Record organic capacity addition of 52.9k RT in 9M 2025 – more than double the full-year 2024 totalTotal connected capacity rises 4.5% year-on-year, consumption volumes remain stableRevenue increases by 1% year-on-year on continued capacity expansionEBITDA increases 5% year-on-year to AED 975 million, supported by cost discipline and efficiency improvements, with an EBITDA margin of 52.2%PAL Cooling acquisition and finalisation of Palm Jebel Ali concession - transformational deals that secure portfolio growthTabreed achieved Emerging Markets Small Cap Index inclusion effective close of 24 November 2025, highlighting Tabreed’s growing visibility among global investorsFirst-ever interim dividend of 6.5 fils per share, representing AED 184.9 million, approved for H1 2025Abu Dhabi, United Arab Emirates – 14 November 2025: National Central Cooling Company PJSC (DFM: TABREED / ISIN: AEA002201018), the world’s leading and most diversified district cooling company, today announced the results for the nine-month period ended 30 September 2025.Total connected capacity rose by 4.5% year-on-year to 1.38 million Refrigeration Tons (RT) as of 30 September 2025, with a record 52.9k RT organic capacity added year-to-date – more than double the full-year 2024 total. This growth was driven by 29.1k RT of new connections in the UAE and 23.8k RT in other markets, reinforcing Tabreed’s position as a cross-regional operator.Group revenue reached AED 1.87 billion, an increase of 1% year-on-year reflecting the stability provided by fixed capacity revenue backed by long-term concession agreements, despite milder weather in Q3 2025. EBITDA grew 5% year-on-year to AED 975 million, with margins expanding to 52.2%, reflecting operating leverage, scale efficiencies and sustained cost discipline.Net profit stood at AED 420 million in the first nine months of 2025 compared to AED 425 million during the same period last year. This mainly reflects higher finance costs on the recent Green Sukuk issuance at the end of Q1 2025, which refinanced bank debt raised during the low rate environment in 2020. Excluding the impact of higher finance costs and other one-off items, adjusted net profit would have increased by approximately 5% year-on-year, driven by underlying growth in EBITDA. Strategic Milestones In 2025, Tabreed achieved two of the most significant strategic milestones in its history:In partnership with CVC DIF, Tabreed completed the acquisition of PAL Cooling Holding from Multiply Group on 13 October 2025, following regulatory approvals, for an enterprise value of AED 4.1 billion. The transaction adds approximately 600,000 RT of capacity across eight exclusive concessions in Abu Dhabi’s main island and Al Reem Island (now a free zone under ADGM). In the first nine months of 2025, PAL Cooling further expanded its connected capacity from 182,000 RT to 189,000 RT, immediately increasing Tabreed’s pro-forma connected capacity by approximately 14% to around 1.57 million RT. It also brings long-term contracts averaging 25 years with leading developers including Aldar, Modon and Imkan, expanding the concession base and contributing to a secured capacity pipeline of more than one million RT, equivalent to 80% of current connected capacity.Tabreed finalised a landmark concession agreement with Dubai Holding Investments to provide district cooling services to Palm Jebel Ali, one of the emirate’s most eagerly anticipated large-scale developments. The 250,000 RT system will be delivered through a joint venture with Dubai Holding Investments (Tabreed 51%, Dubai Holding Investments 49%). Construction on the project commenced in Q3 of this year with the first cooling expected by 2027. Together, these two transactions strengthen Tabreed’s position as a leader in the UAE’s district cooling industry, expanding total site capacity to approximately 2.6 million RT and reinforcing a platform for secure, capital-efficient growth. This supports Tabreed’s continued focus on stable, predictable cash flows and disciplined value creation.Operational Progress and Portfolio ExpansionBeyond these transactions, Tabreed continued to expand its network, commission new capacity, and enhance execution. During the first nine months of 2025, three new greenfield plants were brought online, deepening the company’s presence in core and international markets.In parallel, Tabreed signed a long-term framework agreement with Johnson Controls to co-develop next-generation cooling technologies, including centrifugal chillers with variable-speed drives and AI-enabled performance analytics, strengthening operational resilience and supporting regional climate-neutrality goals.Commenting on the results, Dr. Bakheet Al Katheeri, Tabreed’s Chairman, said: “Tabreed’s performance this year demonstrates the strength of our foundation and the discipline with which we continue to deliver on our growth strategy. With the completion of the PAL Cooling acquisition and finalisation of the Palm Jebel Ali concession, Tabreed has entered a new phase of scale and stability that strengthens future earnings visibility. As a national champion in district cooling, Tabreed is well placed to contribute meaningfully to the UAE’s energy efficiency and sustainability goals. Our market-leading position, built on long-term concessions and operational excellence, ensures we remain a key enabler of the country’s vision for a low-carbon, resource-efficient economy.”Commenting on the company’s performance, Khalid Al Marzooqi, Tabreed’s Chief Executive Officer, said: “This year has been about building for the next decade; investing in capacity, technology and execution so Tabreed can grow predictably and sustainably. We added record organic capacity, brought new plants online across our network, and advanced innovation through partnerships that sharpen efficiency and resilience. With a strong balance sheet, optimisation of our operations and disciplined delivery on our pipeline, we’re positioning Tabreed to serve more customers reliably, lower lifecycle costs, and convert today’s foundations into long-term value for shareholders and communities.”Financial ResilienceTabreed’s capital position remains robust following the successful issuance of a USD 700 million Green Sukuk in Q1 under its Green Finance Framework, to refinance near-term maturities and strengthened liquidity. In Q3, Tabreed successfully increased its Green Revolving Credit Facility (RCF) from AED 600 million to AED 1.2 billion while maintaining the existing financing terms. This increased size of green RCF further enhances Tabreed’s liquidity position and reinforces its credit fundamentals.Following funding of Tabreed’s equity investment (held in escrow account as of 30 September 2025) to acquire PAL Cooling, net debt to EBITDA stood at 4.5x as of 9M 2025 (4.0x as of 9M 2024), in line with expectations and reflecting project-level financing utilised to fund PAL Cooling acquisition. Strong cash generation and disciplined capital allocation continue to support growth and shareholder returns.The company continues to hold investment-grade ratings from Moody’s and Fitch.Dividend and OutlookIn September 2025, shareholders approved Tabreed’s first-ever interim dividend of AED 184.9 million, equivalent to 6.5 fils per share, marking a new step in the company’s distribution profile and reflecting confidence in its growth plan.Tabreed also welcomed its inclusion in the MSCI Emerging Markets Small Cap Index, effective close of November 24, 2025. This milestone reflects Tabreed’s expanding growth pipeline and increasing institutional confidence in the company’s fundamentals and strategy.2025 continues to be a pivotal year for Tabreed, with strong operational progress, strategic platform expansion and new partnerships supporting portfolio growth and innovation. Likewise, the PAL Cooling and Palm Jebel Ali transactions lay a strong foundation for Tabreed’s sustained value creation in the years ahead.During the meeting of Tabreed’s Board of Directors, it was also agreed that Khalid Al Marzooqi would retire from his position as Chief Executive Officer. Commenting on this development, Tabreed’s Chairman, Dr. Bakheet Al Katheeri, said: “Khalid has proved to be an exceptional leader of this company. During his tenure, Tabreed has gone through seismic changes that have secured its long-term future as an indispensable pillar of the utilities sector both in the UAE and further afield. A gifted engineer, his unique insights have meant Tabreed has continued to forge its reputation as a globally renowned innovator, firmly rooted in energy efficiency. While we will be sad to see him stepping down, me and my fellow Board members wish Khalid all the very best for a long and enjoyable retirement.”Al Marzooqi, whose appointment as CEO was announced on 17 May 2021, added: “Leading Tabreed has been a privilege beyond compare. I’m happy to be retiring after four-and-a-half years of service and incredibly proud of what the company has achieved during that time. Not only have we secured unprecedented long-term stability and portfolio growth but internally, too, the company’s culture has never been better. Tabreed’s people are better engaged than ever before, with record levels of workplace satisfaction, reflected in our celebrations of international diversity and a safety culture that ensures the health and wellness of everyone at every level of the company.”A successor is yet to be announced and Al Marzooqi will remain in post until 2 January 2026.-ENDS-

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.

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. 

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.