National Central Cooling Co. (p.s.c.) (tabreed) · DFM:TABREED
National Central Cooling Co. (p.s.c.) (tabreed) — National Central Cooling Company (Tabreed) — Q1 2025 Earnings Presentation
31 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, May 14, 2025
Slide 1: Q1 2025 Earnings Presentation
National Central Cooling Company Q1 2025 Earnings Presentation 14 May 2025
Slide 2: Disclaimer
Disclaimer • These materials have been prepared by and are the sole responsibility of the National Central Cooling Company Securities Act) and may not be offered or sold except under an exemption from, or transaction not subject to, the PJSC, ‘Tabreed’ (the “Company”). These materials have been prep
Slide 3: Agenda
Agenda 1 Key Highlights 4 2 Q1 2025 Financial Results 12 3 Guidance and Concluding Remarks 18 4 Appendix 22 3|
Slide 4: Key Highlights
01 Key Highlights Adel Al Wahedi, Chief Financial Officer
Slide 5: Delivering on our growth strategy
Key Highlights Delivering on our growth strategy 2019 2024 Capacity1 (000 RTs) 965 1,325 +7% CAGR Demonstrated ability to deliver sustainable growth over long-term – Volumes (bn RTH) 1.53 2.66 +12% CAGR Approx. 77k RT of annual capacity added in the last five years (incl. Revenue (m AED) 1,520 2,434
Slide 6: Q1 2025 Highlights
Key Highlights Q1 2025 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 Dubai Holding Investments Flat YoY +2% YoY +2.7x YoY to provide cooling of 250,000 RT to Dubai’s upcoming p
Slide 7: New Palm Jebel Ali Concession – Key Highlights
Key Highlights New Palm Jebel Ali Concession – Key Highlights 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
Slide 8: Update on USD 700 m 5.279% 5-year Green Sukuk Offering
Key Highlights Update on USD 700 m 5.279% 5-year Green Sukuk Offering USD 700 m 5 year 5.279% 4.3x 2.6x Issue Size Tenor Profit Rate Order Book Oversubscription Credit Ratings Tabreed successfully returned to the international debt capital markets with a USD 700 million 5-year RegS Only Green Sukuk
Slide 9: Q1 2025 Operational Performance – capacity and consumption volumes
Key Highlights Q1 2025 Operational Performance – capacity and consumption volumes Capacity Additions (k RT) and Connected Capacity by Country UAE, 83% 1,305 19 3 2 3 1,329 (2) KSA, 10% 1,329 k RT Oman, 4% Bahrain, 3% Egypt, 0.3% India, 0.3% Q1 2024 UAE Other Egypt India Disposals Q1 2025 GCC & Load
Slide 10: Highly cash generative business model provides attractive dividend returns
Key Highlights Highly cash generative business model provides attractive dividend returns • During Annual General Assembly meeting in March 2025, • Dividend payout ratio on normalized net profit2 increased to shareholders approved a dividend of 15.5 fils per share (AED 77% in 2024 from 73% in 2023.
Slide 11: Sustainable, efficient and cost-effective cooling services
Key Highlights Sustainable, efficient and cost-effective cooling services Sustainable district cooling solutions enabling significant Key initiatives to reduce operational energy consumption energy savings and prevention of green house gas emissions and integrate renewables sources of energy 2.62 bi
Slide 12: Q1 2025 Financial Results
03 Q1 2025 Financial Results Salik Malik, Vice President - Finance
Slide 13: Financial Summary
Q1 2025 Financial Results Financial Summary Income Statement Balance Sheet Cash Flows Q1 Q1 Q1 FY Q1 Q1 YoY (%) YTD (%) 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% (76) (30) 155% Gro
Slide 14: Income Statement Highlights
Q1 2025 Financial Results Income Statement Highlights 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 Lea
Slide 15: Income Statement Highlights (cont.)
Q1 2025 Financial Results Income Statement Highlights (cont.) EBITDA Q1 2025 EBITDA Movement (YoY) Chg. YoY 0% -4% -7% +8% +4% 268 272 283 264 227 272 6 5 2 283 (2) Q1 2024 Revenue Opr. Cost Admin. & Other Fin. Lease Q1 2025 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 excl. D&A Exp. excl. D&A Amortizati
Slide 16: Balance Sheet Highlights
Q1 2025 Financial Results Balance Sheet Highlights Balance Sheet Breakdown Debt Profile and Leverage Ratios 14,118 14,168 5,378 6,165 5,536 4,929 4,625 Net Debt Cash & ST Deposits 4,482 Profile 1,023 1,168 699 675 622 626 Receivables & Others 3,981 3,954 2020 2021 2022 2023 2024 Q1 2025 Associates &
Slide 17: Continue to generate strong cash flows
Q1 2025 Financial Results Continue to generate strong cash flows Cash Movement Free Cash Flows AED 182 m 284 11 6 (76) 1,168 (25) (30) (24) 1,023 Cash Cash Flows Working Capex - net Interest Finance Debt Repaid Dividend to Cash 31 Dec. 2024 from Operations Capital Received Cost incl lease liab. Min.
Slide 18: Guidance & Concluding Remarks
04 Guidance & Concluding Remarks Adel Al Wahedi, Chief Financial Officer
Slide 19: Guidance Reiterated
Guidance and Outlook Guidance Reiterated Historical Performance Medium-term Guidance (2025 – 2027) Capacity Growth Organic Capex 3.1% Capacity Growth 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 2020 20
Slide 20: Significant future capacity secured, materialization of pipeline offers upside
Guidance and Outlook Significant future capacity secured, materialization of pipeline offers upside UAE + International +37% ~80% in UAE 0.37m RT New plants for existing customers, New customers 0.36m RT 1.325m RT connected from existing plants, New concessions, or master agreements and Acquisitions
Slide 21: Concluding Remarks - Strong growth opportunities for district cooling
Guidance and Outlook 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 (deve
Slide 22: Appendix
Appendix
Slide 23: Connected Capacity and Volumes
Overview 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 54 54 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
Slide 24: Delivered consistent growth and resilient margins
Financial Overview Delivered consistent growth and resilient margins Group Connected Capacity (k RT) Group Revenue (AED million) 1,174 1,210 1,264 1,303 1,325 1,329 2,415 2,434 2,432 2,216 965 196 218 226 226 1,741 1,955 82 88 88 175 176 1,520 75 73 170 54 64 1,069 1,086 1,099 1,104 2,141 2,333 2,34
Slide 25: Robust cash flows and improving returns
Financial Overview Robust cash flows and improving returns • Consistently growing cash flows and robust balance sheet • Return on Equity and Return on Capital Employed showing provide a strong foundation to deliver attractive long-term improving trends, reflecting ability to grow business and return
Slide 26: Strategy
Strategy Strategy 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 Growth Achieve
Slide 27: Sustainability Framework
Sustainability 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 zero Protect people, contractors & community M
Slide 28: Net Zero commitment and decarbonization principles
Sustainability Net Zero commitment and decarbonization principles Tabreed is actively pursuing a roadmap to achieve net zero emissions by 2050. The decarbonisation philosophy integrates pioneering technology and effective energy strategies and is guided by six core principles Some of the initiatives
Slide 29: Responsible business practices for a positive environmental impact
Sustainability Responsible business practices for a positive environmental impact Our sustainability efforts reflects the company’s commitment to water and waste management to reduce consumption of potable water and other natural resources whilst simultaneously ensuring no harm to marine life Some o
Slide 30: Tabreed's Investment Proposition
Conclusion Tabreed’s Investment Proposition • Leading market position with 27 years of operational track record Sustainability Market to provide safe, reliable and efficient cooling Enabler Leading Position & • Long-term contracts with creditworthy customers underpin Track Record stability and high
Slide 31: 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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