Tabreed Reports FY 2025 Revenue of AED 2.46 Billion as Capacity Growth and Strategic Execution Drive Platform Resilience

calendar_month February 13, 2026

Connected capacity increased 19% YoY to 1.57 million Refrigeration Tons
Revenue of AED 2.46 billion and EBITDA at AED 1.27 billion, with a margin of 51.6%

Abu Dhabi, United Arab Emirates – 13 February 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 period ending 31 December 2025, reporting revenues of AED 2.46 billion and net profit of AED 465 million. The results reflect continued operational resilience, record capacity expansion and disciplined capital execution.

Total connected capacity increased 19% year-on-year to 1.57 million Refrigeration Tons (RT) as of 31 December 2025, driven by strong organic expansion and acquisitions. Excluding the impact of M&A, connected capacity growth was up 4.4% year-on-year, near the high end of the company’s guidance range. Organic additions reached 58,200 RT in 2025 — the highest level in the past five years — driven primarily by new connections in the UAE.

Inorganic additions totaled 190,800 RT, resulting from the PAL Cooling acquisition in a 50:50 joint venture alongside CVC DIF. Three new greenfield plants were commissioned during the year and five operational plants were acquired as part of PAL Cooling, bringing the group’s total to 99 operating plants. Consumption volumes reached 2.62 billion RTH, a slight 1% year-on-year decline due to relatively colder weather conditions. Throughout the year, operational availability and efficiency remained high, reflecting Tabreed’s investment in innovative technologies and proactive asset management.

Group revenue increased 1% year-on-year to AED 2.46 billion, underscoring the resilience provided by fixed capacity charges despite weather-related softness in consumption revenue. EBITDA increased by 1% year-on-year to AED 1.27 billion, with a margin of 51.6%, supported by operating leverage and efficiencies.

Net profit for FY 2025 was AED 465 million, primarily reflecting the company’s continued operational strength while absorbing the impact of higher finance costs following the refinancing of low-cost debt at prevailing market rates and additional debt raised to fund Tabreed’s investment in PAL Cooling. Reported earnings also reflect one-off transaction costs related to the closing of the Palm Jebel Ali concession and PAL Cooling acquisition, as well as higher financing and fair value amoritisation charges related to the PAL Cooling JV.

Strategic Milestones

Completed the acquisition of PAL Cooling Holding in a 50/50 partnership with CVC DIF for an enterprise value of AED 4.1 billion, adding c. 600,000 RT of concession capacity across eight exclusive concessions on Abu Dhabi’s main island and Al Reem Island (ADGM)
Signed a landmark joint venture and concession with Dubai Holding Investments to provide 250,000 RT of district cooling to Palm Jebel Ali. Construction commenced in Q3 2025, with first cooling expected in late 2027 or early 2028
Commissioned three new greenfield plants during 2025 and added five operating plants as part of the PAL Cooling acquisition, deepening Tabreed’s presence across core markets and reinforcing high operational availability
In partnership with the UAE Ministry of Defence and Emerge, Tabreed completed the integration of around 4,000 solar panels supplying 2.4 MW of clean electricity to two Abu Dhabi district cooling plants. This reduces reliance on the grid during peak periods and prevents more than 2,600 tonnes of CO₂ annually
Entered a long‑term framework with Johnson Controls to co‑develop next‑generation cooling technologies, including centrifugal chillers with variable‑speed drives and AI‑enabled performance analytics, supporting efficiency, reliability and regional climate‑neutrality goals
Strengthened the capital structure and liquidity profile through refinancing of debt and additional debt issuance, thereby extending average loan maturity and supporting growth investments

Commenting on the full-year performance, Dr Bakheet Al Katheeri, Tabreed’s Chairman, said: “2025 was a transformational year for Tabreed, marked by major strategic steps that have strengthened our platform for both the medium and long term. The addition of PAL Cooling and the Palm Jebel Ali concession have deepened our presence in core markets and expanded the scale at which we operate. Across the business, our teams continued to deliver reliably for customers while investing in the systems and infrastructure that will support the company’s next phase of growth. As a national champion in district cooling, we are proud to support the UAE’s energy efficiency goals and remain focused on delivering capacity-led, concession-backed growth and creating lasting, sustainable value for our shareholders and stakeholders.”

Financial Resilience

As of year-end 2025, net debt to EBITDA stood at 4.6x, a temporary increase in leverage reflecting the impact of PAL Cooling acquisition. Liquidity remains robust, supported by a fully undrawn AED 1.2 billion Green RCF and the absence of any near‑term debt maturities. The company remains disciplined and focused in its capital allocation approach.

Tabreed strengthened its financial position during 2025 through the issuance of a USD 700 million Green Sukuk in Q1, executed under its Green Finance Framework, with proceeds directed toward refinancing of debt obligations. In Q3, the Company doubled its Green Revolving Credit Facility to AED 1.2 billion from AED 600 million maintaining original terms. This increase materially improves Tabreed’s funding flexibility and underpins its broader creditworthiness. In Q4, the company raised AED 1.8 billion new bank debt to support its strategic growth initiatives and optimise its capital structure.

Tabreed continues to hold investment-grade ratings from Moody’s and Fitch.

Dividend and Outlook

The Board of Directors recommended a final dividend of 6.5 fils for H2 2025, bringing the total dividend for the year to 13 fils per share. This represents a payout ratio of 71% of 2025 normalised net profit, aligned with historical levels, despite significant investment undertaken to secure long-term growth.

Tabreed enters 2026 with a strong and stable core business, supported by long-term contracted capacity, high operational availability and disciplined financial management. Capacity growth and margins are expected to remain within the company’s guided range, driven by continued real estate development, infrastructure expansion and delivery of new tourism destinations across the UAE and KSA. Demand fundamentals and customer relationships remain solid and the organic capex programme continues to progress on schedule.

Looking ahead, medium-term growth will be reinforced by the integration and ramp-up of PAL Cooling and the buildout of Palm Jebel Ali, both expected to contribute positively as capacity comes online. With a well-capitalised balance sheet and proven execution capability, Tabreed is well positioned to deliver sustainable, capacity-led growth through 2026 and beyond.

Other

News

calendar_month August 11, 2026

Tabreed Delivers Resilient H1 2026 Performance with Strong Cash Generation and Continued Growth

Connected capacity increased 15% YoY to 1.58 million Refrigeration TonsRevenue increased to AED 1.13 billion, while net operating cash flows rose 40% YoY to AED 632 millionSecond consecutive year of declaring interim dividends, reflecting confidence in recurring cash flows and financial strengthAbu Dhabi, United Arab Emirates – 11 August 2026: National Central Cooling Company PJSC (DFM: TABREED / ISIN: AEA002201018), the world’s leading and most diversified district cooling company, has today announced its financial and operational results for the six-month period ending 30 June 2026, reporting revenue of AED 1.13 billion and net profit of AED 192 million.Tabreed delivered revenue growth of 2% year-on-year during the first half of 2026, supported by fixed capacity charges, ongoing capacity expansion, and its diversified presence across the district cooling business value chain. The company’s operational performance remained resilient, enabling strong operating cash generation and healthy free cash flow conversion during the first half of the year, while further enhancing its balance sheet position.Operational GrowthConnected capacity increased by 15% year-on-year to 1.58 million Refrigeration Tons (RT) as of 30 June 2026, clearly demonstrating the strength of Tabreed’s long-term growth strategy, while the period also saw organic capacity increase by 4,500 RT following the completion of various projects. Cooling consumption volumes reached one billion refrigeration ton hours (RTh) during the first half of 2026, reflecting milder weather conditions compared to the same period in the previous year.Commenting on the results, Chairman of Tabreed, Dr Bakheet Al Katheeri, said: “Tabreed’s essential role in this nation’s utilities infrastructure remains unassailable. And the company’s operating performance during the first half of 2026 clearly demonstrates the continuing strength of its core business, as well as the vitality of district cooling within the markets we serve, bringing long term revenue visibility and sustainable returns for shareholders.“Our recent portfolio expansion, including the acquisition – with our partners CVC DIF – of Abu Dhabi’s PAL Cooling, as well as ongoing organic growth initiatives, demonstrates the wisdom of our disciplined approach to investing in high-quality infrastructure assets with long-term cash generation potential. As we continue to integrate these investments and pursue selective growth opportunities, we remain committed to prudent capital allocation and sustainable long-term value for our stakeholders. Tabreed continues to surpass itself, providing comfort to millions while conserving precious energy and other resources in its relentless pursuit of operational excellence.”Financial ResilienceIn H1 2026, Tabreed reported EBITDA at AED 615 million with a margin of 55%. Reported net profit of AED 192 million during the period reflected a more normalised expense base, higher financing costs following the 2025 refinancing at prevailing market rates, as well as additional interest expense associated with growth investment funded through acquisition-related debt.Net operating cash flows increased by 40% year-on-year to AED 632million and continue to support ongoing investment in growth opportunities, balance sheet optimisation and shareholder returns. As a result, Tabreed’s leverage (Net Debt to EBITDA) improved to 4.57x by the end of H1 2026 and the company continues to maintain its investment grade credit ratings with both Moody’s and Fitch.The companyenjoys a robust liquidity profile with a stable cash balance of AED 661 million (as of 30 June 2026) and continues to have access to an undrawn Green Revolving Credit Facility (RCF) of AED 1.2 billion with no near-term debt maturities.Interim Dividend Returns, Positive OutlookTabreed’s Board of Directors once again approved an interim cash dividend, following the first such payout during 2025. An amount of 5.0 fils per share was approvedfor H1 2026, representing a dividend payout ratio of 74% of net profit and reflecting the Board’s continued commitment to disciplined capital allocation, balancing healthy returns for shareholders with the financial flexibility required to invest in future growth opportunities.For the remainder of 2026, Tabreed remains focused on prudent execution amid a dynamic operating environment. While the execution timeline of certain customer projects continues to align with broader real estate market activity, Tabreed’s underlying pipeline remains healthy, with projects continuing to be actively managed in line with customer delivery schedules. With a strong pipeline of potential projects in the near term, the company will maintain its focus on its core UAE market, where Tabreed remains a reliable and essential player in the country’s critical infrastructure.

Read More east

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.

Read More east

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.

Read More east

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.

Read More east