National Central Cooling Co. (p.s.c.) (tabreed) · DFM:TABREED
National Central Cooling Co. (p.s.c.) (tabreed) — National Central Cooling Company (Tabreed) — H1 2026 Earnings Presentation
23 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, Aug 11, 2026
Slide 1: H1 2026 Earnings Presentation
National Central Cooling Company H1 2026 Earnings Presentation 11 August 2026
Slide 2: Table of Contents
Table of Contents 1 Key Highlights 4 2 H1 2026 Financial Results 8 3 Guidance and Concluding Remarks 15 4 Appendix 19 2|
Slide 3: Disclaimer
Disclaimer • These materials have been prepared by and are the sole responsibility of the National Central Cooling Company • These materials contain information regarding the past performance of the Company and its subsidiaries. Such PJSC, ‘Tabreed’ (the “Company”). These materials have been prepare
Slide 4: Key Highlights
01 Key Highlights
Slide 5: Strong Operational and Cash Flow Performance
Strong Operational and Cash Flow Performance Continued Capacity Expansion Commentary Gross New Connections Connected Capacity Revenue 21.0 k RT of organic capacity delivered in the last 12 months; 190.8 k RT 211.9 k RT 1.58 m RT AED 1.13 bn inorganic capacity added from PAL Cooling acquisition Last
Slide 6: Operating Performance Drivers
Operating Performance Drivers Capacity Additions by Quarter (k RT) Capacity Additions by Country (k RT) +15.5% 210 1 1,578 196 0 3 1,578 1,366 1,366 11 Includes Includes 190.8 k 190.8 k RT from RT from PAL PAL H1 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 H1 2026 H1 2025 UAE Others H1 2026 Connected Capac
Slide 7: Interim Dividend Demonstrates Prudent Capital Allocation
Interim Dividend Demonstrates Prudent Capital Allocation, Preserves Investment Grade Credit Profile Dividend Per Share (AED) 1 Cash Dividend % Net Opr. Cash Flows Cash Dividend % Normalized Net Profit ✓ Tabreed’s Board of Directors approved an interim cash dividend of 5.0 fils per share for the firs
Slide 8: H1 2026 Financial Results
02 H1 2026 Financial Results
Slide 9: P&L Summary
P&L Summary H1 2026 H1 2025 YoY (%) Q2 2026 Q2 2025 YoY (%) H1 2026 Commentary Revenue 1,128 1.108 2% 642 642 0% ▪ Revenue increase driven by growth in fixed capacity Operating Costs (incl. D&A) (600) (577) 4% (356) (346) 3% charges (consolidated capacity up 1.7% YoY and CPI Indexation of 1.25%) and
Slide 10: Revenue Highlights
Revenue Highlights Revenue Performance Q2 2026 Revenue Movement (YoY) Chilled Water Value Chain Business 642 7 19 642 +2% (5) (22) 1,108 1,128 +0% 39 59 642 642 18 38 1,069 1,069 624 604 Q2 2025 Q2 2026 H1 2025 H1 2026 Q2 2025 Fixed Fin. Lease Variable Value Q2 2026 Revenue Amortization Revenue Chai
Slide 11: Profitability Highlights
Profitability Highlights Gross Profit EBITDA Gross Profit Margin EBITDA Margin 47.9% 46.8% 56.9% 54.6% 46.1% 44.6% 0% 54.3% 51.5% -2% 531 528 630 615 -4% -5% 296 286 348 330 Q2 2025 Q2 2026 H1 2025 H1 2026 Q2 2025 Q2 2026 H1 2025 H1 2026 Q2 2026 EBITDA Movement (YoY) H1 2026 EBITDA Movement (YoY) 34
Slide 12: Profitability Highlights (cont.)
Profitability Highlights (cont.) Net Profit Normalized Net Profit1 Net Profit Margin Normalized Net Profit Margin 24.9% 17.0% 24.6% 17.2% 24.9% 17.7% -30% -29% 24.5% 17.8% 276 273 -29% -27% 192 194 160 158 114 114 Q2 2025 Q2 2026 H1 2025 H1 2026 Q2 2025 Q2 2026 H1 2025 H1 2026 Q2 2026 Net Profit Mov
Slide 13: Balance Sheet Highlights
Balance Sheet Highlights Balance Sheet Summary Debt and Leverage Ratio H1 2026 FY 2025 YTD % H1 2026 FY 2025 YTD (%) Fixed Assets (incl. Finance Lease Receivables) 7,560 7,643 (1)% Gross Debt 6,229 6,322 (1)% Intangibles 3,841 3,879 (1)% Investment in Associates & JVs 1,769 1,724 3% Finance Lease Li
Slide 14: Balanced use of Cash Flows for Growth, Deleveraging and Shareholder Returns
Balanced use of Cash Flows for Growth, Deleveraging and Shareholder Returns Sources and Uses of Cash Free Cash Flows of AED 467 m 616 15 6 10 10 (127) (43) (143) (130) 655 661 (185) (24) Cash Flows Capex - net Dividends Interest Debt Dividend to from Operations JVs/Associates Received incl lease lia
Slide 15: Guidance & Concluding Remarks
03 Guidance & Concluding Remarks
Slide 16: Guidance Update
Guidance Update Historical Performance Revised Medium-term Guidance (2026 – 2028) 3.0% Annual Capacity Capacity Growth p.a.1 Organic Capex p.a. Growth 1.5% 2026: ~1% 200-300 2023-2025 H1 2026 AED m 52.8% 55.6% 2027-28: 3% - 5% 49.6% 51.5% 51.6% 50.6% EBITDA Margin EBITDA Margin Leverage 2021 2022 20
Slide 17: Clear Path to Growth through Secured Pipeline
Clear Path to Growth through Secured Pipeline +1.7x +19% 0.41 2.61 0.25 0.38 million RT 0.19 1.57 1.32 0.06 2024 Tabreed PAL 2025 Tabreed Palm PAL Site Tabreed New Tabreed Concessions Jebel Ali Concessions Capacity 2025 Progress Future Outlook Concession Capacity is based on latest development plan
Slide 18: Outlook - Operational Delivery and Capacity-Led Growth
Outlook - Operational Delivery and Capacity-Led Growth Attractive Market Strong Core Partnerships add Value Accretive Opportunity Business Long-Term Value Capital Allocation 18 |
Slide 19: Appendix
Appendix
Slide 20: Connected Capacity and Volumes
Connected Capacity and Volumes Consolidated 2021 2022 2023 2024 FY 2025 H1 2026 UAE 1,025 1,060 1,053 1,066 1,099 1,102 Bahrain 33 34 37 37 37 37 Oman 33 52 53 55 56 56 India - - 1 4 6 6 Egypt - - 3 4.5 6 6 Total Consolidated 1,091 1,146 1,146 1,166 1,204 1,207 Equity Accounted UAE 9 9 33 33 224 225
Slide 21: Financial Summary – H1 2026
Financial Summary – H1 2026 Income Statement Balance Sheet Cash Flows H1 H1 YoY H1 FY YTD H1 H1 YoY 2026 2025 (%) 2026 2025 (%) 2026 2025 (%) Non-current Cash flows 12,829 12,917 (1)% 616 633 (3)% Revenue 1,128 1,108 2% Assets from Oper. Current Changes in 1,754 1,665 5% 15 (181) NM Assets Working C
Slide 22: Key investment highlights
Key investment highlights 1 District Cooling Market: large, growing with strong secular tailwinds 2 Operational Excellence: 27-year track record of safety, reliability and innovation 3 Cash Flow Generation: strong, resilient and underpinned by long-term contracts 4 Growth: proven growth engine with
Slide 23: Contact Us
Contact Us Tabreed Investor Relations Salik Malik Yugesh Suneja Email: ir@tabreed.ae Senior Vice President, Finance Head of Investor Relations For more information, please visit Tel: +971 2 202 0397 Tel: +971 2 202 0479 www.tabreed.ae/investor-relations Email: smalik@tabreed.ae Email: ysuneja@tabree
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