Tabreed Proposes First-Ever Interim Dividend as Revenue Hits AED 1.11 Billion in H1 2025 Following Record Capacity Growth

calendar_month August 08, 2025

Revenue rises 3% year-on-year to AED 1.11 billion, driven by higher cooling demand and significant capacity additions across key markets
Net profit rises 2.5% year-on-year to AED 276 million, supported by continued business growth and robust EBITDA margins
Board proposes first-ever interim dividend of 6.5 fils per share for H1 2025
Tabreed adds a record 41.6k RT in H1 2025 – almost twice the capacity added in full-year 2024 – to reach 1.37 million RT with major contributions from the UAE and Saudi Arabia
PAL Cooling acquisition set to add 182k+ RT, securing long-term growth pipeline of up to 600k RT across Abu Dhabi
Refinancing strengthens financial position; robust free cash flow enables investment in growth, improves leverage and supports dividend payout

Abu Dhabi, United Arab Emirates – 8 August 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 six-month period ended 30 June 2025, reporting revenues of AED 1.11 billion and a net profit of AED 276 million. The results reflect strategic momentum across Tabreed’s platform, with improved margins, cost discipline and sustained demand, laying the foundation for continued growth.

Group revenue rose to AED 1.11 billion in H1 2025, marking a 3% year-on-year increase driven by higher cooling demand and significant capacity additions across key markets. Consumption volumes grew 3% year-on-year in H1 2025 and accelerated to 8% year-on-year in Q2 2025, reflecting both seasonal uplift and growing utilisation across Tabreed’s network. Net profit for the first half rose to AED 276 million, a 2.5% increase compared to the first half of 2024. The uplift reflects continued scale benefits and disciplined cost control, alongside margin expansion as EBITDA rose 5% to AED 632 million, with margins improving to 57%.

Reflecting its strong financial position and continued cash generation, Tabreed’s Board of Directors proposed an interim dividend of 6.5 fils per share for the first half of 2025, or 67% payout based on H1 2025 net profit. This marks the first interim dividend in the company’s history and reflects the Board’s confidence in Tabreed’s performance, outlook and ability to deliver sustainable long-term value. The payment of dividend remains subject to shareholders approval at the General Assembly Meeting expected to be convened in September 2025.

Total connected capacity reached 1.37 million Refrigeration Tons (RT), with 41.6k RT of record high organic capacity added during the period, nearly double the full-year total in 2024. This growth was led by 18k RT of new connections in the UAE and 23.6k RT across regional markets, reinforcing Tabreed’s position as a cross-regional operator.

Following a period of strong operational growth, Tabreed advanced its strategic agenda in June with the announcement that, in a 50:50 joint venture with CVC DIF, the company is to acquire PAL Cooling Holding from Multiply Group. The deal, which remains subject to customary regulatory approvals, is set to add more than 182k RT, increase pro forma connected capacity to 1.55 million RT (+13%) and includes eight concessions with total planned capacity of up to 600k RT. The deal would also expand Tabreed’s long-term concession base and customer network, including a new relationship with Modon, and contribute to a secured future capacity pipeline of more than one million RT, equivalent to 80% of current connected capacity.

Complementing this landmark development, Tabreed’s portfolio continued to grow, with the commissioning of three new greenfield plants during the first half – in local and regional markets, with a combined capacity of 28.6k RT. Developed to meet rising demand in fast-growing urban and industrial hubs, these new facilities reinforce Tabreed’s ability to scale operationally while deepening its presence in both core and international markets.

Progress also continued on the company’s largest-ever greenfield project at Palm Jebel Ali, a 250k RT exclusive concession secured in partnership with Dubai Holding Investments. Together, the PAL Cooling acquisition and Palm Jebel Ali concession represent the two biggest strategic deals in Tabreed’s history, expanding the company’s total site capacity to approximately 2.6 million RT and reinforcing its platform for long-term, capital-efficient growth and cash flow visibility. With a strong pipeline, long-term concessions and expanding geographical reach, Tabreed remains well positioned to deliver sustained growth through the remainder of 2025 and beyond.

Commenting on the results, Dr. Bakheet Al Katheeri, Tabreed’s Chairman, said: “Tabreed continues to demonstrate the strength and scalability of its platform, delivering solid financial results while advancing its long-term growth agenda. The record capacity additions in H1 2025, following landmark transactions, including the Palm Jebel Ali development and strategic acquisition of PAL Cooling, reinforce our position as a cross-regional operator and infrastructure partner with a clear mandate for value creation. As a Board, we remain focused on capital discipline and sustainable returns, and this balance between growth and value creation is reflected in our decision to propose Tabreed’s first-ever interim dividend.”

Tabreed also made significant progress on its refinancing during the first half, strengthening its balance sheet and enhancing financial flexibility. In Q1, the company issued a USD 700 million Green Sukuk under its Green Finance Framework, successfully refinancing near-term maturities at a competitive profit rate and improving its liquidity profile. Tabreed has a robust financial position, underscored by investment grade credit ratings from both Moody’s and Fitch. Free cash flows reached AED 973 million over the past 12 months, translating to a 11.5% yield, supported by strong collections, margin stability and disciplined capital allocation. As a result, net debt to EBITDA improved to 3.7x, down from 4.2x a year earlier.

Commenting on the company’s performance, Khalid Al Marzooqi, Tabreed’s Chief Executive Officer, said: “The signing of the PAL Cooling acquisition represents a defining milestone, not just for Tabreed’s footprint in Abu Dhabi, but for our long-term evolution as a critical infrastructure partner to cities, industries and digital ecosystems across the region. Tabreed today is more than a utility, we’re building a high-performing, future-ready platform that delivers recurring value, with sustainability, efficiency and scale at its core. With visibility over a planned total capacity of approximately 2.6 million RT, we’re focused on capital efficiency, operational excellence and preparing the business to lead in new markets and sectors where district cooling plays an essential role.”

Tabreed’s commitment to sustainability also advanced during the first half, reinforcing its role as a long-term partner in the region’s energy transition. As part of its Green Finance Framework, the company continued integrating renewable energy into its operations, including the installation of solar farms at two plants in collaboration with the UAE Ministry of Defence. Tabreed also played an active role in the World Utilities Congress, Abu Dhabi’s flagship utilities event, contributing to conversations around low-carbon infrastructure and emerging technologies such as geothermal cooling, in line with its ambition to enhance energy efficiency, reduce emissions, and support national decarbonisation goals.

-ENDS-

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calendar_month June 25, 2026

Tabreed Wins Two Awards at Global Banking & Markets Awards Middle East 2026

Tabreed has been recognised at the Global Banking & Markets Awards Middle East 2026, winning two awards that highlight the company’s sustainable finance credentials and continued growth.The company received Sustainable Loan Deal of the Year for its AED 1.8 billion dual-tranche green facility, as well as Acquisition Finance Deal of the Year for the AED 2.55 billion multi-tranche senior secured financing supporting the acquisition of PAL Cooling.The awards acknowledge standout transactions across the regional banking, capital markets, and finance industry, including deals that demonstrate innovation, strong execution, and market significance.This recognition reflects Tabreed’s continued focus on disciplined growth, sustainable infrastructure, and the development of efficient district cooling solutions that support the region’s long-term decarbonisation ambitions.

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calendar_month June 04, 2026

Tabreed Announces Appointment of Atef AlBreiki as its new Chief Asset Management Officer

Former Executive Vice President of Operations and Maintenance joins company’s Executive Management TeamAbu Dhabi, United Arab Emirates – 4 June 2026: Tabreed, the world’s leading district cooling company, today announces that its Board of Directors has appointed Atef Mohamed Awadh AlBreiki as its new Chief Asset Management Officer with immediate effect. As Chief Asset Management Officer, Atef will be responsible for maximising value creation of the company’s assets, through portfolio management and value-driven decision-making. He will lead the company's asset management strategy while working closely with internal and external stakeholders to support Tabreed's long-term objectives.Speaking of AlBreiki’s appointment, Dr Bakheet Al Katheeri, Tabreed’s Chairman, said: “During Atef’s eight years at Tabreed, he has proved time and again to be an exceptional and inspirational leader in a number of senior roles. He has consistently demonstrated a deep commitment to our people, our operations and our values. “Atef is exceptionally well placed to lead the Asset Management function as we continue to strengthen asset performance, maximise long-term value creation, and ensure the resilience of our portfolio. His appointment reflects the depth of talent and expertise within Tabreed and the value we place on developing future leaders across the business. Having worked closely with Atef over the years, I am confident that he will continue to develop this important function and build on the strong foundations already in place.”Atef’s most recent role was Executive Vice President – Operations & Maintenance, in which he drove the development and execution of revenue-impacting operational excellence, as well as the O&M strategies and solutions that have given Tabreed its competitive edge in recent years. He has amassed more than 20 years of progressive exposure in developing and driving organisational strategies and has a proven history of delivering business continuity and operational transformation.AlBreiki holds a Master of Business Administration and Management from the London Business School and a bachelor’s degree in Electronics Engineering Technology. He has also attended Executive Professional Development Programmes with internationally acclaimed institutions, such as Wharton University and Singularity University in Silicon Valley, California, USA.

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calendar_month May 15, 2026

Tabreed Reports Q1 2026 Revenue of AED 486 Million, Strong Cash Generation and Continued Capacity Expansion

Connected capacity increased 18% YoY to 1.57 million Refrigeration TonsRevenue increased 4% YoY, supported by 9% YoY growth in consumption volumesAbu Dhabi, United Arab Emirates – 14 May 2026: National Central Cooling Company PJSC (DFM: TABREED / ISIN: AEA002201018), the world’s leading and most diversified district cooling company, today announced its results for the three-month period ended 31 March 2026, reporting revenue of AED 486 million and net profit of AED 78 million. The Company delivered resilient operational performance and strong cash generation during the quarter, underpinned by its long-term contracted business model, with capacity charges as the key profitability driver.Total connected capacity increased 18% year-on-year to 1.57 million Refrigeration Tons (RT), demonstrating execution against Tabreed’s expansion strategy and underpinning highly visible revenue profile. Growth in connected capacity primarily reflects the contribution from the PAL acquisition completed in Q4 2025, alongside organic expansion of 54.6k RT over the past 12 months. Excluding the impact of acquisition, connected capacity grew 4.1% year-on-year.Capacity additions in Q1 remained consistent with the construction phasing of customers’ projects. Consolidated consumption volumes increased 9% year-on-year to 338 million Refrigeration Ton Hours (RTh), reflecting both portfolio expansion and more normalised weather pattern compared to an unusually mild prior-year period.Group revenue grew 4% year-on-year to AED 486 million, demonstrating the resilience provided by fixed capacity charges and stable demand fundamentals. EBITDA increased 1% year-on-year to AED 285 million, with a margin of ~59%, maintaining a consistently high margin profile that reflects operational efficiency and scale benefits.Cash flow generation remained robust during the quarter, supported by improved collections and the strength of Tabreed’s revenue model, reinforcing high cash conversion and the credit quality of its customer base.Net profit for the period stood at AED 78 million, reflecting higher finance costs associated with the Company’s ongoing investment cycle and refinancing activities in 2025, as well as the timing of earnings contribution from recent acquisition. These impacts are temporary in nature and expected to normalise as new capacity ramps up.Dr Bakheet Al Katheeri, Tabreed’s Chairman, said: “Tabreed has started 2026 with a resilient performance, underpinned by the strength of our concession-backed business model, a diversified portfolio, and high revenue visibility. As demand for energy-efficient infrastructure accelerates, district cooling continues to play a critical role in sustainable urban development. Building on our progress in 2025, we are advancing our growth pipeline, integrating recent acquisition, and delivering new capacity to support long-term expansion. While our results reflect an ongoing investment cycle, our focus remains on disciplined execution, strong cash flow generation, and maintaining the operational reliability and financial prudence that define Tabreed.”Financial and Operational ResilienceTabreed’s balance sheet remains healthy, with its investment-grade credit rating reaffirmed by Moody’s at Baa3 with a stable outlook. Net debt to EBITDA improved to 4.5x as at 31 March 2026, reflecting disciplined capital management and balance sheet strength even during a period of active investment.The Company maintains a robust liquidity position, with cash balances increasing 15% year-todate to AED 756 million. This reflects the continued stability of Tabreed’s underlying cash flow model.Tabreed also has access to an undrawn Green Revolving Credit Facility of AED 1.2 billion and no near-term debt maturities.During Q1 2026, the company maintained stable performance, underpinned by resilient operations and robust business continuity management protocols. Tabreed’s operational resilience in the face of unforeseen challenges enabled uninterrupted service delivery and steady progress across projects. This consistent focus on operational excellence reinforces Tabreed’s position as a dependable and essential utilities provider across the region.Dividend and OutlookShareholders approved a final dividend of 6.5 fils per share for H2 2025 at the Annual General Assembly held on 25 March 2026, bringing the full-year dividend to 13.0 fils per share. The final dividend was paid in April 2026. The Company’s consistent increase in dividend payout ratio, reaching 79% of net profit in 2025, reflects the Board’s commitment to delivering attractive shareholder returns while continuing to invest in long-term infrastructure growth.Looking ahead, Tabreed remains well positioned to deliver sustainable growth, supported by a solid pipeline of projects in its core market of the UAE. The Company is well placed to deliver continued capacity expansion, steady revenue growth and high EBITDA margin driven by its secured pipeline and innovation-driven operating model. Tabreed will continue to focus on operational excellence, value-accretive capital allocation, and advancing its sustainability agenda, reinforcing its role as a critical infrastructure provider in the region’s energy transition.

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calendar_month March 26, 2026

Tabreed’s Annual General Assembly Approves Dividend for FY 2025

Shareholders approve second-half cash dividend of 6.5 fils per share, bringing total annual dividend to 13.0 fils per shareShareholders also approve re-election of existing Board of Directors Chairman celebrates a transformative year of exceptional portfolio growthAbu Dhabi, United Arab Emirates – 26 March 2026: National Central Cooling Company PJSC (DFM: TABREED / ISIN: AEA002201018), the world’s leading and most diversified district cooling company, yesterday held its Annual General Assembly (AGA). In recognition of the company’s resilient financial and operational performance throughout 2025, shareholders approved a second-half dividend payment of 6.5 fils per share, to be distributed fully in cash, resulting in a total 2025 dividend of 13.0 fils per share – a dividend yield of ~5.0% based on 25 March 2026 closing share price.This dividend demonstrates Tabreed’s commitment to delivering attractive returns while continuing to invest in high‑quality, long‑term opportunities. Despite significant M&A investments during 2025 the company’s dividend payout as a percentage of net profit increased to 79%, consistent with its strong track record.During the AGA, Tabreed also elected its board of directors for a three-year term in accordance with the regulations of Capital Market Authority (CMA), with the nine existing board members having been re-elected and endorsed by shareholders.The AGA was chaired by Tabreed’s Chairman, Dr Bakheet Al Katheeri. Following the meeting he said that, over the years, Tabreed has grown from a traditional utility provider into a future‑ready, resilient, and innovation‑driven infrastructure company, adding that “our long‑term contracts, strong customer base and solid financial position make Tabreed one of the most reliable infrastructure investments in the region.“In 2025, Tabreed delivered strong operational performance and advanced its long‑term growth strategy,” he said. “Our core business remains robust, with stable operations, healthy margins, and high asset availability. Connected capacity during 2025 reached 1.57 million RT, a 19% increase year‑on‑year driven by both organic growth and M&A. Excluding M&A, organic capacity growth was 4.4%, near the top of our guidance range.“Our balance sheet remains strong, and we continue to maintain investment‑grade metrics, which is a core priority, and Tabreed’s strong and visible growth pipeline gives us exceptional confidence in the future and reflects our commitment to sustainable value creation for our shareholders. Our strategy is disciplined and balanced: rewarding shareholders today while strengthening the company for tomorrow. We are well positioned to capitalise on the growth already secured through long-term concessions and new opportunities ahead of us.”

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