National Central Cooling Co. (p.s.c.) (tabreed) · DFM:TABREED
National Central Cooling Co. (p.s.c.) (tabreed) — National Central Cooling Company (Tabreed) — Investor Presentation (November 2025)
48 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s investor presentation, November 2025
Slide 1: National Central Cooling Company (DFM: Tabreed) Investor Presentation
National Central Cooling Company (DFM: Tabreed) Investor Presentation November 2025
Slide 2: Table of contents
Table of contents 1 Tabreed at a Glance 3 2 Investment Highlights 12 3 Financial Overview 21 4 Appendix 29 2|
Slide 3: Tabreed at a Glance
01 Tabreed at a Glance 3|
Slide 4: Tabreed at a Glance
Tabreed at a Glance A Global District Cooling Champion1 1.378 m RT 2.6 m RT 94 6 Connected Capacity Site Capacity Plants Countries ✓ Customer Centric B2B model: partner with governments and blue-chip corporates ✓ Mission critical infrastructure: reliable, tech-enabled, cost-effective >99.9% 0.83 kWh
Slide 5: Cooling the UAE's Iconic Destinations
Cooling the UAE’s Iconic Destinations Palm Jebel Ali Downtown Al Raha Al Maryah Island Dubai Dubai Abu Dhabi Abu Dhabi Connected - 191 k RT 86 k RT 65 k RT Capacity Site 250 k RT 235 k RT 142 k RT 107 k RT Capacity Major Dubai Holding Emaar / Others Aldar / Others Mubadala / ADGM / Aldar Clients Key
Slide 6: Cooling the UAE's Iconic Destinations
Cooling the UAE’s Iconic Destinations Masdar City Abu Yas Island Abu Saadiyat Island Abu Al Reem Island Dhabi Dhabi Dhabi Abu Dhabi Connected 13 k RT 88 k RT 45 k RT 37 k RT Capacity Site 108 k RT 104 k RT 88 k RT 55 k RT Capacity Major Masdar / Reportage Aldar / Miral Aldar / Others Aldar / Others
Slide 7: Our International Footprint Leverages Strong Local Partnerships
Our International Footprint Leverages Strong Local Partnerships UAE Key Partners 1,128k RT Bahrain Abu Dhabi – 48* Dubai – 22* 37k RT Northern Emirates – 6* Manama – 1* Key Partners Egypt 6.0k RT East Cairo – 1* India Key Partners 5.6k RT Gurugram – 1* Key Partners KSA Mohali – 1* 146k RT Dharan – 2
Slide 8: Saudi Arabia – A Strategic Growth Market
Saudi Arabia – A Strategic Growth Market • Saudi Tabreed is a market leader in district cooling sector in Saudi Arabia 31% 30% 22% 17% Vision PIF Tabreed MENA • Saudi Tabreed currently manages ~750 k RT contracted capacity (incl. O&M Invest Utilities contracts) with major clients in Saudi Arabia whi
Slide 9: The Basics of District Cooling - Smarter, Cleaner, Scalable
The Basics of District Cooling - Smarter, Cleaner, Scalable From legacy cooling infrastructure.. …to scalable, sustainable and cost-efficient district cooling solutions Pipe Distribution Building Delivery District Cooling Plant Thermal Storage Tank Network Window and Split Stores cooling energy duri
Slide 10: With and Without DC
With and Without DC Past Present Without District Cooling With District Cooling Roof Top Chillers Shangri-La Window A/C Rotana Hotel 10 |
Slide 11: Resilient Business Model with Predictable Cash Flows
Resilient Business Model with Predictable Cash Flows Contracted cooling load (RT) 25-year Capacity Charges FIXED typical cooling contract Cooling consumed (RTh) Consumption Charges VARIABLE (metered) • Capacity charges: 25% 44% • Reflect the cooling capacity reserved for the 64% customer • Cover fix
Slide 12: Investment Highlights
02 Investment Highlights
Slide 13: Tabreed: A Unique Investment Opportunity
Tabreed: A Unique Investment Opportunity 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 grow
Slide 14: District Cooling: Large, Growing Market with Strong Secular Tailwinds
1 District Cooling: Large, Growing Market with Strong 1. Secular Tailwinds Illustrative Market Sizing and Potential Population Growth Dubai Abu Dhabi UAE Saudi Arabia Urbanization Current DC Market Size1 ~2.6 m RT ~1.1 m RT ~4.0 m RT ~2.0 m RT Current DC Penetration1 ~26% ~11% ~15% Single Digit Hot
Slide 15: Operational Excellence & Innovation-Driven Efficiency
2 Operational Excellence & Innovation-Driven Efficiency 2. Integrated Business Model 23 m kWh Energy savings expected over the next 10 years due to VFD Programme Project Design and Delivery Centralised O&M Energy Services & Billing 10 % Expected energy Selected Innovations savings annually at plant
Slide 16: Resilient Cash Flows Backed by Long-Term Contracts
33 Resilient Cash Flows Backed by Long-Term Contracts Attractive Contractual Framework Highly Visible Revenue Profile • Long term contracts, typically 25+ years Contracted Capacity Maturity Profile • Only construct plants on guaranteed offtake contracts with take-or- 100% 100% 99% 98% 96% pay struct
Slide 17: Proven Growth Engine with Multiple Avenues for Growth
4 Proven Growth Engine with Multiple Avenues for Growth 4. Levers Description Examples • Exclusive right to provide cooling services in certain areas or • UAE: Downtown Dubai, Saadiyat, Yas Island, Al Maryah, Reem developments. Any new building in the district must connect to Tabreed Island, Al Raha
Slide 18: Strategic transactions position Tabreed for long-term growth
4Strategic 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,
Slide 19: Strategic growth path: from strength to scale
44 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 A B C Tabreed PAL Proforma Tabreed Palm PAL Site Tabreed Concessions Jebel Ali Concessions Capacity Current Future [ ] Letters refer to
Slide 20: Commitment to Sustainability Aligned with National Priorities
5. 5 Commitment to Sustainability Aligned with National Priorities Sustainable and energy efficient operations Net Zero commitment and decarbonization principles 2.6 bn kWh Energy consumption = Enough energy to power ~150,000 homes in GCC Net Zero by 2050 saved in last 12 every year months Energy Ef
Slide 21: Financial Overview
03 a ii Financial Overview “EN ee | Fd Lititiini! | Titi
Slide 22: Solid financial track record over the past 5 years
Solid financial track record over the past 5 years 2019 2024 Capacity (000 RTs) 965 1,325 +7% CAGR • Strong growth track record: Added c. 77k RT of annual capacity in the past 5 years (incl. acquisitions) driving Volumes (bn RTH) 1.53 2.66 +12% CAGR 10% revenue CAGR • Historically, growth is driven
Slide 23: 9M 2025 performance highlights
9M 2025 performance 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 weath
Slide 24: Robust capacity growth and demand driving strong revenue expansion
Robust capacity growth and demand driving strong revenue expansion Robust Capacity Growth (k RT) Growth driven by mix of M&A and Organic Capacity (k RT) UAE Others (excl. Qatar) 211 1,378 6% CAGR 143 58 1,303 1,325 1,378 965 1,174 1,210 1,264 226 249 965 175 176 196 218 170 999 1,034 1,069 1,086 1,0
Slide 25: Strong cash flow profile and balanced capital allocation
Strong cash flow profile and balanced capital allocation 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 1,189 1,155 595 337 782 629 (235) (1,967) 2019 2020 2021 2022 2023 2024 9M 2025 LTM 2019 20
Slide 26: 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) 6,165 Acquisition of Acquisition of 5,536 5,882 Downtown Dubai Saadiyat Abu Dhabi Acquisi
Slide 27: First interim dividend approved, demonstrating confidence in outlook
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. Cash Dividend % Net Opr. Cash Flows Cash Dividend % Normalized Net Profit 2 ✓ Following strong performance, resilient bala
Slide 28: 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 29: Appendix
Appendix
Slide 30: Vision and Mission
Vision and Mission Vision Mission To re-imagine the future of To lead through relentless innovation, sustainable cooling for the operational excellence, and enduring world, setting standards for partnerships, by leveraging our global sustainability and efficiency. expertise, we deliver sustainable c
Slide 31: Corporate Strategic Framework
Corporate Strategic Framework Tabreed aims to be the leader in sustainable cooling and associated services in the MENA region and beyond STRATEGIC PILLARS GROWTH EXCELLENCE GOVERNANCE PEOPLE INNOVATION Local & International Business Excellence Governance & Control People Focus R&D and Innovation Gro
Slide 32: Proven shareholder support
Proven shareholder support Strong and strategic shareholders benefitting our investment profile Shareholder composition1 Aa2 (M) / AA (SP) / AA (F) Baa1 (M) / BBB+(SP) / BBB+ (F) Retail 6.1% Other Track record of support and engagement over the years Institutions Mubadala 41.9% Mubadala injects AED
Slide 33: Strong and diverse board brings wealth of expertise
Strong and diverse board brings wealth of expertise Nine-member board brings wealth of expertise and strengthens Tabreed’s governance Dr. Bakheet is the Chief Executive Officer, UAE Investments platform and Paulo Almirante is currently Senior Executive Vice President of global energy Investment Comm
Slide 34: Experienced senior management
Experienced senior management Khalid Al Marzooqi Adel Salem Al Wahedi Nadia Bardawil Dr. Yousif Al Hammadi Antonio Di Cecca Philippe Coquelle Chief Executive Officer Chief Financial Officer Chief Legal Counsel Chief Asset Management Officer Chief Operating Officer Chief Development Officer Appointed
Slide 35: Customer-centric B2B model built on strong partnerships with blue-chip players
Customer-centric B2B model built on strong partnerships with blue-chip players Overview of top 4 customers Chilled water capacity by customers • Tabreed’s first customer in 1998 UAF, 18% • Plants developed under a BOOT structure 204 k RT • Contract covers multiple facilities: Agreement renewed in 20
Slide 36: 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 37: 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 38: Income Statement – 9M 2025
Income Statement – 9M 2025 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 F
Slide 39: Operational Highlights – 9M 2025
Operational Highlights – 9M 2025 Capacity Additions by Quarter (k RT) Capacity Additions by Country (k RT) +4% +1.6% 20 4 1,378 29 37 11 1,378 1,325 1,303 24 1,325 5 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
Slide 40: Revenue Highlights – 9M 2025
Revenue Highlights – 9M 2025 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 (Yo
Slide 41: Profitability Highlights – 9M 2025
Profitability Highlights – 9M 2025 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%
Slide 42: Profitability Highlights – 9M 2025 (cont.)
Profitability Highlights – 9M 2025 (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
Slide 43: Balance Sheet Highlights – 9M 2025
Balance Sheet Highlights – 9M 2025 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 Lea
Slide 44: Cash Flow Highlights – 9M 2025
Cash Flow Highlights – 9M 2025 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 Operations Capital JVs/Associates Deposits Cost shareholders 30 Sep. 2
Slide 45: Sustainability Framework
Sustainability Framework Tabreed’s ESG framework is built on three core pillars ESG PILLARS ENVIRONMENT STEWARDSHIP SOCIAL RESPONSIBILITY GOVERNANCE EXCELLENCE Decarbonisation Health & Safety Transparency Pursuing a roadmap to achieve net Protect people, contractors & Maintaining accountability and
Slide 46: Tabreed's Green Financing Framework
Tabreed’s Green Financing Framework Tabreed updated its Green Financing Framework in February 2025 (previously established in March 2022) aligning it to the updated ESG strategy and the latest ICMA and LMA Green Bond and Loan Principles for a best-in-class Framework that follows latest market practi
Slide 47: 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 48: 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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