Montauk Renewables, Inc.

Total revenues in the second quarter of 2026 were $54.0 million, up $8.9 million or 19.7% from $45.1 million in Q2 2025. Adjusted EBITDA was $12.3 million, up $7.3 million or 144.5% from $5.0 million, and EBITDA was $11.7 million versus $4.6 million a year ago. Net income was $0.2 million compared with a net loss of $5.5 million in Q2 2025. RNG production was 1.5 million MMBtu, up 43,000 MMBtu or 3%, and renewable electricity production was 44,000 megawatt hours, up about 2,000 megawatt hours or 4.8%. Management reaffirmed 2026 RNG production of 5.8 million to 6.0 million MMBtu and RNG revenue of $175 million to $190 million, plus renewable electricity production of 185,000 to 195,000 megawatt hours and revenue of $23 million to $26 million.

Sean McClain emphasized execution at Turkey, North Carolina, where power sales began in July and programming modifications to electrical switch gear are expected to be completed by mid-August. He said the company is progressing long-term feedstock collection agreements, having signed over 50 farming locations and gaining access to over 350,000 of the 400,000 to 450,000 hog spaces targeted for first-phase supply. His tone was constructive and operational, with repeated references to ramping production through 2026 and continuing measured progress on other development opportunities.

Kevin Van Asdalan highlighted that profitability remains highly sensitive to environmental attribute prices, especially RINs, and noted commitments to transfer the majority of RINs from expected Q3 2026 RNG production at an average RIN of $2.66 versus a July D3 index of $2.64. He cited Q2 revenue of $54.0 million, G&A of $7.7 million, operating and maintenance expenses of $15.6 million for RNG and $5.1 million for renewable electricity, and $8.3 million of costs tied to GreenWave-distributed RINs and pathway dispensing. He also said the company had $155 million outstanding under the HASI senior credit facility, $15.8 million in cash and cash equivalents net of restricted cash, $61.3 million in capex for the first six months of 2026, and was in compliance with all financial covenants as of June 30, 2026.

The main analyst focus was RIN market stability and whether improved buying behavior reflected better transparency or a cleaner compliance calendar. Kevin said the recent stability likely reflected completion of the 2025 settlement cycle and the move into 2026 with a settled RVO, while Sean said obligated parties are buying earlier and more regularly than in prior years. On guidance, Kevin confirmed the RNG revenue outlook includes GreenWave-related RIN revenues and said second-half wellfield enhancements and investments are expected to support the full-year production target.