Revenue rises 3% year-on-year to AED 1.11 billion, driven by higher cooling demand and significant capacity additions across key marketsNet profit rises 2.5% year-on-year to AED 276 million, supported by continued business growth and robust EBITDA marginsBoard proposes first-ever interim dividend of 6.5 fils per share for H1 2025Tabreed adds a record 41.6k RT in H1 2025 – almost twice the capacity added in full-year 2024 – to reach 1.37 million RT with major contributions from the UAE and Saudi ArabiaPAL Cooling acquisition set to add 182k+ RT, securing long-term growth pipeline of up to 600k RT across Abu DhabiRefinancing strengthens financial position; robust free cash flow enables investment in growth, improves leverage and supports dividend payoutAbu Dhabi, United Arab Emirates – 8 August 2025: National Central Cooling Company PJSC (DFM: TABREED / ISIN: AEA002201018), the world’s leading and most diversified district cooling company, today announced the results for the six-month period ended 30 June 2025, reporting revenues of AED 1.11 billion and a net profit of AED 276 million. The results reflect strategic momentum across Tabreed’s platform, with improved margins, cost discipline and sustained demand, laying the foundation for continued growth.Group revenue rose to AED 1.11 billion in H1 2025, marking a 3% year-on-year increase driven by higher cooling demand and significant capacity additions across key markets. Consumption volumes grew 3% year-on-year in H1 2025 and accelerated to 8% year-on-year in Q2 2025, reflecting both seasonal uplift and growing utilisation across Tabreed’s network. Net profit for the first half rose to AED 276 million, a 2.5% increase compared to the first half of 2024. The uplift reflects continued scale benefits and disciplined cost control, alongside margin expansion as EBITDA rose 5% to AED 632 million, with margins improving to 57%.Reflecting its strong financial position and continued cash generation, Tabreed’s Board of Directors proposed an interim dividend of 6.5 fils per share for the first half of 2025, or 67% payout based on H1 2025 net profit. This marks the first interim dividend in the company’s history and reflects the Board’s confidence in Tabreed’s performance, outlook and ability to deliver sustainable long-term value. The payment of dividend remains subject to shareholders approval at the General Assembly Meeting expected to be convened in September 2025. Total connected capacity reached 1.37 million Refrigeration Tons (RT), with 41.6k RT of record high organic capacity added during the period, nearly double the full-year total in 2024. This growth was led by 18k RT of new connections in the UAE and 23.6k RT across regional markets, reinforcing Tabreed’s position as a cross-regional operator.Following a period of strong operational growth, Tabreed advanced its strategic agenda in June with the announcement that, in a 50:50 joint venture with CVC DIF, the company is to acquire PAL Cooling Holding from Multiply Group. The deal, which remains subject to customary regulatory approvals, is set to add more than 182k RT, increase pro forma connected capacity to 1.55 million RT (+13%) and includes eight concessions with total planned capacity of up to 600k RT. The deal would also expand Tabreed’s long-term concession base and customer network, including a new relationship with Modon, and contribute to a secured future capacity pipeline of more than one million RT, equivalent to 80% of current connected capacity.Complementing this landmark development, Tabreed’s portfolio continued to grow, with the commissioning of three new greenfield plants during the first half – in local and regional markets, with a combined capacity of 28.6k RT. Developed to meet rising demand in fast-growing urban and industrial hubs, these new facilities reinforce Tabreed’s ability to scale operationally while deepening its presence in both core and international markets.Progress also continued on the company’s largest-ever greenfield project at Palm Jebel Ali, a 250k RT exclusive concession secured in partnership with Dubai Holding Investments. Together, the PAL Cooling acquisition and Palm Jebel Ali concession represent the two biggest strategic deals in Tabreed’s history, expanding the company’s total site capacity to approximately 2.6 million RT and reinforcing its platform for long-term, capital-efficient growth and cash flow visibility. With a strong pipeline, long-term concessions and expanding geographical reach, Tabreed remains well positioned to deliver sustained growth through the remainder of 2025 and beyond.Commenting on the results, Dr. Bakheet Al Katheeri, Tabreed’s Chairman, said: “Tabreed continues to demonstrate the strength and scalability of its platform, delivering solid financial results while advancing its long-term growth agenda. The record capacity additions in H1 2025, following landmark transactions, including the Palm Jebel Ali development and strategic acquisition of PAL Cooling, reinforce our position as a cross-regional operator and infrastructure partner with a clear mandate for value creation. As a Board, we remain focused on capital discipline and sustainable returns, and this balance between growth and value creation is reflected in our decision to propose Tabreed’s first-ever interim dividend.”Tabreed also made significant progress on its refinancing during the first half, strengthening its balance sheet and enhancing financial flexibility. In Q1, the company issued a USD 700 million Green Sukuk under its Green Finance Framework, successfully refinancing near-term maturities at a competitive profit rate and improving its liquidity profile. Tabreed has a robust financial position, underscored by investment grade credit ratings from both Moody’s and Fitch. Free cash flows reached AED 973 million over the past 12 months, translating to a 11.5% yield, supported by strong collections, margin stability and disciplined capital allocation. As a result, net debt to EBITDA improved to 3.7x, down from 4.2x a year earlier.Commenting on the company’s performance, Khalid Al Marzooqi, Tabreed’s Chief Executive Officer, said: “The signing of the PAL Cooling acquisition represents a defining milestone, not just for Tabreed’s footprint in Abu Dhabi, but for our long-term evolution as a critical infrastructure partner to cities, industries and digital ecosystems across the region. Tabreed today is more than a utility, we’re building a high-performing, future-ready platform that delivers recurring value, with sustainability, efficiency and scale at its core. With visibility over a planned total capacity of approximately 2.6 million RT, we’re focused on capital efficiency, operational excellence and preparing the business to lead in new markets and sectors where district cooling plays an essential role.”Tabreed’s commitment to sustainability also advanced during the first half, reinforcing its role as a long-term partner in the region’s energy transition. As part of its Green Finance Framework, the company continued integrating renewable energy into its operations, including the installation of solar farms at two plants in collaboration with the UAE Ministry of Defence. Tabreed also played an active role in the World Utilities Congress, Abu Dhabi’s flagship utilities event, contributing to conversations around low-carbon infrastructure and emerging technologies such as geothermal cooling, in line with its ambition to enhance energy efficiency, reduce emissions, and support national decarbonisation goals.-ENDS-

Existing portfolio includes eight long-term concessions currently serviced by five, state-of-the-art district cooling plantsSignificant growth potential, with expected operational connected load of approx. 600,000 refrigeration tonsAbu Dhabi, United Arab Emirates – 30 June 2025: CVC DIF, the infrastructure strategy of leading global private markets manager, CVC, and Tabreed, the world’s leading district cooling company, have entered a partnership to acquire PAL Cooling Holding from Abu Dhabi’s Multiply Group.The transaction, with an equity value of approximately AED 3.8 billion, includes three long-term concessions in the Abu Dhabi main island area and five long-term concessions on Al Reem Island, and remains subject to customary regulatory approvals. The concessions are serviced by five existing, sustainable district cooling plants and associated networks in Abu Dhabi, with connected capacity of 182,000 refrigeration tons (RT) as of December 2024. An additional plant is currently under construction and three more are in the planning phase. Together the nine plants and eight concessions are expected to represent approximately 600,000 RT.PAL was founded in 2006 and is a prominent player in the UAE district cooling market, catering to landmark residential, commercial and mixed-use developments. The company has eight, long-term concession agreements and partnerships with leading master developers, including Aldar Properties, Modon and Imkan. PAL is strongly positioned on Al Reem Island, which is a strategic destination now fully part of the ADGM free zone, the vibrant financial centre of Abu Dhabi, and is poised to benefit from the expected development ramp-up, with future network expansion already licenced by Abu Dhabi’s Department of Energy.Chairman of Tabreed, Dr Bakheet Al Katheeri, emphasised the significance of the partnership: “Tabreed is always looking to the future and ensuring we remain agile. The acquisition of PAL Cooling with CVC DIF aligns perfectly with our strategic objectives and readiness to adapt to Abu Dhabi's ambitious real estate projects. This year has been historic for Tabreed, with ventures like our Palm Jebel Ali JV and continued growth in Abu Dhabi. These steps position us to meet the UAE’s rising demand for sustainable cooling, driven by population growth and decarbonisation targets.”Gijs Voskuyl, Managing Partner at CVC DIF, said: “PAL Cooling services its clients under long-term, concession-based contracts, in a fast-growing urban environment. The company has a strong track record of developing and constructing high-quality and electrified district cooling plants to deliver reliable, energy-efficient cooling solutions. Building on CVC DIF’s long-term track record in the sector, we are delighted to partner with Tabreed, a leading district cooling company in the Middle East. Together with our partners, we are convinced that PAL Cooling is a high-quality investment that will provide our investors with solid returns, while offering the potential for long-term growth and sustainable value creation.” Chief Executive Officer of Tabreed, Khalid Al Marzooqi, added: “This is turning out to be a truly pivotal year for Tabreed. As we enter a new phase of growth in Abu Dhabi alongside partners, CVC DIF, the benefits brought by this acquisition will be substantial. As part of Tabreed’s portfolio, these additional plants will be operated and maintained by the world’s leading experts in sustainable cooling. The acquisition also serves to strengthen our already investment-grade status with safe, long-term concession agreements and assured future growth, evidenced by current and planned developments on Reem Island.”Özgür Önder, Head of CVC Middle East, said: “Our partnership with Tabreed, a regional leader with deep industry expertise, aligns perfectly with CVC’s commitment to investing in the UAE, backing mission-critical businesses that support sustainable development across the country.”CVC DIF’s investment focus and experience spans key sectors including Energy Transition, Digital Infrastructure, Utilities and Transport – areas that are critical to Tabreed’s strategic vision. Its expertise and investment approach makes CVC DIF an ideal partner for a transformative project of this scale.Commenting on the transaction, Samia Bouazza, Group CEO and Managing Director of Multiply Group, said: “The monetisation of PAL Cooling Holding is a deliberate step in our portfolio optimisation strategy, aimed at delivering superior returns to our shareholders. It reflects our ability to realise significant value from our assets while enhancing liquidity to fuel Multiply Group’s next phase of growth – both across our core verticals and on the global stage.”The deal was signed during a special ceremony at Multiply’s Abu Dhabi headquarters by Samia Bouazza, Group CEO and Managing Director of Multiply Group, Khalid Al Marzooqi, Chief Executive Officer of Tabreed and Özgür Önder, Head of CVC Middle East, in the presence of Tabreed’s Chairman, Dr Bakheet Al Katheeri.- ENDS –

New Abu Dhabi project sees the integration of solar power into Tabreed’s energy mixAbu Dhabi, United Arab Emirates – 16 June 2025: The UAE Ministry of Defence, in partnership with Tabreed, the world’s leading district cooling company, and Emerge, a joint venture between the UAE’s Masdar, a global clean energy leader, and France’s EDF Group, announced today the completion of a new project to integrate solar energy into two district cooling plants serving the Ministry’s facilities in Abu Dhabi.In March 2024, a partnership agreement was signed to develop solar PV plants to be operated for a period of 25 years. Approximately 4,000 solar panels have been installed at the district cooling plants, supplying their thermal energy storage infrastructure and chilled water pumps with 2.4 megawatt (MW) of clean electricity. This will help reduce reliance on the electricity grid during peak periods and prevent emissions of more than 2,600 tons of CO2 annually.The project was officially inaugurated by a senior delegation from the Ministry of Defence, Tabreed and Emerge. This initiative follows the unveiling of the UAE Armed Forces Climate Change Strategy in December 2023, announced by the UAE Ministry of Defence to reinforce its commitment to reducing carbon emissions through a long-term energy transition. Tabreed’s CEO, Khalid Al Marzooqi, explained that this achievement further strengthens the already close strategic relationship between the company and the Ministry of Defence, which began with the commissioning of its first district cooling plant in 1998. He added, “Sustainability is a core concept at Tabreed, and we continually analyse and improve our operations in line with global aspirations to achieve climate neutrality. Recently Tabreed made a significant leap in diversifying its energy mix by introducing geothermal energy, and today we are proud to introduce another renewable: solar. These achievements underscore Tabreed’s commitment to the UAE’s net-zero goals and we will continue to integrate renewable energy at additional plants, to further our support of the public and private sectors in achieving their own environmental targets.”Michel Abi Saab, General Manager of Emerge, said: “This milestone reflects the growing momentum for distributed solar solutions across vital sectors of the UAE. We are proud to support the Ministry of Defence and Tabreed in advancing their sustainability goals by integrating clean energy into core infrastructure. At Emerge, we remain committed to enabling partners across the region to decarbonise their operations, reduce energy costs and drive measurable impact towards the UAE’s net-zero ambitions.” - ENDS –

EBITDA and net profit both increase over same period in 2024Major announcements include signing biggest deal in company’s 27-year historyAbu Dhabi, United Arab Emirates – 13 May 2025: Tabreed, the world’s leading district cooling company, has released its consolidated financial results for the first quarter of 2025, once again reporting increases in EBITDA and net profit over the same period last year. The company’s EBITDA increased by 4% year-on-year to AED 283 million, with an improved margin of 61%, while net profit after tax increased to AED 115 million in Q1 2025, growing by 3% compared to Q1 2024.While the company’s financial performance remained steady during the first quarter of 2025, in this period Tabreed made significant announcements regarding developments that will positively impact its long-term outlook and portfolio growth. The first of these was the raising of USD 700 million via the issuance of a Green Sukuk with a competitive profit rate of 5.279%, attracting strong international investor demand. The proceeds were used for refinancing, in line with eligible use according to Tabreed’s Green Finance Framework.As a result of this refinancing, Tabreed demonstrated further strengthening of its balance sheet, with the majority of its short-term debt converted into longer term maturities, along with further reduction in net debt by 3% YTD and savings in net finance costs of 7% YoY. As a result, leverage further improved with a net debt to EBITDA ratio of 3.55x (compared to 3.7x on 31 December 2024).The second major announcement, following a special signing ceremony held in Dubai on 16 March, confirmed that Tabreed had entered a concession agreement in partnership with Dubai Holding Investments to exclusively provide district cooling services to one of the region’s most eagerly awaited projects: Palm Jebel Ali.This is an important milestone in the history of Tabreed – a 250,000 Refrigeration Ton (RT) concession representing approximately one fifth of the company’s connected capacity. The network will require an estimated investment of AED 1.5 billion, making it the biggest greenfield deal in Tabreed’s 27-year history, and enhances its competitive position in the fast-moving, dynamic Dubai market.Also during the first quarter of 2025, shareholders approved a cash dividend of 15.5 fils per share for 2024, implying attractive yield of 5.6% (at a share price of AED 2.76 as of 12 May 2025). The company’s financial position remained strong, allowing it to invest in accelerating growth while returning cash to shareholders in the form of dividends, thereby delivering sustainable long term value creation. Q1 also saw 4,599 RT of new customer connections added within the UAE and new capacity addition is expected to gather pace in the coming months.Financial highlights – three months ended 31 March 2025: Group revenue remained broadly stable at AED 466 million (Q1 2024: AED 468 million)EBITDA increased by 4% YoY to AED 283 million (Q1 2024: AED 272 million)Net profit after tax increased by 3% to AED 115 million (Q1 2024: AED 112 million)Operational highlights – three months ended 31 March 2025:      Consumption volumes decreased by 7%, due to colder weather than experienced during first quarter of 2024Total connected capacity reached 1.33 million Refrigeration Tons (RT)4,599 Refrigeration Tons (RT) of new customer connections added in the UAEChairman of Tabreed, Dr Bakheet Al Katheeri, said: “On the surface all appears ‘business as usual’ and, indeed, the Q1 results demonstrate a company with stability and dependability at its core. While this is entirely true, behind the scenes there is incredible drive and energy facilitating substantial expansion in key markets, Dubai being a prime example. Our recent landmark deal with Dubai Holding Investments perfectly encapsulates the spirit of Tabreed, which prizes strategic partnerships with organisations aligned with our values and objectives.“Tabreed’s resilience is one of its hallmarks and only through prudent financial stewardship is the company in a position to commit to such long-term, significant investments. The value to investors will increase, the positive environmental impact continuing to grow, with greater uptake of its globally renowned services. The future is brighter than ever for Tabreed and I look forward to seeing it flourish for many years to come.”

Annual General Assembly confirms new appointments to Board of DirectorsChairman points to a momentous, transformative 2025Abu Dhabi, United Arab Emirates – 26 March 2025: Tabreed, the world’s leading district cooling company, yesterday held its Annual General Assembly (AGA). In recognition of the company’s strong financial and operational performance throughout 2024, shareholders approved a dividend payment of 15.5 fils per share, representing more than AED 441 million, to be paid fully in cash.Over the past five years, Tabreed has delivered total shareholder return of 96% in the form of share price increases and dividends and, during 2024, the company reported record revenues and a 32% increase in net profit after tax.The AGA was chaired by Tabreed’s Chairman, Dr Bakheet Al Katheeri, and during the meeting shareholders also confirmed the appointments of new board members, Mansoor Al Hamed and Janis Rey Lozada.Al Katheeri said that Tabreed had performed consistently well throughout 2024, reaping the benefits of prudent recent investments and a considered approach to business development and expansion. “This is one of the UAE’s most resilient companies,” he remarked, “and delivers excellent returns for its investors year after year, with 2024’s dividend payments no exception.“Tabreed has entered 2025 with impressive momentum, already having raised $700 million via its inaugural, five-year green sukuk, and entering a new joint venture with Dubai Holding to supply sustainable district cooling to one of the UAE’s most exciting real estate projects, Palm Jebel Ali. Tabreed’s balance sheet is stronger than ever and there is a strong pipeline of promising opportunities ahead. It undoubtedly remains a safe haven for existing and future shareholders alike.”During 2024 Tabreed completed two new plants and added 23,576 Refrigeration Tons [RTs] of new connections across the company’s portfolio, in the UAE, Saudi Arabia, Oman, Egypt and India. Tabreed also saw consumption volumes grow during 2024, increasing by 5% to 2.66 billion refrigeration ton hours (RTH).

Anticipated total cooling capacity of approximately 250,000 Refrigeration Tons (RTs)AED 1.5 billion project to be executed in multiple phasesAbu Dhabi, United Arab Emirates – 17 March 2025: National Central Cooling Company (DFM: Tabreed) and Dubai Holding Investments, part of Dubai Holding, have entered a concession agreement to provide district cooling services for Palm Jebel Ali in Dubai.The agreement establishes a joint venture, with Tabreed holding a 51% stake and Dubai Holding Investments 49%. This structure is designed to optimise cooling capacity, enhance information-sharing and strengthen customer protection, while ensuring sustainable cooling solutions for one of Dubai’s most transformative developments.Supported by Tabreed’s major shareholders, sovereign investor Mubadala (42%) and the French low-carbon energy and services company ENGIE (40%), the agreement was signed by Khalid Al Marzooqi – Chief Executive Officer of Tabreed and Omar Karim – Chief Executive Officer of Dubai Holding Investments, in the presence of senior officials from Tabreed, Dubai Holding, Mubadala and ENGIE.Subject to customary approvals, construction of the district cooling network is expected to commence in Q2 2025, with the first cooling services expected to be delivered by 2027. Over time, the system will address the need for approximately 250,000 RTs of cooling capacity and require an estimated investment of AED 1.5 billion.Following the signing, Chairman of Tabreed and Chief Executive Officer of Mubadala’s UAE Investments Platform, Dr Bakheet Al Katheeri, said: “Mubadala has a worldwide reputation for being a responsible investor with an unwavering focus on its ESG framework and Tabreed is a vital part of our portfolio as a driver of sustainability and societal progress. The signing marks a major milestone in Tabreed’s 27-year history and underscores the company’s commitment to providing sustainable, high-efficiency cooling solutions for large-scale developments. I am eagerly looking forward to witnessing the successful progress of this landmark project.”Omar Karim, Chief Executive Officer of Dubai Holding Investments, commented: “This agreement reinforces Dubai Holding’s long-term vision of developing sustainable communities with high-quality infrastructure at their core. Palm Jebel Ali is one of Dubai’s most ambitious developments and by incorporating district cooling services we support our customers and align to our commitment to deliver future-ready urban environments.”Commenting on the agreement, Chief Executive Officer of Tabreed, Khalid Al Marzooqi, added: “Palm Jebel Ali is a transformative project that will shape Dubai’s future and we are proud to play a role in ensuring its infrastructure meets world-class standards. With our extensive experience and cutting-edge technology, we will deliver reliable and environmentally responsible cooling that benefits residents, visitors and stakeholders alike.”

First Issuance under new USD 1.5 billion trust certificate issuance programmeNet proceeds to be used for financing or refinancing projects in line with Tabreed’s Green Financing FrameworkStrong investor demand underscored by 2.6x oversubscriptionAbu Dhabi, United Arab Emirates – 5 March 2025: Tabreed, the world’s leading district cooling company, has announced today the successful raising of USD 700 million via an inaugural, five-year green sukuk – the first issuance under its new USD 1.5 billion trust certificate issuance programme. The new sukuk will be listed and traded on London Stock Exchange’s International Securities Market.The issuance of new green sukuk attracted strong institutional demand from high quality local, regional and international investors. This led to the order books exceeding 4.3 times and final issue being oversubscribed by nearly 2.6 times, reflecting the high level of investor confidence in Tabreed’s robust credit fundamentals. The sukuk was competitively priced with a profit rate of 5.279%, achieving the highest tightening by any investment grade regional sukuk issuance this year and the tightest ever credit spread for a five-year instrument by Tabreed and or any other UAE corporate sukuk with a similar credit rating. This high demand was supported by investment grade credit ratings from Moody’s (Baa3) and Fitch (BBB), consistent with Tabreed’s corporate ratings.Tabreed continues to be a pioneer in the international sukuk market, having been a regular issuer over the past 20 years. In 2006, its USD 200 million sukuk issuance was the first to be listed on the London Stock Exchange, which paved the way for other issuers to follow. That issuance was also the first rated sukuk by a corporate entity in the Middle East.Proceeds from this latest sukuk will be used in alignment with Tabreed’s Green Financing Framework, which was first published in March 2022 and later updated in February 2025. It was developed in accordance with the ICMA Green Bond Principles (GBP) 2021 and the Loan Market Association (LMA) Green Loan Principles (GLP) 2023, and is governed by a multidisciplinary management committee led by the Group’s Chief Financial Officer, Adel Al Wahedi. Tabreed is thus able to issue green bonds and loans, with the resulting net proceeds to be used for financing and refinancing ‘Eligible Green Projects’ which include its core business of constructing, acquiring and operating District Cooling schemes, as well as projects related to Energy and Water Efficiency and Wastewater Management.The framework was accompanied by a Second Party Opinion from leading, global ESG ratings agency, Sustainalytics. Together they demonstrate the sustainable nature of Tabreed’s district cooling operations, which use approximately 50% less electricity than conventional cooling.Citi and Standard Chartered Bank acted as Joint Global Coordinators and Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC and Standard Chartered Bank acted as Joint Lead Managers and Joint Bookrunners, with Abu Dhabi Commercial Bank acting as Co-Manager.Following the sukuk announcement, Tabreed’s Chief Executive Officer, Khalid Al Marzooqi, said: “Tabreed’s enviable reputation is built on the foundations of sustainability and operational excellence, so this, our first green sukuk, is perfectly aligned with our existing business while focussing on new developments.“The UAE has an ambitious roadmap for net-zero and we are proud at Tabreed to play a vital role in preventing large scale carbon emissions while enabling societal progress through sustainable district cooling. The importance this company attaches to ESG cannot be overstated and our investors know that the energy transition, of which we are at the very centre, is not only good for the environment but good for business, too.”Adel Al Wahedi, Tabreed’s Chief Financial Officer, added: “We are delighted with the investor response to our first green sukuk. This demonstrates the strength of our business model, financial stability and sustainability credentials of Tabreed. This issuance is part of our USD 1.5 billion programme aimed at supporting our ambitious growth plans and sustainability commitments.”Tabreed recently released its full-year financial results for 2024, delivering strong financial performance driven by local and international expansion, new connections with existing clients and development of greenfield sites. The company has been rated Baa3 (outlook stable) by Moody’s and BBB (outlook stable) by Fitch, with the Sukuk Programme having been assigned the same credit ratings.Currently operating 92 district cooling plants in six countries, during 2024 Tabreed became the world’s first district energy company to achieve the ‘Verified Carbon Standard, able to trade carbon credits in the voluntary market as an emissions preventer.

EBITDA and Net profit increases by 5% and 32% respectively over previous yearBoard of Directors recommends dividend payment of 15.5 fils per shareAbu Dhabi, United Arab Emirates – 13 February 2025: Tabreed, the UAE’s leading international district cooling company, today released its consolidated financial results for the year 2024, reporting a revenue of AED 2.434 billion and a net profit before tax of AED 624 million, representing a 4% increase over 2023 (excluding one-offs). EBITDA increased by 5% year-on-year to AED 1.252 billion, with an improved margin of 51%, while net profit after tax stands at AED 570 million, up 32% compared to AED 431 million in 2023.Increased revenue was mainly driven by growth in consumption volumes, which increased by 5% to 2.66 billion refrigeration ton hours (RTH). Connected capacity increased by 23,756 Refrigeration Tons (RT), bringing Tabreed’s total connected capacity to 1.325 million RT. Growth in connected capacity was largely on account of expansion in existing concessions and commissioning of two new greenfield plants in the UAE and Oman respectively during 2024, while expanding capacity at its existing plants, including in international markets of India and Egypt, to meet the growing demand from customers. ​The company generated strong cash flows, with AED 1.2 billion from operations after working capital changes and AED 970 million in free cash flows. Surplus cash was used to optimize the balance sheet and reduce debt by repurchasing an additional USD 207 million (AED 759 million) of its outstanding sukuk due in 2025. Including the USD 33 million (AED 121 million) Sukuk repurchased in 2023, Tabreed has now repurchased a total of USD 240 million (AED 880 million) of the outstanding Sukuk. The company’s proactive debt management led to saving of 15% in net financial costs during 2024. Tabreed’s balance sheet is stronger than ever, with an improved net debt to EBITDA ratio of 3.7x compared to 4.1x at the end of 2023. ​Acknowledging the company’s strong overall performance, financial resilience and positive outlook, Tabreed’s Board of Directors has recommended a dividend payment of 15.5 fils per share in cash, once again reinforcing its unwavering commitment to maximising returns for its shareholders. Over the past five years, dividend per share paid by Tabreed has increased at a compounded annual growth rate of 8%.New connections totalling 23,576 Refrigeration Tons (RT) were added to Tabreed’s portfolio of 92 plants during 2024, in the UAE, Saudi Arabia, Oman, Egypt and India. The company spent much of 2024 laying the foundations for international expansion, sponsoring and participating in multiple, strategically important conferences and events in Egypt and Southeast Asia.During September, Tabreed once again sponsored World Utilities Congress as exclusive ‘Cooling Partner’ and led the conversation around cooling in numerous high-level panel discussions and technical presentations, also drawing praise from organisers for the design and execution of the company’s stand. Towards the end of the year, Tabreed sponsored the UNEP-led Cool Coalition’s pavilion at COP29 in Baku, Azerbaijan, again building awareness of the crucial role played by district cooling in preventing carbon emissions while catering for the needs of growing global populations.Closer to home, in November Tabreed sponsored the second annual RAK Energy Summit as ‘Cooling Partner’, making good on the company’s intentions to service the requirements of developers in the Northern Emirates. The two-day event saw Tabreed’s CEO and other senior executives directly engage in high-level discussions with Ras Al Khaimah’s leadership and real estate executives, to explore opportunities for growth as champions of sustainability.There were two changes to Tabreed’s Board of Directors during 2024, with the appointment of Dr Bakheet Al Katheeri as Chairman and Mansoor Mohamed Al Hamed as a new Board member.Financial highlights – 12 months ended 31 December 2024:  Group revenue increased to AED 2.434 billion (2023: AED 2.415 billion)EBITDA increased by 5% year-on-year to AED 1.252 billion (2023: AED 1.198 billion)Net profit before tax increased by 4% to AED 624 million (2023: AED 603 million excluding one-offs)Net profit after tax increased by 32% to AED 570 million (2023: AED 431 million)Operational highlights – 12 months ended 31 December 2024:         Total connected capacity increased to 1.325 million Refrigeration Tons (RT)23,756 RT of new customer connections addedConsumption volumes increased by 5% year-on-yearEnvironmental highlights – 12 months ended 31 December 2024:2.64 billion kilowatt hours saved across the GCC – enough to power approximately 150,000 homes every yearPrevented the release of 1.58 million metric tons of CO2 into the atmosphere, which is equivalent to the removal of approximately 343,000 vehicles from the roads annuallyAchieved ‘Verified Carbon Standard’ at one of the plants, making Tabreed eligible to trade carbon credits as an emissions preventerFollowing publication of these results, Dr Bakheet Al Katheeri, Chairman of Tabreed, said:“Tabreed is a resilient and world class leader in district cooling. The company continues to deliver strong financial performance evidenced by a 15.5 fils per share dividend that matches the record set in 2024.“Tabreed’s shareholders recognise that the company is a prudent investor, consistently delivering tangible benefits to shareholders and the economy. Demand for cooling is rapidly growing and Tabreed’s unrivalled expertise means it is well placed to meet market requirements with speed, agility and sustainability, perfectly aligned with the UAE’s ‘Net Zero by 2050’ initiative.”Tabreed’s Chief Executive Officer, Khalid Al Marzooqi, added: “With every passing year, this company goes from strength-to-strength, providing safe, reliable and efficient cooling to its customers and steady returns for investors and stakeholders alike. Our core business matters more now than ever and increased uptake of district cooling is imperative in our drive towards net-zero – a utility that’s essential for progress, for people, industries and communities alike.“Tabreed has been the world’s leader in this remarkable industry for nearly three decades and its future looks promising, brighter than ever. Our year end results for 2024 provide further evidence of Tabreed’s stability and long-term sustainability. The Company’s financial position has significantly improved over the past few years, laying strong foundations for the future expansion in both UAE and international markets, and I look forward to further achievements throughout 2025.”

Company again supports United Nations Environment Programme and Cool CoalitionAbu Dhabi, United Arab Emirates— 25 November 2024: Tabreed, the UAE’s leading international district cooling company, has completed its week-long activities at COP29 in Baku, Azerbaijan. During this vitally important global event, the company’s representatives delivered keynote addresses, participated as panellists and delivered presentations that positioned Tabreed as, not only the global leader in this vital industry but also one that’s ready, willing and able to export its unmatched international expertise to new territories, such as Southeast Asia, where it is needed more than ever before.Following a successful collaboration during 2023’s COP28 in Dubai, Tabreed once again supported the United Nations Environment Programme (UNEP)-led Cool Coalition as a Silver Sponsor of the Buildings and Cooling Pavilion in the heart of the Blue Zone. As a supprter of UNEP’s Global Cooling Pledge, implemented during COP28, Tabreed is at the forefront of decarbonisation and this year’s pavilion in Baku hosted dozens of sessions targeted at global legislators and developers who are working towards more sustainable practices, with cooling high on the agenda.Tabreed’s involvement in COP29 is seen as crucial to CEO, Khalid Al Marzooqi, who said: “District cooling’s energy efficiency brings huge benefits through large scale avoidance of carbon emissions, making it an essential player in the drive for net-zero. That’s why Tabreed is a constant presence at pivotal global events such as COP, and I am proud that we’re leading the conversation on sustainable cooling at such a crucial moment in world history.”During the packed programme, Tabreed showcased its award-winning innovations, such as the new G2COOL geothermal plant, which has been grabbing the headlines across Southeast Asia in recent months, while interacting with audiences from around the world eager to know more about the well-documented environmental and operational benefits provided by district cooling.Shikha Bhasin, Senior Adviser to UNEP and the UNEP-Led Cool Coalition, said: “Tabreed’s involvement at COP29 helps position the company at the forefront of decarbonisation while adding further proof that the UAE is setting new standards in the drive for genuine sustainability. District cooling is becoming a focal point for increasing numbers of countries affected by climate change and we’re grateful that Tabreed continues to champion the work of the Cool Coalition, bringing its decades’ worth of expertise to these incredibly important discussions.”

New customer connections in four countries: UAE, India, Egypt and OmanCompany committed to maintaining ‘Investment Grade’ credit ratingAbu Dhabi, United Arab Emirates—14 November 2024: Tabreed, the UAE’s leading international district cooling company, has released its consolidated financial results for the first nine months of 2024.Tabreed has experienced a 6% year-on-year rise in consumption volumes during 9M 2024, helping normalised net profit before tax to also increase by 4% to AED 462 million. During the first nine months period, the company delivered consistent growth, maintained resilient profitability margins and further strengthened its financial position. Group revenue increased to AED 1.85 billion in 9M 2024, driven by growth in consumption and 29,000 Refrigeration Tons (RT) of new connections added in the past 12 months. The results also show Tabreed’s earnings before interest, taxes, depreciation and amortisation (EBITDA) has increased to AED 933 million, a healthy increase over the AED 914 million reported for the same period last year. EBITDA margin remained stable at 50% over the first nine months, underscoring the predictable and sustainable nature of Tabreed’s business model.New loads connected during the third quarter gathered pace with 12,444 RT added, compared to 4,646 RT connected in the first half of 2024. Tabreed continued to deliver on its international expansion strategy, too, with 3,000 RT incremental load connected in India and 1,500 RT in Egypt.Once again, Tabreed’s results show it to be in robust financial health. The company continued to generate strong cash flows with free cash flows of AED 912 million over the past 12 months, translating to a healthy yield of more than 10%. Demonstrating responsible management and prudent use of surplus cash, Tabreed further reduced its debt by 12% in the first nine months of the year. This resulted in further strengthening of the company’s balance sheet with a net debt to EBITDA ratio of 4.0x, which reiterates Tabreed’s commitment to maintaining its ‘investment grade’ credit rating.During the third quarter, Tabreed was extremely active in increasing awareness of district cooling. During July the company sponsored, and participated in, the third edition of Asia Urban Energy Assembly (AUEA) in Bangkok – a strategically important event considering Tabreed’s stated ambitions to seek new opportunities across Southeast Asia. Just weeks later, Tabreed again sponsored World Utilities Congress as official ‘Cooling Partner’. Senior management and engineering staff engaged with multiple audiences, while the company’s stunningly designed stand drew praise and admiration from all who visited it.Additionally, in Q3 Tabreed achieved ‘Verified Carbon Standard’ status following the conclusion of a year-long independent assessment by Verra at one of the company’s Abu Dhabi district cooling plants, becoming the first district energy company in the world to achieve such recognition. Crucially, the results proved the energy efficiency credentials of Tabreed’s district cooling operations and further reinforced the role of the district cooling sector in reaching net zero goals. This also means that the company can now trade carbon credits in the voluntary market as a verified emissions preventer.Financial highlights – nine months ended 30 September 2024: Group revenue increased to AED 1.85 billion (9M 2023: AED 1.823 billion)EBITDA increased to AED 933 million (9M 2023: AED 914 million)Normalised net profit before tax increased by 4% to AED 462 million (9M 2023: AED 442 million)Net profit after tax is AED 425 million (9M 2023: AED 285 million)Operational highlights – nine months ended 30 September 2024:      Tabreed’s consumption volumes increased by 6% year-on-yearTotal connected capacity reached 1.318 million Refrigeration Tons (RT)17,090 Refrigeration Tons (RT) of new customer connections added (12,170 RT in UAE, 3,000 RT in India, 1,500 RT in Egypt and 420 RT in Oman)Commenting on the company’s 9M 2024 results, Khalid Al Marzooqi, Tabreed’s Chief Executive Officer, said: “Yet again Tabreed has proved its worth to investors and stakeholders alike, exhibiting growth both at home and internationally as demand for our sustainable cooling increases. This company has a laserlike focus on decarbonisation and we are making strides to take Tabreed’s unmatched expertise into new territories while continuing to explore opportunities across the UAE and GCC.“Tabreed’s hard-earned reputation for fiscal responsibility continues to be recognised around the world and these results serve as further proof that this company is a safe haven for new and existing shareholders, delivering long-term value and consistently healthy returns.”

Company honoured with two major awards for its recent, groundbreaking initiatives in renewable geothermal energy and game-changing efficiency advancementsAbu Dhabi, United Arab Emirates – 24 October 2024: Tabreed, the world’s leading district cooling company, has been honoured at the prestigious 2024 Asian Power Awards, held this week in Singapore. Recognising Tabreed as a long-established champion of sustainable cooling, judges awarded the company with two significant awards: ‘Geothermal Power Project of the Year – Gold’ and ‘District Cooling Initiative of the Year – UAE’.The Asian Power Awards is a prestigious event that recognises innovative, ground-breaking projects and initiatives by power and energy companies. It honours those who have taken game-changing steps to address the effects of the climate crisis while meeting the growing demand for energy. Representing Tabreed and accepting the two awards on the night was Irshad Hussain, Vice President – Projects.Geothermal Power Project of the YearWith its strategic partner, ADNOC, Tabreed is leading the way in sustainable cooling with its ‘G2COOL’ Geothermal Project in Masdar City, Abu Dhabi. Operations commenced in December 2023, with this innovative facility using geothermal energy to provide cooling services and integrating with a pre-existing district cooling network. It is the first district cooling plant of its kind in the Gulf region, helps decarbonise cooling in Masdar City and aligns with the UAE’s National Energy Strategy 2050.This plant utilises hot water from geothermal sources deep underground to power a special absorption chiller, which achieves an impressive electrical efficiency of 0.5 to 0.55 kW per refrigeration ton (RT), compared to the typical 0.85 kW per RT in conventional district cooling systems. Geothermal energy produces minimal emissions compared to traditional methods, supporting the UAE’s goals to diversify energy sources and lessen reliance on fossil fuels.District Cooling Initiative of the Year – UAEThis award honours a pioneering pilot study at one of Tabreed’s Abu Dhabi plants in collaboration with Ireland’s HT Materials Science (HTMS), to explore the potential of a revolutionary nanofluid technology known as ‘Maxwell’, which has been engineered to enhance heat transfer. Tabreed discovered that, by using Maxwell in the chilled water loop, it achieved an impressive increase in cooling system efficiency of approximately 15%.Maxwell, named after James Clerk Maxwell, the pioneering scientist who first developed the concept of nano fluids in the 19th century, is an engineered suspension of sub-micron aluminium oxide particles in a base fluid of water or water/glycol (‘nanofluid’) – a drop-in additive for cooling and heating systems, that works by enhancing heat transfer efficiency in cooling systems without requiring complex tools or equipment replacement.Commenting on the awards, Tabreed’s Chief Executive Officer, Khalid Al Marzooqi, said they serve as important reminders that the company’s pursuit of sustainable operations exemplifies its wider commitment to a greener future. “Our pursuit of energy efficiency knows no limits,” he said. “We lead this essential industry with our innovative approach, in which we leave no stone unturned to reduce energy consumption and our impact on the environment. I’m very proud of what everyone at Tabreed achieves and being honoured with these awards is an acknowledgement of the vital steps we’re taking to decarbonise the building sector.”Tabreed has previously stated its aim to expand its international presence, with a particular focus on Southeast Asia. The company, which was founded in 1998, is already operating in six countries with a growing portfolio of district cooling plants, currently numbering 91. As more countries experience the adverse effects of rising global temperatures, the demand for cooling is rapidly increasing. As the world’s leader in sustainable district cooling, Tabreed’s operations prevent millions of tons of CO2 emissions through its substantial energy savings.

Third edition of world-leading event held under the patronage of HH Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive CouncilAbu Dhabi, United Arab Emirates – 19 September 2024: Tabreed, the world’s leading district cooling company, yesterday completed its sponsorship, exhibition and participation at the third World Utilities Congress, held at the Abu Dhabi National Exhibition Centre (ADNEC). Since the first edition in May 2022, the event has become a firm fixture on the calendar for regional and global utilities companies and Tabreed has played a central role as sponsor and exhibitor from the start. This year, the three-day congress attracted record numbers of delegates, visitors, exhibitors, industry leaders, innovators and government officials, from all around the world.Tabreed’s senior management took part in numerous high level panel discussions and technical presentations on each of the three days, addressing many of the most pressing issues and challenges faced by operators tasked with meeting the fast-growing global demand for sustainable cooling. Topics included policy and regulation, the need for a customer-centric approach, carbon pricing, water desalination, operational excellence and empowering the next generation of talent through effective human capital practices.Bigger and better than ever before, Tabreed’s eye-catching exhibition stand was elegantly and intelligently designed, occupying a prime location that helped attract many hundreds of familiar faces and curious, first-time visitors. It featured dedicated display areas for the company’s new geothermal plant, detailing this remarkable application of renewable energy in the first project of its kind in the Middle East, as well as an immersive virtual reality tour of a district cooling facility and a unique, interactive game in which participants worked against the clock to construct a chilled water supply network.Tabreed’s Chief Executive Officer, Khalid Al Marzooqi, said of the event: “For 26 years, Tabreed has been a pillar of the UAE’s business community and has grown to become one of the major utility providers, both at home and internationally. So, World Utilities Congress is a perfect fit for us and we are proud to have been the Exclusive Cooling Partner again this year.“It’s an ideal platform for us to share our world-leading industry know-how, showcase our latest innovations – our new geothermal plant, for instance, stirred enormous interest with anyone who visited our stand – and interact with stakeholders, policymakers, legislators and government leaders from all over the world. We’re already operating in six countries and have further international expansion in our sights, and being active in leading industry events such as World Utilities Congress means we’re able to increase awareness of the undeniable benefits of district cooling to the widest, most diverse audience possible.”Tabreed’s participation in World Utilities Congress reaffirms its role as a key player in the transition to clean energy. As the world moves towards a de-carbonised future, Tabreed stands ready to continue its journey as the world leader in essential district cooling, shaping a greener, more sustainable tomorrow.