Abu Dhabi, United Arab Emirates – 14 February 2024: Tabreed, the UAE’s leading international district cooling company, today released its consolidated financial results for the year 2023, reporting a revenue of AED 2.4 billion – a 9% increase over 2022 – and a net profit attributable to parent, before deferred tax, of AED 751 million.Tabreed’s balance sheet strengthened further, underscored by an improved net debt/EBITDA ratio of 4.11x (4.49x as end of FY 2022). Tabreed’s net debt decreased in 2023 thanks to strong cash generation and a decline in gross debt due to a proactive debt management exercise carried out during the year. As a result of prudent financial management, the company achieved reductions in its net finance costs by 24%, despite a high interest rate environment. Throughout the year, Tabreed continued to maintain its strong cash flow profile, underpinned by long-term contracts, resilient margins and efficient working capital management. Net cash from operating activities totalled AED 1.31 billion in 2023 (AED 1.35 billion in 2022), while free cash flows increased by 8% to AED 1.21 billion, driven by strong operating income, continued investment in growth and streamlining of existing asset portfolio. Tabreed’s Board of Directors, in recognition of the company’s strong financial performance throughout the year, robust cash generation and positive outlook, hasrecommended a record high dividend payment of 15.5 fils per share in cash. This represents an increase of 15% over 2022 and reinforces Tabreed’s commitment to maximising value for its shareholders. During 2023, with the enactment of UAE corporate tax law, there was a one-off, non-cash accounting impact due to recognising a deferred tax liability amounting to AED 359 million, resulting in a reported net profit of AED 431 million for the year. Tabreed added 53k Refrigeration Tons (RT) of new connections in 2023, across its portfolio in the UAE and internationally. Expansion was driven largely by organic growth, through new connections in existing concession areas, as well as new ‘greenfield’ plants. Tabreed continued to strengthen its presence in its core markets of the UAE and GCC, with the addition of 31k RT in the UAE, 14k RT in Saudi Arabia, 3k RT in Bahrain and 1k RT in Oman. Tabreed entered the India market during 2023, in a strategic alliance with TATA Realty and Infrastructure Limited, demonstrating its commitment to diversify and expand beyond the GCC’s geographical borders. While growing its presence in international markets, the company remained focused on optimising its existing portfolio to enhance returns, Tabreed’s total connected capacity increasing in 2023 to reach 1.303 million RT. Tabreed enjoyed a remarkable 2023 on many levels, being the year of the company’s 25th Anniversary. Publicly engaged more than ever before, Tabreed exhibited at the second World Utilities Congress and was billed as exclusive ‘Cooling Partner’. During COP28 in December, the company took part as an exhibitor on Mubadala’s pavilion and C-Suite executives were active in high-level debates and panel discussions in both Green and Blue Zones, particularly as strategic partners of the United Nations Environment Programme (UNEP) and Cool Coalition. As COP28 drew to a close, Tabreed signed an AED 600 million Green Revolving Credit Facility under its green financing framework, to help meet future expansion requirements with speed and agility. Fittingly, with 2023 being the UAE’s ‘Year of Sustainability’, Tabreed became signatories to the UAE’s Responsible Companies Pledge, the Abu Dhabi Sustainable Finance Declaration and the Global Cooling Pledge – each a clear commitment to assisting the UAE and other nations in reaching their individual Net-Zero targets through energy-efficient operations. Sustainability also became intrinsically linked to Tabreed with its brand-new Geothermal district cooling plant, developed in partnership with ADNOC in Masdar City, which uses renewable energy from deep underground to produce chilled water for use in a pre-existing network.Two senior appointments were made to Tabreed’s Executive Management Team on 1 May 2023, with Nadia Bardawil assuming the role of Chief Legal Counsel and Philippe Coquelle joining as Chief Development Officer. Financial highlights – 12 months ended 31 December 2023:  Group revenue increased by 9% to AED 2.4 billion (2022: AED 2.2 billion)EBITDA at AED 1.2 billion remained resilient with healthy margin of 50% (2022: AED 1.2 billion)Net profit before tax attributable to parent increased by 25% to AED 751.4 million (2022: AED 600.2 million) Operational highlights – 12 months ended 31 December 2023:         Total connected capacity increased to 1.303 million Refrigeration Tons (RT)53k RT of new customer connections addedConsumption volumes increased by 8% year-on-year Environmental highlights – 12 months ended 31 December 2023:2.52 billion kilowatt hours saved across the GCC – enough to power more than 143,000 homes every yearPrevented the release of 1.5 million metric tons of CO2 into the atmosphere, which is equivalent to the removal of approximately 330,000 vehicles from the roads annuallyConstructed and commissioned Middle East’s first renewable energy (geothermal) district cooling plant in partnership with ADNOC at Masdar City, Abu Dhabi Following publication of the full 2023 results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “This time last year I spoke about Tabreed’s carefully planned growth and taking our globally renowned expertise into new markets. We spent 2023 making good on that promise and now operate in six countries, including India, supplying sustainable cooling to our prestigious clients. “This is just the beginning and, over the next few years, we will continue to capitalise on Tabreed’s unrivalled history and world-leading experience by aggressively, yet considerately, targeting opportunities for expansion. Opportunities that will provide healthy returns for our investors while benefiting the countries and communities in which we operate. International demand for our services is growing considerably and these results prove we are ready, willing and able to respond like no other company.”

Two of the world’s top credit ratings agencies officially acknowledge Tabreed’s long-term stability and reaffirm ‘Investment Grade’ statusAbu Dhabi, United Arab Emirates – 8 February 2024: Tabreed, the world’s leading district cooling company, has recently had its ‘Investment Grade’ status reaffirmed by Moody’s and Fitch, being rated Baa3 and BBB respectively. Moody’s report was published on 21 December 2023, with Fitch releasing its findings more recently, on 29 January 2024.Moody’s and Fitch are two of the world’s most respected credit ratings agencies, referred to by global investors to determine the organisations most likely to yield healthy financial returns and least likely to default. The reports published by these agencies provide clear, unbiased analysis of a company’s financial health and future outlook, and both referred to Tabreed’s strong market position, high cash flow visibility (thanks to long-term contracts of up to 25 years) and strong liquidity.Speaking about the published ratings, Tabreed’s Chief Financial Officer, Adel Al Wahedi, said they show the company’s impressive resilience in the face of often turbulent market conditions. “We have been the leaders in this vital utilities industry for 25 years,” he said, “and in that time our portfolio and reputation have grown beyond all recognition. Tabreed’s experience, expertise and innovation are world renowned, and our investors continuously benefit from our careful, measured approach to growth, through healthy returns that continue to set new records.”Al Wahedi added that Tabreed’s predictable cash flows put the company in an enviable position of strength, with stability one of its key attributes. “We don’t grow for the sake of it,” he said. “Rather, as responsible investors, we judge each opportunity on its own merits. We are not risk averse but equally we are not afraid to make tough decisions to protect our investors from exposure.“Our international expansion, for instance, has been an important part of Tabreed’s long-term strategy and we are now operating in six countries with plans to enter further new territories when the time and conditions are favourable. The demand for sustainable cooling is only increasing in certain countries and no company is better placed than Tabreed to meet those requirements. Sustainability is a byword for Tabreed and our solid ratings with Moody’s and Fitch provide further evidence that our approach to business is entirely sound.”

Increased energy efficiency marks significant step in decarbonising operationsAbu Dhabi, United Arab Emirates – 30 January 2024: Tabreed, the world’s leading district cooling company, has concluded the third phase of its ‘Tasheel’ programme – an ambitious and extensive retrofit of Variable Frequency Drives (VFDs) to increase energy efficiency and assist in the decarbonisation of its operations.Tabreed celebrated its silver jubilee in 2023 and is the Middle East’s original district cooling provider. It is, therefore, inevitable that certain plants in its ever-expanding portfolio will feature technology that has since been superseded with more energy efficient methods with lower operational and maintenance costs. While VFDs have been available for many years, their adoption in the district cooling industry’s very specialised facilities was not feasible until relatively recently.VFDs are situated between the electrical supply and the equipment powered by it, in this case extremely large, medium-voltage industrial electric motors for the plants’ chillers. On the originally installed equipment, the motors were often designed to work at fixed speeds, meaning they turned at the same rates no matter the cooling loads. In simple terms, installation of VFDs enables regulation of the power being fed to these motors by lowering motor speeds when load is reduced, instantly making them more energy efficient. When cooling demand increases so too does the power supplied by the VFDs to the motors, and vice versa.Tabreed’s Chief Executive Officer, Khalid Al Marzooqi, explains: “In 2019, our Operations and Maintenance department commenced a five-year efficiency plan in which we worked closely with the original manufacturers of the equipment (chillers and pumps) in some of our Abu Dhabi and Dubai plants, to better understand the impact of VFDs on energy efficiency and to retrofit where appropriate in the name of increased efficiency.“This was a sizeable undertaking yet, over the past three years, the VFDs’ performance and the resulting energy optimisation has easily exceeded our initial, ambitious targets. Most importantly, however, retrofitting VFDs to our older plants has directly reduced energy consumption to the extent that, over the next ten years, we will save an additional 223,000,000 kWh, consequently preventing the release of a further 105,000 metric tons of CO2 emissions. Projects such as this are the very essence of Tabreed – a UAE company built on the pursuit of operational excellence.”