Tabreed Announces its H1 2021 Financial Results, Demonstrating Further Growth and Continued Resilience

calendar_month August 11, 2021

Operations remain robust during continuously challenging market conditions
Portfolio’s connected capacity across GCC increases to more than 1.41 million refrigeration tons

11 August, 2021 – Abu Dhabi, United Arab Emirates: The National Central Cooling Company PJSC (DFM:
Tabreed), headquartered in the UAE, today released its consolidated financial results for the first six months
of 2021, reporting a net profit of AED 233.5 million – an increase of 4% compared to its 2020 H1
performance.

As Tabreed has remained focused on achieving its stated objectives, revenue has continued to grow, along
with its portfolio of district cooling networks. Recent additions include a fourth plant in Downtown Dubai,
along with additional connections to our existing concession areas. Capacity has also increased, in Bahrain
and Oman.

Financial highlights – six months ended 30 June 2021:

Group revenue increased by 22% to AED 869 million (H1 2020: AED 710 million)
Core chilled water revenue increased by 22% to AED 832.1 million (H1 2020: AED 681.2 million)
EBITDA increased by 25% to AED 517.6 million (H1 2020: AED 415.4 million)
Profit from Operation increased by 29% to AED 326 million (H1 2020: AED 232.8 million)
Share of results of associates and joint ventures increased by 37% to AED 24.9 million (H1 2020: AED
18.2 million)
Net profit attributable to the parent increased by 4% to AED 233.5 million (H1 2020: AED 224.3
million)

Operational highlights – six months ended 30 June 2021:

Total connected capacity reached 1,417,179 Refrigeration Tons (RT), with 12,650 RT being added in
the UAE, 410 RT added in Bahrain and 300 RT in Oman
Tabreed achieved a record 13,810,261 hours worked without a single lost time incident (LTI), the
most recent occurring in July 2015

Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “Tabreed’s Q1 results are impressive in their own right and set the tone for what will undoubtedly be another historic year for one of the UAE’s most important and influential companies. Our second quarter has proved we are on the right path for sustainable and meaningful growth, maintaining our unwavering focus on quality and customer service by means of careful expansion and commitment to operational excellence, which recently resulted in Tabreed being officially certified to three individual ISO standards on Health and Safety, Environment and Quality.”

“We are also building on the foundations laid by our recent corporate rebranding, making good on our plans to reach a more global audience and playing an ever more important role in the UAE’s ambitious plans for carbon neutrality. Progress is a central pillar for Tabreed and these financial and operational results bolster our determination to forge ahead as an industry leader that positively affects all who deal with us.”

Khalid Abdullah Al Marzooqi, Tabreed’s Chief Executive Officer, added: “The first half of 2021 has shown Tabreed’s steadfast resilience in market conditions that remain challenging due to the continued impact of the pandemic. This has been a busy year for us and we continue to push forward, meeting our goals and exceeding expectations, which is good for everyone, from staff to stakeholders and shareholders, for whom we consistently deliver valuable returns.”

“Tabreed’s portfolio continues to grow through strategic business development that is measured and carefully considered. In the past six months we have increased cooling capacity in three different countries, most notably with the addition of a fourth district cooling plant in Downtown Dubai, which forms part of Tabreed’s acquisition deal with Emaar in April last year. This is a remarkable plant with state-of-the-art infrastructure and a central control room for monitoring and controlling the entire network in Downtown Dubai, further strengthening Tabreed’s reputation as a company that is lean, agile, efficient, reliable and progressive.”

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calendar_month November 06, 2025

Tabreed Added to MSCI Emerging Markets Small Cap Index, Strengthening Global Investor Visibility

MSCI inclusion effective close of 24 November 2025, highlighting Tabreed’s growing visibility among global investorsStrong first-half performance and completion of PAL Cooling and Palm Jebel Ali transactions mark transformational milestones in Tabreed’s growth storyFirst-ever interim dividend of 6.5 fils per share, representing AED 184.9 million, approved for H1 2025Abu Dhabi, United Arab Emirates – 6 November 2025: National Central Cooling Company PJSC (DFM: TABREED / ISIN: AEA002201018), the world’s leading and most diversified district cooling company, today announced its inclusion in the MSCI Emerging Markets Small Cap Index, effective close of 24 November 2025. This development reflects Tabreed’s continued growth trajectory, increasing institutional confidence in the company’s fundamentals and long-term strategy.MSCI index inclusion is an important indicator for international investors, often serving as a benchmark for global passive and active fund allocations. Tabreed’s addition is expected to enhance its visibility across global capital markets, further increase share liquidity and support incremental investor flows.Tabreed’s Chief Executive Officer, Khalid Al Marzooqi, said: “Inclusion in the MSCI Emerging Markets Small Cap Index marks an important milestone in Tabreed’s journey as a listed company. It reflects the market’s recognition of our consistent performance, strong fundamentals and expanding presence across key markets. This achievement also reinforces our commitment to transparency, value creation and sustainable growth, while enhancing Tabreed’s investment appeal among regional and global investors.”During the year, Tabreed delivered a strong first-half performance, underpinned by its concession-backed model and scalable operations. The year also saw two of the largest transactions in the company’s history, the completion of its PAL Cooling acquisition with CVC DIF and the Palm Jebel Ali concession in a JV with Dubai Holding – transformational milestones that expanded the platform, deepened the concession base and strengthened long-term earnings visibility. Commenting on the announcement, Adel Al Wahedi, Tabreed’s Chief Financial Officer, added: “In a year defined by operational focus and prudent capital allocation, this further raises the profile of Tabreed, broadens our reach with global investors and cements Tabreed’s role as a strategic enabler of sustainable infrastructure. Inclusion in such global benchmark indices aligns with our ambition to diversify our shareholding base and we remain committed to deepening our engagement with the investment community.”In September 2025, Tabreed took an important step towards enhancing its distribution profile, with the approval of its first-ever interim dividend of AED 184.9 million, equivalent to 6.5 fils per share. This reflects the company’s strong confidence in its financial position and commitment to driving shareholder returns.

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calendar_month November 04, 2025

Tabreed Settles USD 500 Million Trust Certificates due in 2025

Marks closure of landmark 2018 issuance as part of company’s proactive debt management strategyAbu Dhabi, United Arab Emirates – 3 November 2025: National Central Cooling Company PJSC (DFM: Tabreed), the world’s leading district cooling company, today announced the settlement of its USD 500 million Trust Certificates due in 2025, originally issued in October 2018 and maturing on 31 October 2025.The seven-year senior unsecured Sukuk was issued under Regulation S format and listed on the London Stock Exchange. It carried a fixed 5.5% profit rate and was oversubscribed by 50%, reflecting strong demand from institutional investors across Asia, Europe and the GCC. The issuance was underpinned by Tabreed’s first-ever investment-grade ratings from Moody’s (Baa3) and Fitch (BBB) at the time.As part of its proactive liability management approach, prior to maturity, Tabreed had already repurchased trust certificates with the aggregate face amount of USD 249.5 million and the remaining USD 250.5 million balance has now been fully settled. This settlement reflects the company’s disciplined approach to managing its capital structure and underscores its strong liquidity position, supported by its recent successful raising of an AED 1.8 billion Shariah compliant debt facility.Khalid Al Marzooqi, Chief Executive Officer of Tabreed, said: “This repayment reflects the financial strength and maturity Tabreed has built over recent years. As we continue to expand across the region, maintaining balance sheet resilience remains central to our long-term strategy. We are focused on creating value through disciplined growth, backed by a stable and well-managed capital base.”Adel Al Wahedi, Tabreed’s Chief Financial Officer, added : “The full settlement of this Sukuk concludes an important chapter in Tabreed’s capital markets journey. We are proud to have honoured this obligation in a structured and strategic manner, using long-term financing that aligns with our capital structure optimisation goals and sustainability priorities. This is a clear demonstration of our financial discipline and market credibility. Tabreed’s robust credit fundamentals are further reinforced by investment-grade ratings from both Moody’s and Fitch, which continue to affirm its financial strength and prudent risk management.”This week’s repayment underscores Tabreed’s ability to manage its liabilities proactively, maintaining a strong credit profile and preserving long-term financial flexibility to support its growth strategy.

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calendar_month October 28, 2025

Tabreed Successfully Secures New Debt Facility to Support Strategic Investment and Enhance Liquidity

AED 1.8 billion Shariah-compliant loan agreement signed with leading regional banksDemonstrates strong credit profile and market confidenceAbu Dhabi, United Arab Emirates – 28 October 2025: Tabreed, the world’s leading district cooling company, today announced the successful raising of AED 1.8 billion new bank debt to support its strategic growth initiatives and optimise its capital structure. The new loan is part of Tabreed’s plans to finance the company’s capital needs and diversify its funding sources, including funding investment and growth requirements. The 1.8 billion loan (the “Facility”) has a tenor of six years and is financed by Emirates NBD and Mashreq. The facility is fully Shariah-compliant and is structured as a dual-tranche (AED/USD), reflecting Tabreed’s commitment to inclusive financing and alignment with regional investor preferences. Notably, AED 1 billion of the facility has been structured as green financing, underscoring the company’s dedication to sustainability and environmental stewardship.Khalid Al Marzooqi, Chief Executive Officer of Tabreed, commented: “This successful financing is testament to the strength of our business model and the trust we have built with our banking partners. It enables us to pursue strategic investments that accelerate our expansion and drive long-term value, while reinforcing our commitment to responsible and sustainable financial practices.”“Shariah-compliant financing is a key pillar of our capital strategy, reflecting our commitment to financial inclusion and alignment with the values of our stakeholders,” added Adel Al Wahedi, Tabreed’s Chief Financial Officer. “By integrating Islamic finance principles into our funding mix, we are able to access a broader pool of liquidity while maintaining our investment-grade credit profile. The successful raising of this debt not only supports our strategic M&A, but also proactively strengthens our balance sheet by optimising our debt maturity schedule and maintaining a strong financial foundation. Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, commented: “This transaction marks a significant milestone in Tabreed’s financing strategy, supporting the development and upkeep of critical infrastructure assets across the UAE. The innovative, multi-currency financing structure seamlessly integrates both Islamic financing principles and green finance standards within the documentation. We are proud of this successfully structured, landmark transaction, which reflects Tabreed’s continued trust in Emirates NBD and further strengthens the strategic partnership between our two institutions.”Joel Van Dusen, Group Head of Corporate & Investment Banking at Mashreq, said: “We are pleased to partner with Tabreed on this milestone transaction, which reflects the company’s strong fundamentals and forward-looking strategy. The Shariah-compliant and green financing structure exemplifies our shared commitment to sustainable innovation and inclusive capital solutions. At Mashreq, we are proud to support Tabreed’s continued growth and its role in shaping a more resilient and environmentally responsible future for the region.”The strong appetite from banks reinforces Tabreed’s reputation as a high-quality credit and its ability to access competitive funding across markets. The company remains focused on maintaining robust liquidity and prudent leverage, ensuring its capital structure supports both near-term execution and long-term value creation.This financing marks another milestone in Tabreed’s journey to deliver sustainable growth, backed by disciplined financial management and a clear strategic vision.

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calendar_month October 21, 2025

Tabreed Appoints Arqaam Securities as Liquidity Provider

New mandate will improve trading liquidity, boost investor confidence and benefit company shareholders Abu Dhabi, United Arab Emirates – 21 October 2025: Tabreed, the world’s leading district cooling company, is pleased to announce the appointment of Arqaam Securities LLC, a leading regional financial institution, as liquidity provider for its shares listed on Dubai Financial Market (DFM). This initiative is part of Tabreed’s ongoing efforts aimed at strengthening the trading dynamics of the company’s shares by improving liquidity and creating accessible market for investors.As per the terms of the agreement, which will last for 12 months, Arqaam Securities is to commence liquidity provisioning on Tabreed shares by entering two-way quotes into the market trading system, all within set parameters and in full compliance with regulations and controls set by DFM and the UAE Securities and Commodities Authority (SCA). This mechanism helps narrow the bid-ask spread, reduce volatility and enhance investor confidence. All relevant approvals have been granted, and the service is set to commence on 22 October 2025. At no time during the mandate will Arqaam Securities’ ownership of Tabreed shares exceed 5% of the total outstanding shares. The company has free float shares of 18.1% and is 100% open to foreign investment, with Mubadala and ENGIE as its two strategic shareholders. Tabreed’s appointment of such a licensed liquidity provider is a clear demonstration of its interest in ensuring smoother trading experience for investors and supporting a more stable and liquid market environment. Commenting on the appointment, Tabreed’s Chief Executive Officer, Khalid Al Marzooqi, said: “This appointment is first and foremost about our shareholders. With Arqaam as our Liquidity Provider on DFM, we aim to enhance access to Tabreed’s shares, giving investors greater flexibility in dynamic markets and reinforcing our focus on sustainable, long-term value creation.”Veselin Tilev, Head of Market Making at Arqaam, added: We are delighted to offer our Liquidity Provision services on the Dubai Financial Market to Tabreed, reinforcing our commitment to enhancing market depth and trading efficiency in the UAE. With our proven track record and deep understanding of local market dynamics, we are confident that Arqaam will contribute meaningfully to improving liquidity and facilitating active, orderly trading in Tabreed’s shares on the DFM.In the first half of 2025, Tabreed delivered steady growth, with revenue rising to AED 1.11 billion and net profit reaching AED 276 million, supported by higher cooling demand and record capacity additions that lifted total connected capacity to 1.37 million RT. Since then, the company has completed two landmark transactions, taking total connected capacity to ~1.55 million RT and accelerating its strategy: acquiring PAL Cooling alongside CVC DIF and securing the long-term Palm Jebel Ali district cooling concession in partnership with Dubai Holding Investments. Together, these transactions expand the platform and reinforce concession-backed cash flows and long-term earnings visibility.Following that performance, Tabreed’s shareholders approved first-ever interim dividend of 6.5 fils per share on 15 September 2025, totaling AED 184.9 million for the first half of 2025. The approval signals confidence in the company’s momentum and its commitment to delivering sustainable returns to shareholders.-ENDS-

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