Emirates Central Cooling Systems (EMPOWER) H2 2025 earnings summary

Executive summary

• Delivered strong financial and operational performance in 2025, maintaining market leadership in district cooling with 1,963k RT contracted and 1,656k RT connected capacity, both up from December 2024.

• Supported by favorable macroeconomic trends in the UAE and Dubai, including strong GDP growth, record tourism, and a buoyant real estate market.

• Strong cash flow visibility supported by over 25 years of long-term contracted revenue and a diversified customer base.

• Maintained a disciplined approach to cost management, capital allocation, and shareholder returns.

Financial highlights

• Full-year 2025 revenue reached AED 3.42 billion, up 4.9% year-over-year; EBITDA grew 6.3% to AED 1,649m; Q4 revenue was AED 88.33 million, up 3%.

• Net profit before tax for 2025 was AED 1.1 billion, a 10.5% increase year-over-year; net profit after tax was AED 1,004m.

• EBITDA margin for 2025 was 48.21%.

• Cash and cash equivalents rose 16.5% to AED 2,255.7m; total assets increased 5.7% to AED 11,816.8m.

• One-off credit of AED 26 million from Dubai Municipality positively impacted Q4 results.

Outlook and guidance

• Projected connected capacity to reach 1.76–1.77 million refrigeration tons by end of 2026, adding 100,000–110,000 tons.

• EBITDA margin guidance for 2026 is 46%–47%, factoring in higher sewerage charges and operational efficiencies.

• Committed to annual dividend payments of AED 875 million for 2025 and 2026.

• CapEx guidance remains at AED 6,000 per connected load for new capacity.

• New agreements signed in 2025 to provide district cooling services to major developments, supporting future growth.