National Central Cooling Company (TABREED) investor relations material

Executive summary

• 9M 2026 revenue was AED 1,914.243m, up 3% YoY; EBITDA was AED 955m, down 2%, and net profit to parent was AED 320m, down 24%.

• Connected capacity rose 15% YoY to 1.59m RT, including PAL Cooling acquisition capacity; excluding M&A, growth was 1.4%.

• Operating cash flow increased 20% YoY to AED 882.226m, with 92% cash conversion; net debt was AED 5.8bn and net debt/EBITDA was 4.6x.

Financial highlights

• 9M revenue increased 3% YoY to AED 1,914.243m; gross profit rose 1% to AED 820.588m, while operating profit fell 6% to AED 579.176m.

• 9M EBITDA was AED 955m, down 2% YoY, with a 49.9% margin versus 52.1%; Q3 EBITDA was AED 340m, down 1%, at a 43.2% margin.

• 9M net profit to parent fell 24% to AED 320m; normalized net profit was AED 322m, down 24%. Profit for the period was AED 348.589m versus AED 444.397m.

• Q3 revenue was AED 786.535m vs AED 757.215m; operating profit declined to AED 213.737m from AED 224.542m, and profit for the period fell to AED 140.941m from AED 153.332m.

• Net finance cost rose 36% YoY to AED 212m in 9M; reported finance costs were AED 227.152m vs AED 183.724m, reflecting refinancing and increased borrowings.

Outlook and guidance

• Organic capacity growth guidance: ~1% in 2026 and 3%–5% p.a. in 2027–28; timing may vary with customer construction, handover and connection schedules.

• Organic capex guidance is AED 200m–300m p.a., excluding potential uncommitted projects; guidance may be updated as material opportunities progress.

• Maintain investment-grade credit rating; capital deployment to be phased with project progress and assessed against long-term value and cash generation.

• First Palm Jebel Ali connection is expected in 2028; construction and procurement are underway, with capex aligned to development progress.