TABREED

National Central Cooling Co. (P.S.C.) (Tabreed)

TABREEDStocksDubai Financial MarketUtilities

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (AED)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	1.00B	1.19B	1.29B	1.36B	1.32B
Free Cash Flow	0.82B	0.97B	1.10B	1.17B	1.13B
Capital Expenditures	-186.49M	-216.68M	-180.37M	-184.44M	-188.61M
Investing & Financing
Investing Cash Flow	-1.29B	-0.18B	-0.05B	-0.21B	-0.98B
Financing Cash Flow	-0.08B	-1.50B	-1.49B	-0.56B	-0.46B
Dividends Paid	-625.31M	-441.02M	-383.67M	-166.35M	-156.14M
Operating Activities
Operating Cash Flow	1.00B	1.19B	1.29B	1.36B	1.32B
Net Income	465.34M	570.22M	431.14M	600.19M	585.16M
Change in Accounts Payable	-135.25M	-66.86M	84.25M	92.30M	-30.77M
Change in Accounts Receivable	-61.95M	1.05M	6.18M	47.51M	295.32M
Change in Inventory	-10.76M	-4.50M	-9.66M	-9.19M	-7.23M
Change in Working Capital	-207.96M	-70.31M	80.76M	130.62M	257.31M
Other Operating Activities	28.22M	12.34M	245.03M	54.21M	2.77M
Depreciation & Amortization	350.40M	345.92M	341.59M	319.86M	273.17M
Other Amortization	10.19M	14.24M	20.23M	20.93M	15.98M
Gw Intang Amort CF Utility	108.44M	112.18M	102.65M	103.84M	61.39M
Depamor CF Utility	241.96M	233.74M	238.95M	216.02M	211.79M
Cash Interest Paid	236.23M	199.71M	226.18M	271.56M	243.28M
Cash Income Tax Paid	62.73M	—	—	—	—
Net Cash from Discontinued Operations	—	—	—	—	51.95M
Loss (Gain) on Equity Investments	-2.25M	-37.60M	-34.92M	-29.61M	-35.67M
Investing Activities
Investing Cash Flow	-1.29B	-0.18B	-0.05B	-0.21B	-0.98B
Capital Expenditures	-186.49M	-216.68M	-180.37M	-184.44M	-188.61M
Capital Expenditures	-186.49M	-216.68M	-180.37M	-184.44M	-188.61M
Cash Acquisitions	—	—	—	0.01B	-1.21B
Divestitures	—	—	68.07M	-10.60M	—
Investment in Securities	-1.18B	0.02B	—	-0.05B	0.41B
Other Investing Activities	84.02M	62.16M	56.87M	28.52M	17.58M
Sale (Purchase) of Intangibles	-6.11M	-40.06M	—	—	—
Sale of Property, Plant & Equipment	—	—	1.46M	—	—
Loss (Gain) on Sale of Assets	—	—	-148.77M	-69.64M	-110.23M
Loss (Gain) on Sale of Investments	—	—	—	—	-51.95M
Financing Activities
Financing Cash Flow	-0.08B	-1.50B	-1.49B	-0.56B	-0.46B
Common Dividends Paid	-625.31M	-441.02M	-383.67M	-166.35M	-156.14M
Long-Term Debt Issued	5.28B	0.10B	—	—	0.05B
Long-Term Debt Repaid	-4.45B	-0.92B	-0.84B	-0.08B	-0.07B
Net Debt Issued (Repaid)	830.23M	-818.22M	-835.80M	-78.01M	-20.38M
Other Financing Activities	-282.17M	-239.65M	-275.14M	-320.19M	-278.91M
Free Cash Flow & Returns
Free Cash Flow	0.82B	0.97B	1.10B	1.17B	1.13B
Free Cash Flow Growth	-16.1%	-12.0%	-5.6%	+3.8%	+115.6%
Free Cash Flow Margin	+33.2%	+40.0%	+45.7%	+52.8%	+57.7%
Free Cash Flow Per Share	0.29	0.34	0.39	0.41	0.40
Levered Free Cash Flow	0.36B	0.53B	0.74B	0.23B	1.04B
Unlevered Free Cash Flow	0.51B	0.66B	0.89B	0.39B	1.18B
Operating Cash Flow Growth	-15.7%	-7.5%	-5.2%	+2.9%	+109.2%
Net Cash Flow	-367.79M	-487.03M	-263.50M	576.03M	-115.62M

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (AED)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	1.00B	1.19B	1.29B	1.36B	1.32B
Free Cash Flow	0.82B	0.97B	1.10B	1.17B	1.13B
Capital Expenditures	-186.49M	-216.68M	-180.37M	-184.44M	-188.61M
Investing & Financing
Investing Cash Flow	-1.29B	-0.18B	-0.05B	-0.21B	-0.98B
Financing Cash Flow	-0.08B	-1.50B	-1.49B	-0.56B	-0.46B
Dividends Paid	-625.31M	-441.02M	-383.67M	-166.35M	-156.14M
Operating Activities
Operating Cash Flow	1.00B	1.19B	1.29B	1.36B	1.32B
Net Income	465.34M	570.22M	431.14M	600.19M	585.16M
Change in Accounts Payable	-135.25M	-66.86M	84.25M	92.30M	-30.77M
Change in Accounts Receivable	-61.95M	1.05M	6.18M	47.51M	295.32M
Change in Inventory	-10.76M	-4.50M	-9.66M	-9.19M	-7.23M
Change in Working Capital	-207.96M	-70.31M	80.76M	130.62M	257.31M
Other Operating Activities	28.22M	12.34M	245.03M	54.21M	2.77M
Depreciation & Amortization	350.40M	345.92M	341.59M	319.86M	273.17M
Other Amortization	10.19M	14.24M	20.23M	20.93M	15.98M
Gw Intang Amort CF Utility	108.44M	112.18M	102.65M	103.84M	61.39M
Depamor CF Utility	241.96M	233.74M	238.95M	216.02M	211.79M
Cash Interest Paid	236.23M	199.71M	226.18M	271.56M	243.28M
Cash Income Tax Paid	62.73M	—	—	—	—
Net Cash from Discontinued Operations	—	—	—	—	51.95M
Loss (Gain) on Equity Investments	-2.25M	-37.60M	-34.92M	-29.61M	-35.67M
Investing Activities
Investing Cash Flow	-1.29B	-0.18B	-0.05B	-0.21B	-0.98B
Capital Expenditures	-186.49M	-216.68M	-180.37M	-184.44M	-188.61M
Capital Expenditures	-186.49M	-216.68M	-180.37M	-184.44M	-188.61M
Cash Acquisitions	—	—	—	0.01B	-1.21B
Divestitures	—	—	68.07M	-10.60M	—
Investment in Securities	-1.18B	0.02B	—	-0.05B	0.41B
Other Investing Activities	84.02M	62.16M	56.87M	28.52M	17.58M
Sale (Purchase) of Intangibles	-6.11M	-40.06M	—	—	—
Sale of Property, Plant & Equipment	—	—	1.46M	—	—
Loss (Gain) on Sale of Assets	—	—	-148.77M	-69.64M	-110.23M
Loss (Gain) on Sale of Investments	—	—	—	—	-51.95M
Financing Activities
Financing Cash Flow	-0.08B	-1.50B	-1.49B	-0.56B	-0.46B
Common Dividends Paid	-625.31M	-441.02M	-383.67M	-166.35M	-156.14M
Long-Term Debt Issued	5.28B	0.10B	—	—	0.05B
Long-Term Debt Repaid	-4.45B	-0.92B	-0.84B	-0.08B	-0.07B
Net Debt Issued (Repaid)	830.23M	-818.22M	-835.80M	-78.01M	-20.38M
Other Financing Activities	-282.17M	-239.65M	-275.14M	-320.19M	-278.91M
Free Cash Flow & Returns
Free Cash Flow	0.82B	0.97B	1.10B	1.17B	1.13B
Free Cash Flow Growth	-16.1%	-12.0%	-5.6%	+3.8%	+115.6%
Free Cash Flow Margin	+33.2%	+40.0%	+45.7%	+52.8%	+57.7%
Free Cash Flow Per Share	0.29	0.34	0.39	0.41	0.40
Levered Free Cash Flow	0.36B	0.53B	0.74B	0.23B	1.04B
Unlevered Free Cash Flow	0.51B	0.66B	0.89B	0.39B	1.18B
Operating Cash Flow Growth	-15.7%	-7.5%	-5.2%	+2.9%	+109.2%
Net Cash Flow	-367.79M	-487.03M	-263.50M	576.03M	-115.62M