Tabreed Reports 9M 2025 Revenue of AED 1.87 Billion as Capacity Growth and Strategic Milestones Strengthen Platform

calendar_month November 14, 2025

Record organic capacity addition of 52.9k RT in 9M 2025 – more than double the full-year 2024 total
Total connected capacity rises 4.5% year-on-year, consumption volumes remain stable
Revenue increases by 1% year-on-year on continued capacity expansion
EBITDA increases 5% year-on-year to AED 975 million, supported by cost discipline and efficiency improvements, with an EBITDA margin of 52.2%
PAL Cooling acquisition and finalisation of Palm Jebel Ali concession - transformational deals that secure portfolio growth
Tabreed achieved Emerging Markets Small Cap Index inclusion effective close of 24 November 2025, highlighting Tabreed’s growing visibility among global investors
First-ever interim dividend of 6.5 fils per share, representing AED 184.9 million, approved for H1 2025

Abu Dhabi, United Arab Emirates – 14 November 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 nine-month period ended 30 September 2025.

Total connected capacity rose by 4.5% year-on-year to 1.38 million Refrigeration Tons (RT) as of 30 September 2025, with a record 52.9k RT organic capacity added year-to-date – more than double the full-year 2024 total. This growth was driven by 29.1k RT of new connections in the UAE and 23.8k RT in other markets, reinforcing Tabreed’s position as a cross-regional operator.

Group revenue reached AED 1.87 billion, an increase of 1% year-on-year reflecting the stability provided by fixed capacity revenue backed by long-term concession agreements, despite milder weather in Q3 2025. EBITDA grew 5% year-on-year to AED 975 million, with margins expanding to 52.2%, reflecting operating leverage, scale efficiencies and sustained cost discipline.

Net profit stood at AED 420 million in the first nine months of 2025 compared to AED 425 million during the same period last year. This mainly reflects higher finance costs on the recent Green Sukuk issuance at the end of Q1 2025, which refinanced bank debt raised during the low rate environment in 2020. Excluding the impact of higher finance costs and other one-off items, adjusted net profit would have increased by approximately 5% year-on-year, driven by underlying growth in EBITDA.

Strategic Milestones

In 2025, Tabreed achieved two of the most significant strategic milestones in its history:

In partnership with CVC DIF, Tabreed completed the acquisition of PAL Cooling Holding from Multiply Group on 13 October 2025, following regulatory approvals, for an enterprise value of AED 4.1 billion. The transaction adds approximately 600,000 RT of capacity across eight exclusive concessions in Abu Dhabi’s main island and Al Reem Island (now a free zone under ADGM). In the first nine months of 2025, PAL Cooling further expanded its connected capacity from 182,000 RT to 189,000 RT, immediately increasing Tabreed’s pro-forma connected capacity by approximately 14% to around 1.57 million RT. It also brings long-term contracts averaging 25 years with leading developers including Aldar, Modon and Imkan, expanding the concession base and contributing to a secured capacity pipeline of more than one million RT, equivalent to 80% of current connected capacity.
Tabreed finalised a landmark concession agreement with Dubai Holding Investments to provide district cooling services to Palm Jebel Ali, one of the emirate’s most eagerly anticipated large-scale developments. The 250,000 RT system will be delivered through a joint venture with Dubai Holding Investments (Tabreed 51%, Dubai Holding Investments 49%). Construction on the project commenced in Q3 of this year with the first cooling expected by 2027.

Together, these two transactions strengthen Tabreed’s position as a leader in the UAE’s district cooling industry, expanding total site capacity to approximately 2.6 million RT and reinforcing a platform for secure, capital-efficient growth. This supports Tabreed’s continued focus on stable, predictable cash flows and disciplined value creation.

Operational Progress and Portfolio Expansion

Beyond these transactions, Tabreed continued to expand its network, commission new capacity, and enhance execution. During the first nine months of 2025, three new greenfield plants were brought online, deepening the company’s presence in core and international markets.

In parallel, Tabreed signed a long-term framework agreement with Johnson Controls to co-develop next-generation cooling technologies, including centrifugal chillers with variable-speed drives and AI-enabled performance analytics, strengthening operational resilience and supporting regional climate-neutrality goals.

Commenting on the results, Dr. Bakheet Al Katheeri, Tabreed’s Chairman, said: “Tabreed’s performance this year demonstrates the strength of our foundation and the discipline with which we continue to deliver on our growth strategy. With the completion of the PAL Cooling acquisition and finalisation of the Palm Jebel Ali concession, Tabreed has entered a new phase of scale and stability that strengthens future earnings visibility. As a national champion in district cooling, Tabreed is well placed to contribute meaningfully to the UAE’s energy efficiency and sustainability goals. Our market-leading position, built on long-term concessions and operational excellence, ensures we remain a key enabler of the country’s vision for a low-carbon, resource-efficient economy.”

Commenting on the company’s performance, Khalid Al Marzooqi, Tabreed’s Chief Executive Officer, said: “This year has been about building for the next decade; investing in capacity, technology and execution so Tabreed can grow predictably and sustainably. We added record organic capacity, brought new plants online across our network, and advanced innovation through partnerships that sharpen efficiency and resilience. With a strong balance sheet, optimisation of our operations and disciplined delivery on our pipeline, we’re positioning Tabreed to serve more customers reliably, lower lifecycle costs, and convert today’s foundations into long-term value for shareholders and communities.”

Financial Resilience

Tabreed’s capital position remains robust following the successful issuance of a USD 700 million Green Sukuk in Q1 under its Green Finance Framework, to refinance near-term maturities and strengthened liquidity. In Q3, Tabreed successfully increased its Green Revolving Credit Facility (RCF) from AED 600 million to AED 1.2 billion while maintaining the existing financing terms. This increased size of green RCF further enhances Tabreed’s liquidity position and reinforces its credit fundamentals.

Following funding of Tabreed’s equity investment (held in escrow account as of 30 September 2025) to acquire PAL Cooling, net debt to EBITDA stood at 4.5x as of 9M 2025 (4.0x as of 9M 2024), in line with expectations and reflecting project-level financing utilised to fund PAL Cooling acquisition. Strong cash generation and disciplined capital allocation continue to support growth and shareholder returns.

The company continues to hold investment-grade ratings from Moody’s and Fitch.

Dividend and Outlook

In September 2025, shareholders approved Tabreed’s first-ever interim dividend of AED 184.9 million, equivalent to 6.5 fils per share, marking a new step in the company’s distribution profile and reflecting confidence in its growth plan.

Tabreed also welcomed its inclusion in the MSCI Emerging Markets Small Cap Index, effective close of November 24, 2025. This milestone reflects Tabreed’s expanding growth pipeline and increasing institutional confidence in the company’s fundamentals and strategy.

2025 continues to be a pivotal year for Tabreed, with strong operational progress, strategic platform expansion and new partnerships supporting portfolio growth and innovation. Likewise, the PAL Cooling and Palm Jebel Ali transactions lay a strong foundation for Tabreed’s sustained value creation in the years ahead.

During the meeting of Tabreed’s Board of Directors, it was also agreed that Khalid Al Marzooqi would retire from his position as Chief Executive Officer.

Commenting on this development, Tabreed’s Chairman, Dr. Bakheet Al Katheeri, said: “Khalid has proved to be an exceptional leader of this company. During his tenure, Tabreed has gone through seismic changes that have secured its long-term future as an indispensable pillar of the utilities sector both in the UAE and further afield. A gifted engineer, his unique insights have meant Tabreed has continued to forge its reputation as a globally renowned innovator, firmly rooted in energy efficiency. While we will be sad to see him stepping down, me and my fellow Board members wish Khalid all the very best for a long and enjoyable retirement.”

Al Marzooqi, whose appointment as CEO was announced on 17 May 2021, added: “Leading Tabreed has been a privilege beyond compare. I’m happy to be retiring after four-and-a-half years of service and incredibly proud of what the company has achieved during that time. Not only have we secured unprecedented long-term stability and portfolio growth but internally, too, the company’s culture has never been better. Tabreed’s people are better engaged than ever before, with record levels of workplace satisfaction, reflected in our celebrations of international diversity and a safety culture that ensures the health and wellness of everyone at every level of the company.”

A successor is yet to be announced and Al Marzooqi will remain in post until 2 January 2026.

-ENDS-

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calendar_month August 11, 2026

Tabreed Delivers Resilient H1 2026 Performance with Strong Cash Generation and Continued Growth

Connected capacity increased 15% YoY to 1.58 million Refrigeration TonsRevenue increased to AED 1.13 billion, while net operating cash flows rose 40% YoY to AED 632 millionSecond consecutive year of declaring interim dividends, reflecting confidence in recurring cash flows and financial strengthAbu Dhabi, United Arab Emirates – 11 August 2026: National Central Cooling Company PJSC (DFM: TABREED / ISIN: AEA002201018), the world’s leading and most diversified district cooling company, has today announced its financial and operational results for the six-month period ending 30 June 2026, reporting revenue of AED 1.13 billion and net profit of AED 192 million.Tabreed delivered revenue growth of 2% year-on-year during the first half of 2026, supported by fixed capacity charges, ongoing capacity expansion, and its diversified presence across the district cooling business value chain. The company’s operational performance remained resilient, enabling strong operating cash generation and healthy free cash flow conversion during the first half of the year, while further enhancing its balance sheet position.Operational GrowthConnected capacity increased by 15% year-on-year to 1.58 million Refrigeration Tons (RT) as of 30 June 2026, clearly demonstrating the strength of Tabreed’s long-term growth strategy, while the period also saw organic capacity increase by 4,500 RT following the completion of various projects. Cooling consumption volumes reached one billion refrigeration ton hours (RTh) during the first half of 2026, reflecting milder weather conditions compared to the same period in the previous year.Commenting on the results, Chairman of Tabreed, Dr Bakheet Al Katheeri, said: “Tabreed’s essential role in this nation’s utilities infrastructure remains unassailable. And the company’s operating performance during the first half of 2026 clearly demonstrates the continuing strength of its core business, as well as the vitality of district cooling within the markets we serve, bringing long term revenue visibility and sustainable returns for shareholders.“Our recent portfolio expansion, including the acquisition – with our partners CVC DIF – of Abu Dhabi’s PAL Cooling, as well as ongoing organic growth initiatives, demonstrates the wisdom of our disciplined approach to investing in high-quality infrastructure assets with long-term cash generation potential. As we continue to integrate these investments and pursue selective growth opportunities, we remain committed to prudent capital allocation and sustainable long-term value for our stakeholders. Tabreed continues to surpass itself, providing comfort to millions while conserving precious energy and other resources in its relentless pursuit of operational excellence.”Financial ResilienceIn H1 2026, Tabreed reported EBITDA at AED 615 million with a margin of 55%. Reported net profit of AED 192 million during the period reflected a more normalised expense base, higher financing costs following the 2025 refinancing at prevailing market rates, as well as additional interest expense associated with growth investment funded through acquisition-related debt.Net operating cash flows increased by 40% year-on-year to AED 632million and continue to support ongoing investment in growth opportunities, balance sheet optimisation and shareholder returns. As a result, Tabreed’s leverage (Net Debt to EBITDA) improved to 4.57x by the end of H1 2026 and the company continues to maintain its investment grade credit ratings with both Moody’s and Fitch.The companyenjoys a robust liquidity profile with a stable cash balance of AED 661 million (as of 30 June 2026) and continues to have access to an undrawn Green Revolving Credit Facility (RCF) of AED 1.2 billion with no near-term debt maturities.Interim Dividend Returns, Positive OutlookTabreed’s Board of Directors once again approved an interim cash dividend, following the first such payout during 2025. An amount of 5.0 fils per share was approvedfor H1 2026, representing a dividend payout ratio of 74% of net profit and reflecting the Board’s continued commitment to disciplined capital allocation, balancing healthy returns for shareholders with the financial flexibility required to invest in future growth opportunities.For the remainder of 2026, Tabreed remains focused on prudent execution amid a dynamic operating environment. While the execution timeline of certain customer projects continues to align with broader real estate market activity, Tabreed’s underlying pipeline remains healthy, with projects continuing to be actively managed in line with customer delivery schedules. With a strong pipeline of potential projects in the near term, the company will maintain its focus on its core UAE market, where Tabreed remains a reliable and essential player in the country’s critical infrastructure.

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calendar_month June 25, 2026

Tabreed Wins Two Awards at Global Banking & Markets Awards Middle East 2026

Tabreed has been recognised at the Global Banking & Markets Awards Middle East 2026, winning two awards that highlight the company’s sustainable finance credentials and continued growth.The company received Sustainable Loan Deal of the Year for its AED 1.8 billion dual-tranche green facility, as well as Acquisition Finance Deal of the Year for the AED 2.55 billion multi-tranche senior secured financing supporting the acquisition of PAL Cooling.The awards acknowledge standout transactions across the regional banking, capital markets, and finance industry, including deals that demonstrate innovation, strong execution, and market significance.This recognition reflects Tabreed’s continued focus on disciplined growth, sustainable infrastructure, and the development of efficient district cooling solutions that support the region’s long-term decarbonisation ambitions.

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calendar_month June 04, 2026

Tabreed Announces Appointment of Atef AlBreiki as its new Chief Asset Management Officer

Former Executive Vice President of Operations and Maintenance joins company’s Executive Management TeamAbu Dhabi, United Arab Emirates – 4 June 2026: Tabreed, the world’s leading district cooling company, today announces that its Board of Directors has appointed Atef Mohamed Awadh AlBreiki as its new Chief Asset Management Officer with immediate effect. As Chief Asset Management Officer, Atef will be responsible for maximising value creation of the company’s assets, through portfolio management and value-driven decision-making. He will lead the company's asset management strategy while working closely with internal and external stakeholders to support Tabreed's long-term objectives.Speaking of AlBreiki’s appointment, Dr Bakheet Al Katheeri, Tabreed’s Chairman, said: “During Atef’s eight years at Tabreed, he has proved time and again to be an exceptional and inspirational leader in a number of senior roles. He has consistently demonstrated a deep commitment to our people, our operations and our values. “Atef is exceptionally well placed to lead the Asset Management function as we continue to strengthen asset performance, maximise long-term value creation, and ensure the resilience of our portfolio. His appointment reflects the depth of talent and expertise within Tabreed and the value we place on developing future leaders across the business. Having worked closely with Atef over the years, I am confident that he will continue to develop this important function and build on the strong foundations already in place.”Atef’s most recent role was Executive Vice President – Operations & Maintenance, in which he drove the development and execution of revenue-impacting operational excellence, as well as the O&M strategies and solutions that have given Tabreed its competitive edge in recent years. He has amassed more than 20 years of progressive exposure in developing and driving organisational strategies and has a proven history of delivering business continuity and operational transformation.AlBreiki holds a Master of Business Administration and Management from the London Business School and a bachelor’s degree in Electronics Engineering Technology. He has also attended Executive Professional Development Programmes with internationally acclaimed institutions, such as Wharton University and Singularity University in Silicon Valley, California, USA.

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calendar_month May 15, 2026

Tabreed Reports Q1 2026 Revenue of AED 486 Million, Strong Cash Generation and Continued Capacity Expansion

Connected capacity increased 18% YoY to 1.57 million Refrigeration TonsRevenue increased 4% YoY, supported by 9% YoY growth in consumption volumesAbu Dhabi, United Arab Emirates – 14 May 2026: National Central Cooling Company PJSC (DFM: TABREED / ISIN: AEA002201018), the world’s leading and most diversified district cooling company, today announced its results for the three-month period ended 31 March 2026, reporting revenue of AED 486 million and net profit of AED 78 million. The Company delivered resilient operational performance and strong cash generation during the quarter, underpinned by its long-term contracted business model, with capacity charges as the key profitability driver.Total connected capacity increased 18% year-on-year to 1.57 million Refrigeration Tons (RT), demonstrating execution against Tabreed’s expansion strategy and underpinning highly visible revenue profile. Growth in connected capacity primarily reflects the contribution from the PAL acquisition completed in Q4 2025, alongside organic expansion of 54.6k RT over the past 12 months. Excluding the impact of acquisition, connected capacity grew 4.1% year-on-year.Capacity additions in Q1 remained consistent with the construction phasing of customers’ projects. Consolidated consumption volumes increased 9% year-on-year to 338 million Refrigeration Ton Hours (RTh), reflecting both portfolio expansion and more normalised weather pattern compared to an unusually mild prior-year period.Group revenue grew 4% year-on-year to AED 486 million, demonstrating the resilience provided by fixed capacity charges and stable demand fundamentals. EBITDA increased 1% year-on-year to AED 285 million, with a margin of ~59%, maintaining a consistently high margin profile that reflects operational efficiency and scale benefits.Cash flow generation remained robust during the quarter, supported by improved collections and the strength of Tabreed’s revenue model, reinforcing high cash conversion and the credit quality of its customer base.Net profit for the period stood at AED 78 million, reflecting higher finance costs associated with the Company’s ongoing investment cycle and refinancing activities in 2025, as well as the timing of earnings contribution from recent acquisition. These impacts are temporary in nature and expected to normalise as new capacity ramps up.Dr Bakheet Al Katheeri, Tabreed’s Chairman, said: “Tabreed has started 2026 with a resilient performance, underpinned by the strength of our concession-backed business model, a diversified portfolio, and high revenue visibility. As demand for energy-efficient infrastructure accelerates, district cooling continues to play a critical role in sustainable urban development. Building on our progress in 2025, we are advancing our growth pipeline, integrating recent acquisition, and delivering new capacity to support long-term expansion. While our results reflect an ongoing investment cycle, our focus remains on disciplined execution, strong cash flow generation, and maintaining the operational reliability and financial prudence that define Tabreed.”Financial and Operational ResilienceTabreed’s balance sheet remains healthy, with its investment-grade credit rating reaffirmed by Moody’s at Baa3 with a stable outlook. Net debt to EBITDA improved to 4.5x as at 31 March 2026, reflecting disciplined capital management and balance sheet strength even during a period of active investment.The Company maintains a robust liquidity position, with cash balances increasing 15% year-todate to AED 756 million. This reflects the continued stability of Tabreed’s underlying cash flow model.Tabreed also has access to an undrawn Green Revolving Credit Facility of AED 1.2 billion and no near-term debt maturities.During Q1 2026, the company maintained stable performance, underpinned by resilient operations and robust business continuity management protocols. Tabreed’s operational resilience in the face of unforeseen challenges enabled uninterrupted service delivery and steady progress across projects. This consistent focus on operational excellence reinforces Tabreed’s position as a dependable and essential utilities provider across the region.Dividend and OutlookShareholders approved a final dividend of 6.5 fils per share for H2 2025 at the Annual General Assembly held on 25 March 2026, bringing the full-year dividend to 13.0 fils per share. The final dividend was paid in April 2026. The Company’s consistent increase in dividend payout ratio, reaching 79% of net profit in 2025, reflects the Board’s commitment to delivering attractive shareholder returns while continuing to invest in long-term infrastructure growth.Looking ahead, Tabreed remains well positioned to deliver sustainable growth, supported by a solid pipeline of projects in its core market of the UAE. The Company is well placed to deliver continued capacity expansion, steady revenue growth and high EBITDA margin driven by its secured pipeline and innovation-driven operating model. Tabreed will continue to focus on operational excellence, value-accretive capital allocation, and advancing its sustainability agenda, reinforcing its role as a critical infrastructure provider in the region’s energy transition.

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