National Central Cooling Co. (p.s.c.) (tabreed) · DFM:TABREED
National Central Cooling Co. (p.s.c.) (tabreed) — National Central Cooling Company (Tabreed) — Q1 2026 Earnings Presentation
24 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, May 15, 2026
Slide 1: Q1 2026 Earnings Presentation
National Central Cooling Company Q1 2026 Earnings Presentation 15 May 2026
Slide 2: Table of Contents
Table of Contents 1 Key Highlights 4 2 Q1 2026 Financial Results 9 3 Guidance and Concluding Remarks 17 4 Appendix 20 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 Expansion in District Cooling Capacity Commentary New Connections Connected Capacity Revenue 54.6 k RT of organic capacity delivered in the last 12 months; 245.4 k RT 1.57 m RT AED 486 m 190.8 k RT capacity added from PAL acquisition Last 12 Mon
Slide 6: Operational Performance Drivers
Operational Performance Drivers Capacity Additions by Quarter (k RT) Capacity Additions by Country (k RT) +18.4% 220 20 5 1,574 196 0 1,574 1,329 37 11 1,329 Includes Includes 190.8 k 190.8 k RT from RT from PAL PAL Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2026 Q1 2025 UAE Saudi Others Q1 2026 Con
Slide 7: Regional Geopolitics - Impact Assessment on Tabreed
Regional Geopolitics - Impact Assessment on Tabreed Direct Exposure - No Material Impact Indirect Exposure - Areas Under Monitoring ▪ Highly contracted and defensive cash flow profile, strong liquidity position ▪ Project timing risk (customers) • Long-term contracts (usually > 25 years), ~75% of EBI
Slide 8: 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 9: Q1 2026 Financial Results
02 Q1 2026 Financial Results
Slide 10: P&L Summary
P&L Summary Q1 2026 Q1 2025 YoY (%) Revenue 486 466 4% ▪ Revenue increased on growth in both fixed capacity Operating Costs (incl. D&A) (244) (231) 6% charges (consolidated capacity +2.9% YoY and CPI Indexation 1.25%) and variable consumption charges Gross Profit 242 235 3% (volumes +8.9% YoY). G&A
Slide 11: Revenue Highlights
Revenue Highlights Quarterly Revenue by Segment Q1 2026 Revenue Performance Chilled Water Value Chain Business Chilled Water Value Chain Business 486 +4% 464 468 466 21 445 464 17 20 20 420 14 464 447 448 445 +6% 406 20 21 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 20
Slide 12: Profitability Highlights
Profitability Highlights Quarterly Gross Profit Q1 2026 Gross Profit Movement (YoY) Gross Profit Margin 20 50.9% 51.7% 50.9% 50.5% 49.8% 235 242 (13) +3% 240 238 235 242 214 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Q1 2025 Revenue Operating Cost Q1 2026 Quarterly EBITDA Q1 2026 EBITDA Movement (YoY)
Slide 13: Profitability Highlights (cont.)
Profitability Highlights (cont.) Quarterly Net Profit Q4 2025 Net Profit Movement (YoY) Net Profit Margin 115 1 21.0% 51.0% 24.0% 24.8% 16.1% 236 0 3 78 -32% (34) (7) 112 115 88 78 Q1 2025 Operating Net Other Share of Income Q1 2026 Profit Fin. Cost Inc./Exp. JVs/Ass. & Tax Q1 2022 Q1 2023 Q1 2024 Q
Slide 14: Balance Sheet Highlights
Balance Sheet Highlights Balance Sheet Summary Debt and Leverage Ratio Q1 2026 FY 2025 YTD % Q1 2026 FY 2025 YTD (%) Fixed Assets (incl. Finance Lease Receivables) 7,588 7,643 (1)% Gross Debt 6,276 6,322 (1)% Intangibles 3,869 3,879 0% Investment in Associates & JVs 1,732 1,724 0% Finance Lease Liab
Slide 15: Surplus cash utilized to pay dividend to shareholders
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 271 m 68 284 5 4 5 (71) (15) (97) 756 (62) (20) 655 Cash Cash Flows Working Capex - net Inv./Disposal Dividends Long Term Interest Finance Debt Dividend t
Slide 16: Balanced Capital Allocation: Growth and Dividends
Balanced Capital Allocation: Growth and Dividends Dividend Per Share (AED) 1 Cash Dividend % Net Opr. Cash Flows Cash Dividend % Normalized Net Profit ✓ Dividends have grown at a CAGR of 3% over the last five years. 25% 13% 28% 34% 37% 37% ✓ Tabreed’s shareholders approved a final cash dividend of 6
Slide 17: Guidance & Concluding Remarks
03 Guidance & Concluding Remarks
Slide 18: Guidance Update – continued strong progress in Q1 2026
Guidance Update – continued strong progress in Q1 2026 Historical Performance Medium-term Guidance (2026 – 2028) 4.1% Capacity Growth Capacity1 Organic Capex Annualised 3.0% 2023-2025 Q1 2026 3% - 5% 200-300 55.6% p.a. AED m p.a. 52.8% 51.5% 51.6% 51.3% 49.6% EBITDA Margin EBITDA Margin Leverage 202
Slide 19: 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 19 |
Slide 20: Appendix
Appendix
Slide 21: Connected Capacity and Volumes
Connected Capacity and Volumes Consolidated 2021 2022 2023 2024 FY 2025 Q1 2026 UAE 1,025 1,060 1,053 1,066 1,099 1,100 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 1,205 Equity Accounted UAE 9 9 33 33 224 224
Slide 22: Financial Summary – Q1 2026
Financial Summary – Q1 2026 Income Statement Balance Sheet Cash Flows Q1 Q1 YoY Q1 FY YTD Q1 Q1 YoY 2026 2025 (%) 2026 2025 (%) 2026 2025 (%) Non-current Cash flows 12,853 12,917 0% 284 283 0% Revenue 486 466 4% Assets from Oper. Current Changes in 1,683 1,665 1% 68 (76) NM Assets Working Cap. Gross
Slide 23: 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 24: 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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