuels did experience growth is in its Fuel Station Services segment, which saw strong expansion despite macro headwinds throughout 2025. The company's leadership is hopeful that this trend will continue into 2026, particularly with regards to new fleet adoption of CNG and RNG in heavy-duty trucking.
OPAL Fuels' Chief Financial Officer, Kazi Hasan, also highlighted the company's commitment to improving operations and driving incremental production growth from existing assets. This is expected to have a positive impact on their RNG production outlook for 2026.
In terms of policy developments, OPAL Fuels noted that the EPA has sent the final Set Rule with updated 2026 and 2027 RVO targets to OMB. While this may have implications for the company's future performance, it was also highlighted that there is strengthening bipartisan support for RNG, including proactive positive tax policy from the Republican-led House and Senate.
The extension of the 45Z tax credit through 2029 is particularly noteworthy, as it provides a boost to OPAL Fuels' business. The company believes that this will have an upward bias on the D3 RIN market, which could be beneficial for its operations.
Overall, OPAL Fuels appears to be in a strong position moving forward, with growth expected in both RNG production and Fuel Station Services. As the renewable fuels industry continues to evolve, it will be interesting to see how OPAL Fuels performs in the coming year."
