Montauk Renewables, Inc.

On March 9, 2026, Montauk Renewables, Inc., a Delaware corporation (the “Company”) entered into a Senior Secured Term Loan Credit Agreement (“Credit Agreement”), dated as of March 9, 2026, by and among the Company, as the parent guarantor, Montauk Energy Holdings, LLC, a Delaware limited liability company (the “Borrower”), and CCH1 MEH Lender LLC, a Delaware limited liability company (the “Lender”).

The Credit Agreement establishes a term loan facility in an aggregate principal amount of $200,000 (the “Credit Facility”). The maturity date of the Credit Facility is March 9, 2031.

On March 9, 2026, the Company borrowed $155,000 under the Credit Facility, and the proceeds were used to repay $146,000 of outstanding principal indebtedness and terminate all commitments under the Second Amended and Restated Credit Agreement, dated as December 18, 2018, as amended, by and among the Company, the Borrower, the lenders from time to time party thereto, Comerica

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Bank, as administrative agent for the lenders, sole lead arranger and sole bookrunner, and the other parties party thereto (the “Prior Credit Facility”).

Term Loan Advances (as defined in the Credit Agreement) under the Credit Agreement bear interest at a rate equal to 10.25%, calculated on the basis of a three hundred and sixty (360) day year and actual days elapsed per annum.

The Borrower is required to repay borrowings under the Credit Facility in quarterly installments in an amount equal to 1.25% of the highest aggregate principal amount of term loans that has been outstanding at any point from the effective date through such payment date, commencing on March 31, 2028. The Borrower may also be required to make mandatory prepayments, in certain circumstances, including in connection with the termination of a Material Project, as more fully provided in the Credit Agreement.

The obligations of the Borrower under the Credit Facility are (i) guaranteed by the Company and each of the Borrower’s existing and future subsidiaries and (ii) secured by first-priority liens on substantially all of the assets of the Company, the Borrower, and the Borrower’s existing and future subsidiaries, in each case subject to certain customary exceptions set forth in the Credit Agreement, including certain excluded subsidiaries.

The Credit Agreement contains customary affirmative and negative covenants including limitations on the ability of the Company, the Borrower, and the Borrower’s existing and future subsidiaries to, amongst other things, grant additional liens, incur additional debt, purchase or otherwise acquire assets or interests of another Person, merge or consolidate, dispose of assets, make restricted payments, make certain investments, engage in certain transactions with affiliates, and enter into certain sale and leaseback transactions, in each case, with certain exceptions carved out, including for the additional debt covenant, the ability to enter into an unsecured revolving credit facility with a bank acceptable to the Lender, which shall include Fifth Third Bank, as successor by merger to Comerica Bank, not to exceed $5,000 at any time outstanding.

The Credit Agreement also requires the Borrower to maintain, as of the end of each fiscal quarter commencing June 30, 2026, (i) a Fixed Charge Coverage Ratio (as defined in the Credit Agreement) of not less than 1.20 to 1.00, (ii) a Total Leverage Ratio (as defined in the Credit Agreement) of not more than 4.00 to 1.00, (iii) minimum Liquidity (as defined in the Credit Agreement) of at least $10,000, and (iv) minimum Consolidated EBITDA (as defined in the Credit Agreement) of at least $10,000. The Credit Agreement includes customary events of default, the occurrence of which could permit the Lender to, amongst other things, declare all amounts owing under the Credit Facility to be immediately due and payable and to exercise remedies with respect to the collateral.

The foregoing summary and description of the Credit Agreement is qualified in its entirety by reference to the full text of the Credit Agreement, a copy of which is filed as Exhibit 10.14 to this Annual Report on Form 10-K and is incorporated herein by reference.

In connection with the Company’s entry into the Credit Agreement, on March 9, 2026, the Company terminated the Prior Credit Agreement, which was scheduled to mature on December 21, 2026. There were no prepayment penalties in connection with the termination of the Prior Credit Agreement.

The information set forth in Item 1.01 above is incorporated into this Item 2.03 by reference.