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
Operating Summary
Revenue	2.46B	2.43B	2.42B	2.22B	1.96B
Operating Income	791.85M	793.08M	805.74M	801.90M	623.18M
Interest Income	30.56M	40.89M	60.54M	21.71M	2.69M
Interest Expense	-260.04M	-215.26M	-264.62M	-289.44M	-257.71M
Pretax Income	547.04M	662.28M	785.35M	633.41M	534.06M
Income Tax	51.14M	59.52M	358.80M	—	—
Net Income	465.34M	570.22M	431.14M	600.19M	585.16M
EBITDA	1.11B	1.11B	1.12B	1.10B	0.87B
Utility Operating Expenses	1.66B	1.64B	1.61B	1.41B	1.33B
EPS (Basic)	0.16	0.20	0.15	0.21	0.21
EPS (Diluted)	0.16	0.20	0.15	0.21	0.21
DPS	0.13	0.16	0.16	0.14	0.06
Margins & Efficiency
EBITDA Margin %	+45.2%	+45.6%	+46.3%	+49.5%	+44.6%
Net Margin %	+18.9%	+23.5%	+17.8%	+27.1%	+29.9%
Revenue & Income
Revenue	2.46B	2.43B	2.42B	2.22B	1.96B
Revenue Growth (YoY)	+1.0%	+0.7%	+9.0%	+13.4%	+12.3%
Interest Income	30.56M	40.89M	60.54M	21.71M	2.69M
Income (Loss) on Equity Investments	2.25M	37.60M	34.92M	29.61M	35.67M
Gain (Loss) on Sale of Assets	—	—	84.24M	—	—
Gain (Loss) on Sale of Investments	—	—	49.15M	—	251.01M
Expenses & Provisions
Selling, General & Admin	285.16M	281.73M	272.45M	245.17M	246.55M
Total Operating Expenses	1.66B	1.64B	1.61B	1.41B	1.33B
Interest Expense	-260.04M	-215.26M	-264.62M	-289.44M	-257.71M
Other Non-Operating Income (Expenses)	-17.59M	5.97M	36.19M	69.64M	-120.78M
Provision for Bad Debts	0.87M	2.48M	3.90M	-8.83M	1.10M
D&A For EBITDA	317.50M	314.85M	311.92M	296.00M	249.76M
Profitability & Returns
EBIT	791.85M	793.08M	805.74M	801.90M	623.18M
EBIT Margin	+32.2%	+32.6%	+33.4%	+36.2%	+31.9%
EBITDA	1.11B	1.11B	1.12B	1.10B	0.87B
EBITDA Margin	+45.2%	+45.6%	+46.3%	+49.5%	+44.7%
EBT Excluding Unusual Items	547.04M	662.28M	672.77M	633.41M	283.05M
Pretax Income	547.04M	662.28M	785.35M	633.41M	534.06M
Operating Income	791.85M	793.08M	805.74M	801.90M	623.18M
Profit Margin	+18.9%	+23.5%	+17.8%	+27.1%	+29.9%
Net Income	465.34M	570.22M	431.14M	600.19M	585.16M
Net Income to Common	465.34M	570.22M	431.14M	600.19M	585.16M
Net Income to Company	495.90M	602.75M	426.56M	633.41M	610.75M
Net Income Growth	-18.4%	+32.3%	-28.2%	+2.6%	+6.3%
Earnings From Continuing Ops.	495.90M	602.75M	426.56M	633.41M	534.06M
Earnings From Discontinued Ops.	—	—	—	—	76.68M
Minority Interest in Earnings	-30.56M	-32.53M	4.58M	-33.22M	-25.59M
Income Tax Expense	51.14M	59.52M	358.80M	—	—
Effective Tax Rate	+9.3%	+9.0%	+45.7%	—	—
Net Interest Expense	-229.48M	-174.37M	-204.08M	-267.74M	-255.02M
Per Share & Capital
EPS (Basic)	0.16	0.20	0.15	0.21	0.21
EPS (Diluted)	0.16	0.20	0.15	0.21	0.21
EPS Growth	-18.3%	+32.3%	-28.2%	+2.6%	+6.1%
Dividend Per Share	0.13	0.16	0.16	0.14	0.06
Shares Change (YoY)	-0	0	—	—	0
Shares Outstanding (Basic)	2.84B	2.84B	2.84B	2.84B	2.84B
Shares Outstanding (Diluted)	2.84B	2.84B	2.84B	2.84B	2.84B
Dividend Growth	-16.1%	—	+14.8%	+130.0%	+6.7%
Free Cash Flow	0.82B	0.97B	1.10B	1.17B	1.13B
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
Payout Ratio	+134.4%	+77.3%	+89.0%	+27.7%	+26.7%
Supplemental
Other Operating Expenses	1.38B	1.35B	1.33B	1.18B	1.08B
Other Unusual Items	—	—	-20.80M	—	—

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
Operating Summary
Revenue	2.46B	2.43B	2.42B	2.22B	1.96B
Operating Income	791.85M	793.08M	805.74M	801.90M	623.18M
Interest Income	30.56M	40.89M	60.54M	21.71M	2.69M
Interest Expense	-260.04M	-215.26M	-264.62M	-289.44M	-257.71M
Pretax Income	547.04M	662.28M	785.35M	633.41M	534.06M
Income Tax	51.14M	59.52M	358.80M	—	—
Net Income	465.34M	570.22M	431.14M	600.19M	585.16M
EBITDA	1.11B	1.11B	1.12B	1.10B	0.87B
Utility Operating Expenses	1.66B	1.64B	1.61B	1.41B	1.33B
EPS (Basic)	0.16	0.20	0.15	0.21	0.21
EPS (Diluted)	0.16	0.20	0.15	0.21	0.21
DPS	0.13	0.16	0.16	0.14	0.06
Margins & Efficiency
EBITDA Margin %	+45.2%	+45.6%	+46.3%	+49.5%	+44.6%
Net Margin %	+18.9%	+23.5%	+17.8%	+27.1%	+29.9%
Revenue & Income
Revenue	2.46B	2.43B	2.42B	2.22B	1.96B
Revenue Growth (YoY)	+1.0%	+0.7%	+9.0%	+13.4%	+12.3%
Interest Income	30.56M	40.89M	60.54M	21.71M	2.69M
Income (Loss) on Equity Investments	2.25M	37.60M	34.92M	29.61M	35.67M
Gain (Loss) on Sale of Assets	—	—	84.24M	—	—
Gain (Loss) on Sale of Investments	—	—	49.15M	—	251.01M
Expenses & Provisions
Selling, General & Admin	285.16M	281.73M	272.45M	245.17M	246.55M
Total Operating Expenses	1.66B	1.64B	1.61B	1.41B	1.33B
Interest Expense	-260.04M	-215.26M	-264.62M	-289.44M	-257.71M
Other Non-Operating Income (Expenses)	-17.59M	5.97M	36.19M	69.64M	-120.78M
Provision for Bad Debts	0.87M	2.48M	3.90M	-8.83M	1.10M
D&A For EBITDA	317.50M	314.85M	311.92M	296.00M	249.76M
Profitability & Returns
EBIT	791.85M	793.08M	805.74M	801.90M	623.18M
EBIT Margin	+32.2%	+32.6%	+33.4%	+36.2%	+31.9%
EBITDA	1.11B	1.11B	1.12B	1.10B	0.87B
EBITDA Margin	+45.2%	+45.6%	+46.3%	+49.5%	+44.7%
EBT Excluding Unusual Items	547.04M	662.28M	672.77M	633.41M	283.05M
Pretax Income	547.04M	662.28M	785.35M	633.41M	534.06M
Operating Income	791.85M	793.08M	805.74M	801.90M	623.18M
Profit Margin	+18.9%	+23.5%	+17.8%	+27.1%	+29.9%
Net Income	465.34M	570.22M	431.14M	600.19M	585.16M
Net Income to Common	465.34M	570.22M	431.14M	600.19M	585.16M
Net Income to Company	495.90M	602.75M	426.56M	633.41M	610.75M
Net Income Growth	-18.4%	+32.3%	-28.2%	+2.6%	+6.3%
Earnings From Continuing Ops.	495.90M	602.75M	426.56M	633.41M	534.06M
Earnings From Discontinued Ops.	—	—	—	—	76.68M
Minority Interest in Earnings	-30.56M	-32.53M	4.58M	-33.22M	-25.59M
Income Tax Expense	51.14M	59.52M	358.80M	—	—
Effective Tax Rate	+9.3%	+9.0%	+45.7%	—	—
Net Interest Expense	-229.48M	-174.37M	-204.08M	-267.74M	-255.02M
Per Share & Capital
EPS (Basic)	0.16	0.20	0.15	0.21	0.21
EPS (Diluted)	0.16	0.20	0.15	0.21	0.21
EPS Growth	-18.3%	+32.3%	-28.2%	+2.6%	+6.1%
Dividend Per Share	0.13	0.16	0.16	0.14	0.06
Shares Change (YoY)	-0	0	—	—	0
Shares Outstanding (Basic)	2.84B	2.84B	2.84B	2.84B	2.84B
Shares Outstanding (Diluted)	2.84B	2.84B	2.84B	2.84B	2.84B
Dividend Growth	-16.1%	—	+14.8%	+130.0%	+6.7%
Free Cash Flow	0.82B	0.97B	1.10B	1.17B	1.13B
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
Payout Ratio	+134.4%	+77.3%	+89.0%	+27.7%	+26.7%
Supplemental
Other Operating Expenses	1.38B	1.35B	1.33B	1.18B	1.08B
Other Unusual Items	—	—	-20.80M	—	—