National Central Cooling Co. (p.s.c.) (tabreed) · DFM:TABREED
National Central Cooling Co. (p.s.c.) (tabreed) — National Central Cooling Company (Tabreed) — FY2025 Earnings Presentation
27 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, Feb 13, 2026
Slide 1: FY 2025 Earnings Presentation
National Central Cooling Company FY 2025 Earnings Presentation 13 February 2026
Slide 2: 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 3: Table of contents
Table of contents 1 Key Highlights 4 2 FY 2025 Financial Results 9 3 Guidance and Concluding Remarks 18 4 Appendix 21 3|
Slide 4: Key Highlights
01 Key Highlights
Slide 5: Strong Operational Performance in the Core Business
Strong Operational Performance in the Core Business Highest organic capacity delivered in last 5 years Commentary New Connections Capacity1 Revenue 58.2 k RT of organic capacity delivered in 2025; 190.8 k RT 249.0 k RT 1.57 m RT AED 2.46 bn capacity added from PAL deal 58.2 k RT excl. M&A +18.8% YoY
Slide 6: Operational Performance Drivers
Operational Performance Drivers Capacity Additions by Quarter (k RT) Capacity Additions by Country (k RT) +18.8% 224 20 5 1,574 +1.6% 196 1,574 24 1,325 5 37 11 1,303 1,325 Includes 190.8 k Includes RT from 190.8 k PAL RT from PAL Q1-Q4 Q1 2025 Q3 2025 FY 2025 FY 2023 2024 FY 2024 Q2 2025 Q4 2025 FY
Slide 7: Strategic Transactions Driving Long-Term Value
Strategic Transactions Driving Long-Term Value Palm Jebel Ali Concession PAL Cooling Acquisition Cooling Dubai’s Next Iconic Strengthening leadership in Abu Destination Dhabi’s Cooling Market Strategic partnership with Dubai Holding Strategic partnership with CVC DIF, largest Investments (DHI) to de
Slide 8: Clear Path to Secured Growth
Clear Path to Secured Growth +1.7x +19% 0.41 2.61 0.25 0.38 0.19 1.57 million RT 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 from master devel
Slide 9: FY 2025 Financial Results
02 FY 2025 Financial Results
Slide 10: Financial Summary – FY 2025
Financial Summary – FY 2025 Income Statement Balance Sheet Cash Flows FY FY YoY FY FY YoY FY FY YoY 2025 2024 (%) 2025 2024 (%) 2025 2024 (%) Non-current Cash flows 12,917 12,067 7% 1,273 1,259 1% Revenue 2,456 2,432 1% Assets from Oper. Current Changes in 1,665 2,049 (19)% (208) (70) NM Assets Work
Slide 11: Revenue Highlights
Revenue Highlights Revenue Q4 2025 Revenue Movement (YoY) Chilled Water Value Chain Business +1% 588 10 5 589 2,432 2,456 (14) 88 82 0% 2,344 2,375 588 589 15 20 573 569 Q4 2024 Fixed Variable Value Q4 2025 Q4 2024 Q4 2025 FY 2024 FY 2025 Revenue Revenue Chain FY 2025 Revenue Movement (YoY) Chilled
Slide 12: Profitability Highlights
Profitability Highlights Gross Profit EBITDA Gross Profit Margin EBITDA Margin 44.3% 43.9% 51.5% 51.6% +1% 0% 44.8% 44.1% 54.4% 49.9% 1,252 1,268 1,077 1,078 -2% -8% 320 294 264 260 Q4 2024 Q4 2025 FY 2024 FY 2025 Q4 2024 Q4 2025 FY 2024 FY 2025 Q4 2025 EBITDA Movement (YoY) FY 2025 EBITDA Movement
Slide 13: Profitability Highlights (cont.)
Profitability Highlights (cont.) Net Profit Normalized Net Profit1 Net Profit Margin Normalized Net Profit Margin 23.5% 18.9% 23.5% 21.2% -18% -9% 24.7% 7.7% 570 570 465 521 24.7% 16.3% -69% -34% 145 145 96 45 Q4 2024 Q4 2025 FY 2024 FY 2025 Q4 2024 Q4 2025 FY 2024 FY 2025 Q4 2025 Net Profit Movemen
Slide 14: Finance Cost, Other Income/(Loss) and Share of Results
Finance Cost, Other Income/(Loss) and Share of Results Q4 2025 Q4 2024 YoY (%) FY 2025 FY 2024 YoY (%) Revenue 589 588 0% 2,456 2,432 1% 1 ▪ Increase in interest cost – Refinanced AED 2.6 bn bank debt raised in 2020 at Operating Costs (incl. D&A) (329) (324) 1% (1,378) (1,354) 2% significantly lower
Slide 15: Balance Sheet Highlights
Balance Sheet Highlights Balance Sheet Summary Debt and Leverage Ratio FY 2025 FY 2024 YTD % FY 2025 FY 2024 YTD (%) Fixed Assets (incl. Finance Lease Receivables) 7,643 7,792 (2)% Gross Debt 6,322 5,456 16% Intangibles 3,879 3,981 (3)% Investment in Associates & JVs 1,724 622 177% Finance Lease Lia
Slide 16: Sources and Uses of Cash
Surplus cash utilized to pay dividend to shareholders, investments funded by mix of cash and debt Sources and Uses of Cash Free Cash Flows of AED (328) m 1,273 (63) (208) (193) 819 1,023 46 39 655 (1,184) (1) (625) (46) (225) Cash Flows Working Inv./Disposal Long Term Finance Dividend to Cash from O
Slide 17: Balanced Capital Allocation: Growth and Dividends
Balanced Capital Allocation: Growth and Dividends ✓ Dividends have grown at a CAGR of 3% over the last five Dividend Per Share (AED) years. 1 Cash Dividend % Net Opr. Cash Flows Cash Dividend % Normalized Net Profit ✓ Tabreed’s Board of Directors recommended a final cash 25% 13% 28% 34% 37% 37% divi
Slide 18: Guidance & Concluding Remarks
03 Guidance & Concluding Remarks
Slide 19: Guidance Update – strong progress in 2025, new guidance indicates continued momentum
Guidance Update – strong progress in 2025, new guidance indicates continued momentum Historical Performance Medium-term Guidance (2026 – 2028) 4.4% Capacity Growth 3.1% Capacity1 Organic Capex Annualised 2022-2024 2025 3% - 5% 200-300 55.7% 52.8% 55.6% p.a. AED m p.a. 49.6% 51.5% 51.6% EBITDA Margin
Slide 20: Outlook - Operational Delivery and Capacity-Led Growth
Outlook - Operational Delivery and Capacity-Led Growth Attractive Market Strong Core Partnerships add Disciplined Opportunity Business Long-Term Value Capital Allocation 20 |
Slide 21: Appendix
Appendix
Slide 22: Connected Capacity and Volumes
Connected Capacity and Volumes Consolidated 2020 2021 2022 2023 2024 2025 UAE 928 1,025 1,060 1,053 1,066 1,099 Bahrain 32 33 34 37 37 37 Oman 32 33 52 53 55 56 India - - - 1 4 6 Egypt - - - 3 4.5 6 Total Consolidated 992 1,091 1,146 1,146 1,166 1,204 Equity Accounted UAE 71 9 9 33 33 224 KSA 110 11
Slide 23: Tabreed delivered robust capacity growth driving strong revenue expansion with stable margins
Tabreed delivered robust capacity growth driving strong revenue expansion with stable margins Robust Capacity Growth (k RT) Strong Consumption Volume Growth (bn RTh) 8% CAGR 9% CAGR 402 1,574 2.66 2.62 2.53 2.35 146 61 2.10 965 1.70 1.53 2019 Existing New Inorganic 2025 Concessions Greenfield 2019 2
Slide 24: Healthy cash generation from operations allow ability to invest in growth
Healthy cash generation from operations allow ability to invest in growth Visible and Predictable Operating Cash Flows (m AED) Free Cash Flow Generation (m AED) Net Cash Flows from Operations Free Cash Flows 1,116 1,186 971 1,316 1,355 1,285 1,189 595 337 1,002 782 629 (328) (1,967) 2019 2020 2021 2
Slide 25: High margins and visibility of cash flows underpin effective balance sheet management
High margins and visibility of cash flows underpin effective balance sheet management Net Debt Profile Tracks Major Growth Investments (m AED) Proven Ability to Deleverage in Absence of M&A (Net Debt to EBITDA) Acquisition of Acquisition of Acquisition of PAL 6,165 5,846 5,536 Downtown Dubai Saadiya
Slide 26: Key investment highlights
Key investment highlights 1 District Cooling Market: large, growing with strong secular tailwinds 2 Operational Excellence: 28-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 27: Contact Us
Contact Us Tabreed Investor Relations Salik Malik Yugesh Suneja Email: ir@tabreed.ae 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@tabreed.ae
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