National Central Cooling Co. (p.s.c.) (tabreed) · DFM:TABREED
National Central Cooling Co. (p.s.c.) (tabreed) — National Central Cooling Company (Tabreed) — H1 2025 Earnings Presentation
31 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, Aug 8, 2025
Slide 1: H1 2025 Earnings Presentation
National Central Cooling Company H1 2025 Earnings Presentation 8 August 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 H1 2025 Financial Results 9 3 Guidance and Concluding Remarks 17 4 Appendix 20 3|
Slide 4: Key Highlights
01 Key Highlights Adel Al Wahedi, Chief Financial Officer
Slide 5: H1 2025 Key Highlights
H1 2025 Key Highlights Record High Organic Growth in H1 driven by strong Q2 Milestones New Connections1 Capacity1 Revenue 41.6k RT of record high organic capacity added in H1 41.6 k RT 1.37 m RT AED 1.1 bn 2025, of which 37k RT was +1.9x FY 2024 +4% YoY +3% YoY added in Q2 2025 Growth in consumption
Slide 6: PAL Cooling - A transformative acquisition for Tabreed
PAL Cooling - A transformative acquisition for Tabreed PAL Cooling Overview Strategic Rationale 8 long-term concessions in Abu Dhabi ✓ Increased Scale & Diversification: Tabreed’s pro-forma connected capacity to serviced by 5 operational plants with current increase to 1.55 m RT post transaction com
Slide 7: Significant future capacity secured, materialization of pipeline offers upside
Significant future capacity secured, materialization of pipeline offers upside +1.7x +13% 0.42 2.60 0.25 0.38 million RT 0.18 1.55 1.37 Tabreed PAL Proforma Tabreed Palm PAL Site Tabreed Concessions Jebel Ali Concessions Capacity Current Future Tabreed Current Capacity as of 30 June 2025; PAL Curren
Slide 8: Interim dividend proposed, demonstrating confidence in outlook and focus on shareholders returns
Interim dividend proposed, demonstrating confidence in outlook and focus on shareholders returns ✓ Dividends have grown at a CAGR of 8% over the last five Dividend Per Share (AED) years. 2 Cash Dividend % Net Opr. Cash Flows Cash Dividend % Normalized Net Profit ✓ Following strong H1 2025 performanc
Slide 9: H1 2025 Financial Results
02 H1 2025 Financial Results Salik Malik, Vice President - Finance
Slide 10: Financial Summary – H1 2025
Financial Summary – H1 2025 Income Statement Balance Sheet Cash Flows H1 H1 YoY H1 FY YTD H1 H1 YoY 2025 2024 (%) 2025 2024 (%) 2025 2024 (%) Non-current Cash flows 11,980 12,067 (1)% 634 607 4% Revenue 1,109 1,080 3% Assets from Oper. Current Changes in 2,020 2,051 (2)% (183) (113) 61% Assets Worki
Slide 11: Operational Highlights
Operational Highlights Capacity Additions by Quarter (k RT) Capacity Additions by Country (k RT) +3% +1.6% 20 4 1,366 37 1,366 1,325 18 1,303 24 1,325 5 FY 2023 Q1-Q4 2024 FY 2024 Q1 2025 Q2 2025 H1 2025 FY 2024 UAE Saudi Others H1 2025 Connected Capacity by Country Consolidated Consumption Volumes
Slide 12: Revenue Highlights
Revenue Highlights Revenue Q2 2025 Revenue Movement (YoY) Chilled Water Value Chain Business +3% 18 20 643 611 1,080 1,109 (6) +5% 45 39 611 643 25 18 1,035 1,070 586 624 Q2 2024 Fixed Variable Value Q2 2025 Revenue Revenue Chain Q2 2024 Q2 2025 H1 2024 H1 2025 H1 2025 Revenue Movement (YoY) Chilled
Slide 13: Profitability Highlights
Profitability Highlights Gross Profit H1 2025 Gross Profit Movement (YoY) Gross Profit Margin 48.8% 48.0% 29 532 527 +1% (24) 47.2% 46.2% 527 532 +3% 288 297 Q2 2024 Q2 2025 H1 2024 H1 2025 H1 2024 Revenue Operating Cost H1 2025 EBITDA H1 2025 EBITDA Movement (YoY) EBITDA Margin 55.8% 57.0% 29 11 5
Slide 14: Profitability Highlights (cont.)
Profitability Highlights (cont.) Profit Before Tax Net Profit Profit Before Tax Margin Net Profit Margin 28.5% 28.7% 24.9% 24.9% 29.1% 28.9% +4% 25.7% 24.9% +2.5% 307 318 269 276 +4% +2.2% 178 186 157 160 Q2 2024 Q2 2025 H1 2024 H1 2025 Q2 2024 Q2 2025 H1 2024 H1 2025 Normalized Net Profit1 H1 2025
Slide 15: Balance Sheet Highlights
Balance Sheet Highlights Balance Sheet Summary Debt and Leverage Ratio 14,118 13,999 FY 2024 H1 2025 YTD (%) 1,023 881 Cash & ST Deposits 699 822 Gross Debt 5,456 5,469 0% 622 620 Receivables & Others Finance Lease Liabilities 192 205 7% 3,981 3,933 Total Debt 5,648 5,674 0% Associates & JVs Cash &
Slide 16: Surplus cash deployed in servicing debt and distributing shareholder dividends
Surplus cash deployed in servicing debt and distributing shareholder dividends Sources and Uses of Cash Free Cash Flows AED 398 m 634 6 6 1 23 (183) (66) (90) (8) 1,023 881 (441) (25) Cash Flows Capex - net Dividends Interest Debt Repaid Dividend to from Operations JVs/Associates Received incl lease
Slide 17: Guidance & Concluding Remarks
03 Guidance & Concluding Remarks Adel Al Wahedi, Chief Financial Officer
Slide 18: Strong momentum in H1 2025 - Guidance Reiterated
Strong momentum in H1 2025 - Guidance Reiterated Historical Performance Medium-term Guidance (2025 – 2027) Capacity Growth 4.5% Capacity Growth1 Organic Capex Annualised 3.1% 2022-2024 H1 2025 3-5 200-300 % p.a. AED m p.a. 55.7% 52.8% 55.6% 55.8% 57.0% 50.2% 49.6% 51.4% 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: 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 22: 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 23: 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 24: 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 25: Net Zero commitment and decarbonization principles
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 to enable sust
Slide 26: Connected Capacity and Volumes
Connected Capacity and Volumes Consolidated 2020 2021 2022 2023 2024 H1 2025 UAE 928 1,025 1,060 1,053 1,066 1,084 Bahrain 32 33 34 37 37 37 Oman 32 33 52 53 55 55 India - - - 1 4 6.0 Egypt - - - 3 4.5 6.0 Total Consolidated 992 1,091 1,146 1,146 1,166 1,188 Equity Accounted UAE 71 9 9 33 33 33 KSA
Slide 27: Income Statement
Income Statement Q2 2025 Q2 2024 YoY (%) H1 2025 H1 2024 YoY (%) Revenue 643 611 5% 1,109 1,080 3% Operating Costs (incl. D&A) (346) (323) 7% (576) (553) 4% Gross Profit 297 288 3% 532 527 1% G&A Expenses (64) (70) (9)% (138) (146) (6)% Operating Profit 233 219 7% 394 381 3% Net Finance Cost (59) (5
Slide 28: Tabreed delivered 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) 6% CAGR 11% CAGR 211 1,366 2.53 2.66 2.68 58 2.35 132 2.10 965 1.70 1.53 2019 Existing New Inorganic H1 2025 2019 2020 2021 2022 2023 2024 H1 2025 LTM Con
Slide 29: Solid cash generation from operations and improving returns
Solid cash generation from operations and improving returns Visible and Predictable Operating Cash Flows (m AED) Robust Free Cash Flow Generation (m AED) 1,316 1,355 1,116 1,186 971 973 1,285 1,189 1,147 595 337 782 629 (1,967) 2019 2020 2021 2022 2023 2024 H1 2025 LTM 2019 2020 2021 2022 2023 2024
Slide 30: Cash flows underpin very effective balance sheet management and debt optimisation
Cash flows underpin very effective balance sheet management and debt optimisation Net Debt Profile Tracks Major Growth Investments (m AED) Fast Deleveraging Profile Net Debt Net Debt / EBITDA (x) Acquisition of Acquisition of 6,165 Downtown Dubai Saadiyat Abu Dhabi 5,378 5,536 DC Assets DC Assets 4,
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
National Central Cooling Company (Tabreed) — H1 2025 Earnings Presentation on 6ix