National Central Cooling Co. (p.s.c.) (tabreed) · DFM:TABREED
National Central Cooling Co. (p.s.c.) (tabreed) — National Central Cooling Company (Tabreed) — 9M 2025 Earnings Presentation
27 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, Nov 14, 2025
Slide 1: National Central Cooling Company 9M 2025 Earnings Presentation
National Central Cooling Company 9M 2025 Earnings Presentation 14 November 2025
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 9M 2025 Financial Results 9 3 Guidance and Concluding Remarks 17 4 Appendix 20 3|
Slide 4: Key Highlights
01 Key Highlights
Slide 5: 9M 2025 Key Highlights
9M 2025 Key Highlights Strong capacity additions Commentary New Connections1 Capacity1 Revenue 52.9k RT of organic capacity added in 9M 2025 52.9 k RT 1.38 m RT AED 1.87 bn Total connected capacity rose +2.2x FY 2024 +4.5% YoY +1% YoY 4.5% YoY; consumption volumes stable despite milder weather versu
Slide 6: Strategic transactions position Tabreed for long-term growth
Strategic transactions position Tabreed for long-term growth Strong Core Palm Jebel Ali Concession PAL Cooling Acquisition 1,378 k RT 250 k RT 190 k RT 600 k RT 5 Connected Capacity1 Site Capacity Connected Capacity2 Site Capacity Plants3 ▪ Tabreed 51% / Dubai Holding 49% ▪ 50:50 JV with CVC DIF 1,7
Slide 7: Strategic growth path: from strength to scale
Strategic growth path: from strength to scale, materialization of future pipeline offers further upside +1.7x +14% 0.41 2.61 0.25 0.38 0.19 1.57 million RT 1.38 Tabreed PAL Proforma Tabreed Palm PAL Site Tabreed Concessions Jebel Ali Concessions Capacity Current Future Capacity as of 30 September 20
Slide 8: First interim dividend approved, demonstrating confidence in outlook and value creation
First interim dividend approved, demonstrating confidence in outlook and value creation ✓ Dividends have grown at a CAGR of 8% over the last five Dividend Per Share (AED) years. 1 Cash Dividend % Net Opr. Cash Flows Cash Dividend % Normalized Net Profit ✓ Following strong performance, resilient bala
Slide 9: 9M 2025 Financial Results
02 9M 2025 Financial Results
Slide 10: Financial Summary – 9M 2025
Financial Summary – 9M 2025 Income Statement Balance Sheet Cash Flows 9M 9M YoY 9M FY YTD 9M 9M YoY 2025 2024 (%) 2025 2024 (%) 2025 2024 (%) Non-current Cash flows 11,922 12,067 (1)% 986 940 5% Revenue 1,867 1,843 1% Assets from Oper. Current Changes in 3,083 2,051 50% (187) (170) 10% Assets Workin
Slide 11: Operational Highlights
Operational Highlights Capacity Additions by Quarter (k RT) Capacity Additions by Country (k RT) +4% +1.6% 20 4 1,378 29 11 1,378 1,325 24 1,325 5 37 1,303 FY 2023 Q1-Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 9M 2025 FY 2024 UAE Saudi Others 9M 2025 Connected Capacity by Country Consolidated Consumpti
Slide 12: Revenue Highlights
Revenue Highlights Revenue Q3 2025 Revenue Movement (YoY) Chilled Water Value Chain Business +1% 764 8 759 1,867 (9) (4) 1,843 72 62 -1% 764 759 1,771 1,806 27 23 737 736 Q3 2024 Fixed Variable Value Q3 2025 Q3 2024 Q3 2025 9M 2024 9M 2025 Revenue Revenue Chain 9M 2025 Revenue Movement (YoY) Chilled
Slide 13: Profitability Highlights
Profitability Highlights Gross Profit 9M 2025 Gross Profit Movement (YoY) Gross Profit Margin 44.1% 43.8% 24 814 818 +1% (19) 37.5% 37.7% 814 818 0% 287 286 Q3 2024 Q3 2025 9M 2024 9M 2025 9M 2024 Revenue Operating Cost 9M 2025 EBITDA 9M 2025 EBITDA Movement (YoY) EBITDA Margin 50.5% 52.2% 24 21 10
Slide 14: Profitability Highlights (cont.)
Profitability Highlights (cont.) Profit Before Tax Net Profit Profit Before Tax Margin Net Profit Margin 26.5% 26.0% 23.1% 22.5% -1% -1% 23.7% 22.1% 489 486 20.4% 19.0% 425 420 -7% -8% 181 168 156 144 Q3 2024 Q3 2025 9M 2024 9M 2025 Q3 2024 Q3 2025 9M 2024 9M 2025 Normalized Net Profit1 9M 2025 Net
Slide 15: Balance Sheet Highlights
Balance Sheet Highlights Balance Sheet Summary Debt and Leverage Ratio 9M 2025 FY 2024 YTD % 9M 2025 FY 2024 YTD (%) Fixed Assets (incl. Finance Lease Receivables) 7,720 7,792 (1)% Gross Debt 6,354 5,456 16% Intangibles 3,906 3,981 (2)% Investment in Associates & JVs 625 622 0% Finance Lease Liabili
Slide 16: Surplus cash utilized to pay dividend, investments funded by cash and debt
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 (611) m1 986 (63) (187) (169) 860 1,023 666 30 (441) (45) 6 (1,184) (1) (150) Cash Flows Working Inv./Disposal Long Term Finance Dividend to Cash from Ope
Slide 17: Guidance & Concluding Remarks
03 Guidance & Concluding Remarks
Slide 18: Strong momentum in 9M 2025 - Guidance Reiterated
Strong momentum in 9M 2025 - Guidance Reiterated Historical Performance Medium-term Guidance (2025 – 2027) 4.5% Capacity Growth Capacity Growth1 Organic Capex Annualised 3.1% 2022-2024 9M 2025 3-5 200-300 55.7% 52.8% 55.6% % p.a. AED m p.a. 50.2% 49.6% 51.4% 50.5% 52.2% EBITDA Margin EBITDA Margin L
Slide 19: Concluding Remarks - Strong growth opportunities for district cooling
Concluding Remarks - Strong growth opportunities for district cooling Rapid Urbanization & Energy Resilience & Government Infrastructure Expansion Decarbonisation Push Regulations District cooling regulations Large-scale urban developments (e.g. Emphasis on reducing energy (developed in UAE, with on
Slide 20: Appendix
Appendix
Slide 21: Connected Capacity and Volumes
Connected Capacity and Volumes Consolidated 2020 2021 2022 2023 2024 9M 2025 UAE 928 1,025 1,060 1,053 1,066 1,095 Bahrain 32 33 34 37 37 37 Oman 32 33 52 53 55 55 India - - - 1 4 6 Egypt - - - 3 4.5 6 Total Consolidated 992 1,091 1,146 1,146 1,166 1,199 Equity Accounted UAE 71 9 9 33 33 33 KSA 110
Slide 22: Income Statement
Income Statement Q3 2025 Q3 2024 YoY (%) 9M 2025 9M 2024 YoY (%) Revenue 759 764 (1)% 1,867 1,843 1% Operating Costs (incl. D&A) (473) (477) (1)% (1,049) (1,030) 2% Gross Profit 286 287 0% 818 814 1% G&A Expenses (61) (73) (17)% (199) (219) (9)% Operating Profit 225 214 5% 619 594 4% Net Finance Cos
Slide 23: 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) 6% CAGR 10% CAGR 211 1,378 2.53 2.66 2.66 143 58 2.35 2.10 965 1.53 1.70 2019 Existing New Inorganic 9M 2025 2019 2020 2021 2022 2023
Slide 24: Healthy cash generation from operations and improving returns
Healthy cash generation from operations and improving returns Visible and Predictable Operating Cash Flows (m AED) Free Cash Flow Generation (m AED) Net Cash Flows from Operations 1,116 1,186 971 1,316 1,355 1,285 595 1,189 337 1,147 782 (235) 629 (1,967) 2019 2020 2021 2022 2023 2024 9M 2025 2019 2
Slide 25: High margin and visibility of cash flows underpin balance sheet management
High margin 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) 6,165 5,882 Acquisition of Acquisition of Acquisition of PAL 5,378 5,536 Downtown Dubai Sa
Slide 26: 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 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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