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.

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- 

Acquisition of PAL Cooling and Palm Jebel Ali concession agreement expand regional footprint and long-term portfolioSuccessful acquisition of PAL Cooling expected to add 600,000 RT and boost connected capacity by 13%Completion of Palm Jebel Ali concession agreement marks Tabreed’s strategic expansion into one of Dubai’s most iconic developmentsAbu Dhabi, United Arab Emirates – 13 October 2025: Tabreed, the world’s leading district cooling company, today announced the successful completion of two transformational infrastructure transactions that significantly accelerate its growth trajectory and strengthen its long-term, concession-backed business model.Tabreed, alongside global infrastructure investor CVC DIF, has completed the acquisition of PAL Cooling Holding from Multiply Group, following regulatory approvals. Within the past four weeks Tabreed also 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.These milestones represent a major acceleration in Tabreed’s growth strategy, boosting operational capacity, diversifying its concession portfolio and enhancing long-term cash flow visibility. PAL Cooling Acquisition: Expanding Scale and Strategic ReachThe PAL Cooling transaction, with an equity value of AED 3.87 billion, is expected to add approximately 600,000 refrigeration tons (RT) of connected capacity across eight exclusive concessions on Abu Dhabi’s main island and Al Reem Island, which is now fully incorporated into  the ADGM free zone. The portfolio is currently served by five operational plants, with one more under construction and three in advanced planning stages.The acquisition immediately increases Tabreed’s pro forma connected capacity by 13% to 1.55 million RT and introduces long-tenor contracts averaging 25 years with high-quality offtakers including Aldar, Modon and Imkan.“Closing this acquisition demonstrates Tabreed’s commitment to sustainable growth, disciplined investment and long-term value creation,” said Dr Bakheet Al Katheeri, Chairman of Tabreed. “These are strategic infrastructure assets with strong fundamentals and meaningful future upside, reflecting our ability to execute and scale in line with national development and decarbonisation priorities.”“This transaction strengthens our earnings profile and operational presence in Abu Dhabi,” added Khalid Al Marzooqi, CEO of Tabreed. “We’re adding long-term, stable contracts with blue-chip developers and enhancing our platform for growth, now and in the near future. Beyond the numbers, it demonstrates how Tabreed continues to build the essential, sustainable infrastructure that underpins the UAE’s next phase of development.”Palm Jebel Ali: Strategic Growth in DubaiSeparately, Tabreed has completed its long-term district cooling concession with Dubai Holding Investments for Palm Jebel Ali. The AED 1.5 billion project will be executed in phases via a joint venture (Tabreed 51%, Dubai Holding Investments 49%) and is expected to deliver 250,000 RT of cooling capacity. “Palm Jebel Ali is a transformative development, and we’re proud to play a central role in shaping its sustainable infrastructure,” said Al Marzooqi. “This partnership reflects our commitment to future-ready urban environments powered by world-class district cooling. It also strengthens our presence in Dubai’s high-growth developments, creating a dynamic platform for future projects and reinforcing our position as the world’s leader in sustainable cooling.”Strengthening Value Creation and Financial ResilienceTabreed will operate and maintain all assets under both agreements. The transaction structures ensure capital efficiency – PAL Cooling acquisition is funded through equity contribution by both partners and non-recourse, project-level debt, while Palm Jebel Ali is being delivered through a joint venture fully consolidated by Tabreed.PAL Cooling has demonstrated strong financial performance, with a 7.5% revenue CAGR and ~60% average EBITDA margin in the past three years. Approximately 60% of revenues are derived from fixed capacity charges under long-term agreements, providing stable and predictable cash flows.These transactions align with Tabreed’s broader financial strategy. The company recently distributed its first-ever interim dividend, reflecting confidence in its strong balance sheet and long-term earnings outlook. The addition of two scalable, concession-backed assets further strengthens its ability to sustain and grow shareholder returns in the long term.“Together, these transactions represent a defining moment for Tabreed,” concluded Al Katheeri. “With deeper presence in Abu Dhabi and Dubai, greater earnings visibility and a diversified asset base, Tabreed is well-positioned to deliver long-term value to shareholders and national stakeholders alike.”