Investor
Relations
The World’s Leading District Cooling Company
99
plants

In six countries in MENA / Asia (as of 31 Dec 2025)

1.574 million
RT

Connected capacity (as of 31 Dec 2025)

Sustainable and energy efficient operations
2.62 billion
kWh

Energy consumption saved in the last 12 months (as of 31 Dec. 2025)

150,000
Homes

Powered every year

Solid financial results and track record of growth
AED 2,456
million

Revenue in 2025 (+7% CAGR in last 5 years)

25%

Avg. Net Profit Margin (in last 5 years)

Why Invest
in Tabreed

District Cooling Market Opportunity: large, growing with strong secular tailwinds

Operational Excellence: 27-year track record of safety, reliability and innovation

Predictable Cash Flows: strong, resilient and underpinned by long-term contracts

Strategic Partnerships: de-risks expansions and ensure successful execution

Sizeable Growth Pipeline: proven growth engine with de-risked avenues for future growth

Commitment to Sustainability: aligned with national objectives

  • District Cooling Market Opportunity
  • Operational Excellence
  • Predictable Cash Flows
  • Strategic Partnerships
  • Sizeable Growth Pipeline
  • Commitment to Sustainability
Our
Business Model
56% of Revenue
75% of EBITDA*
* Based on 3 years’ average 2023-2025
Capacity charges are billed monthly on contracted cooling load (RTs)
  • Recover investment in infrastructure over a contract period
  • Cover fixed costs of operations, overheads and financing
  • Provide return on investment
  • CPI indexation mechanism present in most of the contracts to limit exposure to inflationary risks.
44% of Revenue
25% of EBITDA*
* Based on 3 years’ average 2022-2024
Consumption charges are billed monthly on actual cooling consumed (RTh)
  • Cover all variable costs of operations such as electricity, water, water treatment, etc.
  • Changes in variable costs (such as utility tariff increase or decrease) are passed through to customers in majority of the contracts to limit exposure to fluctuations in cost of utilities.
Latest
Releases
  • February 13, 2026
    Tabreed Reports FY 2025 Revenue of AED 2.46 Billion as Capacity Growth and Strategic Execution Drive Platform Resilience
  • December 17, 2025
    Tabreed and Sparklo Join Forces to Boost UAE’s Recycling Infrastructure and Promote Sustainability
  • November 14, 2025
    Tabreed Reports 9M 2025 Revenue of AED 1.87 Billion as Capacity Growth and Strategic Milestones Strengthen Platform
  • November 06, 2025
    Tabreed Added to MSCI Emerging Markets Small Cap Index, Strengthening Global Investor Visibility
As of 31 December 2025
Ownership
Structure
41.9%

Mubadala

40.0%

Engie

11.9%

Public Institutional Investors

6.3%

Public Retail Investors

41.9%

Mubadala

40.0%

Engie

11.9%

Public Institutional Investors

6.3%

Public Retail Investors

Financial
Performance 2025
west
east
+19% Connected Capacity
1.57m RT
Highest organic capacity delivered in last 5 years
  • 58.2 k RT of organic capacity delivered in 2025
  • 190.8 k RT capacity added from PAL deal
  • Two strategic transactions (Palm Jebel Ali Concession & PAL Cooling Acquisition) offer clear path to future growth
+1% Total Revenue
AED 2.456 bn
Strong operational performance and robust balance sheet
  • Fixed revenuesoffer resilience and high visibility
  • EBITDA margin at 51.6%, aligned with guidance range
  • Balance sheet metrics within Investment Grade
  • FY 2025 cash dividend of 13.0 fils per share
+1% EBITDA
AED 1.27bn
Leading the way in sustainable cooling
  • Operating region’s first Geothermal based 700 k RT district cooling plant
  • Integrated solar power in 2 district cooling plants in Abu Dhabi generating 1 MW each
  • Deployed nano-fluid technology in 4 district cooling plants in UAE, saving up to 10% electricity
Financial
Results
Financial
Analysis Tool
Analyst
Coverage

 ActualMedian
AED million2024A2025E2026E2027E
Revenue2,4342,4832,5952,709
Gross Profit1,0811,0981,1551,200
EBITDA*1,2511,3041,3621,416
Net Income570561595660
EPS (AED)0.2000.1970.2090.232
DPS (AED)0.1550.1580.1650.175

* Operating profit + Depreciation and amortization + Finance lease amortization, where Finance lease amortization is Lease rentals received less Finance lease income

Note: Median forecast is based on contributions from eight analysts and excludes firms that have not updated their estimates in over a year

Total Shareholder
Return Tool
Factsheet
Financial
Calendar
Governance
Fixed
Income

The information and materials contained in or referred to in the materials on, and accessed through, this web page (together, the “Website”) in relation to National Central Cooling Company PJSC (“Tabreed”) and its funding programs and debt instruments is strictly provided for information purposes and as a matter of record and may only be shared with persons entitled to access this Website under applicable laws, regulations and directives in relevant jurisdictions. 

Nothing on this Website should be construed as an offer to sell, an offer to buy, or an inducement or recommendation to buy or sell any Tabreed securities. This Website a) is not intended to constitute an investment advice or any other type of advice, b) should not be relied upon with regard to any investment decision or for any other purpose, and c) shall not be interpreted as an implicit form of contract with Tabreed or part thereof. 

Tabreed does not warrant the fairness, accuracy, adequacy or completeness of this Website. To the maximum extent permitted by law, Tabreed, its subsidiaries and their respective directors, employees, agents and consultants disclaim all liability for any loss or damage of any nature and however caused from the use of, reliance upon, or in connection with, this Website. Information and materials on this Website are provided on an "as is" basis, and Tabreed herein declares that this Website may not be complete, adequate or up-to-date and hereby disclaims any and all liability deriving therefrom. 

The materials and information on this Website that refer or relate to securities offerings by Tabreed do not constitute an offer to sell or the solicitation of an offer to buy securities as those terms are defined in the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"). The securities presented in those offerings have not been and will not be registered under the U.S. Securities Act, and may not be offered, sold or delivered within the United States or to U.S. Persons (as defined in Regulation S under the Securities Act) absent registration under the U.S. Securities Act or an applicable exemption from the registration requirements. 

The credit ratings that appear on this Website are provided for use by persons who are not retail clients (as defined for the purposes of the Corporations Act 2001 (Cth)) and must not be used otherwise. Tabreed does not intend or authorise their use, in the support of or in relation to the marketing of financial products to retail clients under any jurisdiction in any country. 

By accessing this Website, you agree to these Terms of Use.

Name Link
Tabreed Green Financing Framework Second-Party Opinion View PDF
Green Financing Framework View PDF
AED Millions 31 December 2024
Interest bearing loans & borrowings 2,045
Islamic financing arrangements 641
Non-convertible sukuks 946
Non-convertible bonds 1,824
Total gross debt 5,456
Finance lease liabilities 192
Total debt including finance lease liabilities 5,648

Tabreed has issued two $500 million USD fixed income instruments (Sukuk in Oct 2018 and Bond in Oct 2020), and established a Green Sukuk Programme in 2025 for US$ 1.5 billion.

Title Amount Profit Rate / Coupon Coupon Frequency Maturity Link to prospectus
Green Sukuk US$ 700 Million 5.279% Semi-Annual 5 March 2030 Sukuk Base Offering Circular
Bond US$ 500 million 2.5% Semi-Annual 21 October 2027 Tabreed Bond 2027 Prospectus
Sukuk US$ 500 million 5.5% Semi-Annual 31 October 2025 Tabreed Sukuk 2025 Prospectus

Since 2018, Tabreed has implemented a conservative debt policy to maintain Investment Grade Status and optimal debt structure.

Title Long-term Issuer Rating Outlook Last Update Link
Moody’s Baa3 Stable 3 April 2025 Moody’s Credit Opinion Tabreed
Fitch BBB Stable 5 March 2025 Fitch Credit Rating Tabreed