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 (June 2025)
43 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s investor presentation, June 2025
Slide 1: National Central Cooling Company (DFM: Tabreed) Investor Presentation
National Central Cooling Company (DFM: Tabreed) Investor Presentation June 2025
Slide 2: Table of contents
Table of contents 1 Tabreed at a glance 3 2 Investment Highlights 11 3 Financial Overview 21 4 Appendix 28 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 1.325 m RT 1.97 m RT 92 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 kW
Slide 5: The exclusive cooling provider to the most iconic destinations in the UAE
The exclusive cooling provider to the most iconic destinations in the UAE Palm Jebel Ali Downtown Al Raha Al Maryah Island Dubai Dubai Abu Dhabi Abu Dhabi Connected - 189 k RT 84 k RT 66 k RT Capacity Site 250 k RT 235 k RT 142 k RT 107 k RT Capacity Major Dubai Holding Emaar / Others Aldar / Others
Slide 6: The exclusive cooling provider to the most iconic destinations in the UAE
The exclusive cooling provider to the most iconic destinations in the UAE Masdar City Abu Yas Island Abu Saadiyat Island Abu Al Reem Island Dhabi Dhabi Dhabi Abu Dhabi Connected 12 k RT 87 k RT 42 k RT 37 k RT Capacity Site 107 k RT 104 k RT 88 k RT 55 k RT Capacity Major Masdar / Reportage Aldar /
Slide 7: Our international footprint leverages strong local partnerships
Our international footprint leverages strong local partnerships UAE Key Partners 1,099k RT Bahrain Abu Dhabi – 48* Dubai – 22* 37k RT Northern Emirates – 6* Manama – 1* Key Partners Egypt 4.5k RT East Cairo – 1* India Key Partners 4k RT Gurugram – 1* Key Partners KSA 126k RT Dharan – 2* Makkah – 1*
Slide 8: Saudi DC market poised for growth - PIF investment boosts Saudi Tabreed
Saudi DC market poised for growth - PIF investment boosts Saudi Tabreed’s market leadership • 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. Invest Utilities O&
Slide 9: The basics of district cooling
The basics of district cooling 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 during Chilled water delivered to
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: Our business model
Our business model Contracted cooling load (RT) 25-year Capacity Charges FIXED typical cooling contract Cooling consumed (RTh) Consumption Charges VARIABLE (metered) • Capacity charges: 25% • Reflect the cooling capacity reserved for the 44% 64% customer • Cover fixed O&M, corporate costs, finance 7
Slide 12: Investment Highlights
02 Investment Highlights
Slide 13: 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 14: Large, growing market for district cooling with strong secular tailwinds
1. 1 Large, growing market for district cooling with strong 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 H
Slide 15: Operational excellence: integrated model with a 27-year track record
3. 2 Operational excellence: integrated model with a 27-year track record of safety, reliability and efficiency Integrated Business Model 23 m kWh Project Design and Delivery Centralised Operations Centralized Maintenance Energy savings expected over the ✓ In-house design and engineering capabilitie
Slide 16: Strong, resilient cash-flow profile, underpinned by long-term contracts
3 Strong, resilient cash-flow profile, underpinned 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- pay structur
Slide 17: Proven growth engine with multiple avenues for growth
4 4 Proven growth engine with multiple avenues for growth 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 T1abreed Island, Al Raha
Slide 18: Partnership with Dubai Holding on Palm Jebel Ali DC
4 Partnership with Dubai Holding on Palm Jebel Ali DC • Signed a concession agreement in partnership with Dubai 51% 49% Holding Investments to exclusively provide district cooling services to one of Dubai’s most ambitious and premier developments ‘Palm Jebel Ali’ Shareholding in SPV • One of the lar
Slide 19: Significant future capacity secured, materialization of pipeline offers upside
4 4 Significant future capacity secured, materialization of pipeline offers upside New Pipeline +47% (UAE + International) +37% Secured Capacity 0.25m RT 1.94 m RT 0.37m RT New concessions, master agreements & Palm Jebel Ali plants, acquisitions and new connections concession 0.36m RT 1.325m RT Driv
Slide 20: Commitment to sustainability aligned with national objectives
6. 5 Commitment to sustainability aligned with national objectives Sustainable and energy efficient operations Net Zero commitment and decarbonization principles 2.6 bn kWh Energy consumption = Enough energy to power ~149,000 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: Tabreed delivered robust financial track record over the past 5 years
Tabreed delivered robust 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
Slide 23: Robust capacity growth driving strong revenue expansion
Tabreed delivered robust capacity growth driving strong revenue expansion… Robust Capacity Growth (k RT) Strong Consumption Volume Growth (bn RTh) 7% CAGR 12% CAGR 211 1,325 2.53 2.66 122 26 2.35 965 2.10 1.53 1.70 A B C 2019 Existing New Inorganic 2024 2019 2020 2021 2022 2023 2024 Concessions Gree
Slide 24: Very effective balance sheet management allows high dividend distribution
Very effective balance sheet management allows high dividend distribution Fast Deleveraging Profile Robust Dividend Distribution Net Debt / LTM EBITDA Cash Dividend for the Year (AED m) Dividend % Net Opr. Cash Flows Acquisition of Acquisition of Downtown Dubai Saadiyat AD DC 36% 25% 13% 28% 34% 37%
Slide 25: Solid cash generation provides room to balance capital allocation priorities
Solid cash generation from operations provide sufficient room to balance capital allocation priorities Growing Cash Flows High Capacity to Invest in Business Expansion and Repay Debt Net Cash Flows from Operations (AED m) Capex (AED m) Inorganic Capex Organic Capex 1,316 1,355 2,686 1,285 1,189 782
Slide 26: Q1 2025 performance highlights
Q1 2025 performance highlights Accelerating Growth Pipeline Milestones Revenue Capacity New Connections • Announced a significant new AED 466 m 1,329 k RT 4,599 RT project in partnership with Flat YoY +2% YoY +2.7x YoY Dubai Holding Investments to provide cooling of 250,000 RT to Dubai’s upcoming Be
Slide 27: Guidance Reiterated
Guidance Reiterated Historical Performance Medium-term Guidance (2025 – 2027) Capacity Growth1 Organic Capex Capacity Growth 3.1% Annualised 1.9% 3-5 200-300 2022-2024 Q1 2025 % p.a. AED m p.a. 58.1% 60.7% 55.7% 52.8% 55.6% 49.6% 51.4% EBITDA Margin EBITDA Margin Leverage Maintain 2020 2021 2022 202
Slide 28: Appendix
Appendix
Slide 29: 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 30: 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 31: 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 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% Track record of support and engagement over the years Other Mubadala Mubadala injects AED 3.1bn Tabreed issue
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: Connected Capacity and Volumes
Connected Capacity and Volumes Consolidated 2020 2021 2022 2023 2024 Q1 2025 UAE 928 1,025 1,060 1,053 1,066 1,071 Bahrain 32 33 34 37 37 37 Oman 32 33 52 53 55 55 India - - - 1 4 4 Egypt - - - 3 4.5 4.5 Total Consolidated 992 1,091 1,146 1,146 1,166 1,171 Equity Accounted UAE 71 9 9 33 33 33 KSA 11
Slide 36: Tabreed delivered strong growth and resilient margins
Tabreed delivered strong growth and resilient margins Robust Group Connected Capacity (k RT) Group Revenue (AED million) 1,264 1,303 1,325 1,329 2,434 2,432 1,174 1,210 2,415 2,216 965 196 218 226 226 1,955 82 88 88 175 176 1,741 75 1,520 73 170 54 64 1,086 1,099 1,104 2,141 2,333 2,346 2,344 999 1,
Slide 37: Financial Summary – Q1 2025
Financial Summary – Q1 2025 Income Statement Balance Sheet Cash Flows Q1 Q1 YoY Q1 FY YTD Q1 Q1 YoY 2025 2024 (%) 2025 2024 (%) 2025 2024 (%) Non-current Cash flows 11,992 12,067 (1)% 284 274 4% Revenue 466 468 0% Assets from Oper. Current Changes in 2,176 2,051 6% Working (76) (30) 155% Assets Gros
Slide 38: Income Statement Highlights – Q1 2025
Income Statement Highlights – Q1 2025 Revenue Q1 2025 Revenue Movement (YoY) Chilled Water Value Chain Business Chg. YoY 0% +1% -5% +0% 464 468 466 468 2 0 466 420 (4) 358 17 20 20 14 18 406 447 448 446 339 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2024 Chilled Water Value Chain Lease Income Q1 202
Slide 39: Income Statement Highlights (cont.) – Q1 2025
Income Statement Highlights (cont.) – Q1 2025 EBITDA Q1 2025 EBITDA Movement (YoY) Chg. YoY 0% -4% -7% +8% +4% 268 272 283 264 272 6 5 2 283 227 (2) Revenue Admin. & Other Q1 2025 Exp. excl. D&A Q1 2024 Opr. Cost Fin. Lease Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 excl. D&A Amortization Normalized Ne
Slide 40: 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 41: 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 42: 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 43: 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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