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Emirates Central Cooling Systems (EMPOWER) investor relations material
Emirates Central Cooling Systems Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 and 9M 2025 saw continued growth in revenue and profit, supported by capacity expansion, operational efficiency, and robust market leadership in district cooling, with connected capacity reaching 1.628 million RT and contracted capacity at 1.92 million RT.
The company maintains a long-term, diversified customer base of over 152,000, with 25+ years of contracted revenue, providing strong cash flow visibility.
117 new agreements were signed in 2025, including major deals with DMCC and Wasl Group, expanding the contracted capacity.
Strategic focus remains on sustainable growth, cash generation, and delivering long-term shareholder value.
Two dividends of AED 437.5 million each were declared and paid in 2025.
Financial highlights
Q3 2025 revenue reached AED 1.133 billion, up 3% year-over-year; nine-month revenue was AED 2.586 billion, up 5.5%.
Q3 net profit before tax was AED 315 million, up 8.1% year-over-year; nine-month net profit attributable to equity holders was AED 681.1 million, up 5.5%.
EBITDA for Q3 was AED 450 million; nine-month EBITDA was AED 1.169 billion, up 4%.
Gross margin for nine months was 41.1%, with net profit margin after tax at 26.6%.
Cash and cash equivalents increased to AED 2,284 million as of September 2025.
Outlook and guidance
Connected capacity projected to reach 1.73–1.75 million RT by 2026, with expected additions of 97,000–122,000 RT, supported by new agreements.
Guidance for 2025 EBITDA margin is 46%, expected to rise to 47% in 2026 with improved TSE availability.
CapEx guidance for 2025 is AED 5.5–6 billion, with potential upside if connections accelerate.
Dividend policy updated to AED 875 million per year for 2025 and 2026, with interim and final dividends of AED 437.5 million each paid in 2025.
Management is monitoring the impact of new and upcoming IFRS standards, with no material changes expected.
TSE availability recovery timeline and margin boost?
How to mitigate consumption revenue volatility?
What is the status of the pass-through resolution?
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Next Emirates Central Cooling Systems earnings date
H2 202511 Feb, 2026
Next Emirates Central Cooling Systems earnings date
H2 202511 Feb, 2026
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Frequently asked questions
Emirates Central Cooling Systems Corporation (Empower) is a leading provider of district cooling services in Dubai. Established in 2003, the company offers efficient and environmentally friendly cooling solutions for residential, commercial, and industrial sectors. Empower's services involve the production and distribution of chilled water through an underground network, providing a cost-effective and energy-efficient cooling option. The company operates through two main segments: Chilled Water, which covers the entire lifecycle of district cooling systems from construction to maintenance, and Pre-Insulated Pipe, which focuses on the infrastructure necessary for these systems. Empower is headquartered in Dubai, United Arab Emirates, and its shares are listed on the Dubai Stock Exchange.
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