Tabreed Registers Robust First Half 2011 Consolidated Financial Results

calendar_month August 11, 2011

Q2 net profits up 37% from Q1 as chilled water business drives strong growth

Q2 net profits up 37% from Q1 as chilled water business drives strong growth
National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based utility company, released its consolidated second quarter financial results today. The company has registered robust performance from operations demonstrating the strength of its core chilled water business. Compared to the first quarter of 2011, group revenues grew 17 per cent to AED 286.6 million, while gross profits increased 15 per cent to AED 117.3 million. A reduction of AED 25m in finance costs as a result of the closure of the recapitalization program contributed to net profits increasing 37 per cent to AED 43.8m.

Financial Highlights – First half 2011 ended 30 June 2011

Total revenue increased by 14 per cent to AED 532.2 million, compared to AED 465.1
million in the same period in 2010
Gross profit increased by 22 per cent to AED 219.3 million, compared to AED 180.1 million in the same period in 2010
Chilled water revenue for the period was AED 425.6 million, a 29 per cent increase over the same period in 2010
Utility efficiency gains and growth in scale have led to gross profit margin of 45 per cent and 102 per cent growth in profit from operations over H1 2010; EBITDA of AED 187 million – a 63 per cent increase over the same period in 2010
US$ 200m Sukuk 06 repaid on maturity on 20th July 2011
Whilst earnings remained comparable to the same period in 2010, as expected, with the increase in share capital from 243,380,000 to 659,063,000 (from the settlement of the 2008 Sukuk) and the inclusion of the AED 1.7 billion Mandatory Convertible Bond, EPS reduced from AED 0.21 to AED 0.06 over the same period in 2010

Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman said:
“An increased contribution from the company’s core chilled water business, a strong balance sheet, and full repayment, on maturity, of the US$ 200 million Sukuk all demonstrate that we continue to make good progress in the current year. Our focus remains on delivering financial and operational growth across the company, while maintaining a conservative balance sheet, creating sustainable value for shareholders.”

Sujit S. Parhar, Tabreed’s CEO, said:
“Our strong results prove Tabreed’s cash-generating capabilities. Our strategy of developing the business for the longer term by focusing on the core business of chilled water is paying off – this business segment has contributed over 90 per cent of the total EBITDA in H1 2011. Our diversified
customer base, long-term contracts, stable cost structure and strengthened corporate governance ensure that we are well positioned to deliver on our stated business plan.”

First Half 2011 Highlights: Chilled Water
Tabreed’s chilled water division delivered robust revenues and profits – revenues increased 29 per cent to AED 425.6 million, while gross profit increased 54 per cent to AED 190.6 million. Profits from operations registered a 102 per cent increase to AED 129.8 million and operating margins increased 31 per cent, compared to 19 per cent in the same period last year. This is largely driven by the inclusion of five new plants which have come online since H1 2010 and new customer connections. Progress on the capacity build-out program continued with 10,000 RT coming online in Q2 11, following the completion of two plant expansions. Total installed cooling capacity increased to 551,525 TR across 49 plants. 13
plants currently remain under construction, including eight plants for the Dubai Metro Green Line.

Value Chain Business
In line with the company’s strategy to focus on its core chilled water business, the contribution from the value chain businesses continued to decline as a result of Tabreed’s current capital spending program drawing to a close. Revenues stood at AED 106.7 million and gross profits at AED 28.7 million.

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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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