Dubai, UAE — National Central Cooling Company PJSC (Tabreed) reported first-half revenue of $308 million, up 2 percent year-on-year, supported by fixed capacity charges, ongoing capacity expansion and its diversified presence across the district cooling value chain.
Net profit for the six months ended June 30 stood at $52 million.
Tabreed said its operating performance remained resilient, supporting strong operating cash generation and healthy free cash flow conversion while further strengthening its balance sheet.
Connected capacity increased 15 percent year-on-year to 1.58 million Refrigeration Tonnes (RT), while organic capacity grew by 4,500 RT following completion of various projects.
Cooling consumption reached one billion refrigeration tonne hours (RTh) during the first half, reflecting milder weather conditions compared with the same period last year.
EBITDA margin at 55 percent
Tabreed reported EBITDA of $167 million in the first half, with an EBITDA margin of 55 percent.
The company said net profit reflected a more normalised expense base, higher financing costs following its 2025 refinancing at prevailing market rates, and additional interest expense associated with growth investment funded through acquisition-related debt.
Net operating cash flows increased 40 percent year-on-year to $172 million, supporting ongoing investment in growth opportunities, balance sheet optimisation and shareholder returns.
Net debt to EBITDA improved to 4.57 times at the end of the first half.
Tabreed said it continued to maintain investment-grade credit ratings with Moody’s and Fitch.
Liquidity and dividend
Tabreed had a cash balance of $180 million as of June 30 and continued to have access to an undrawn Green Revolving Credit Facility of $327 million.
The company said it had no near-term debt maturities.
Its board approved an interim cash dividend of 5.0 fils per share for the first half of 2026, following its first such payout during 2025.
The dividend represents 74 percent of net profit and reflects the board’s continued commitment to disciplined capital allocation, balancing shareholder returns with the financial flexibility required to invest in future growth opportunities.
Portfolio expansion
Tabreed Chairman Dr Bakheet Al Katheeri said the company’s operating performance demonstrated the continuing strength of its core business and the vitality of district cooling within the markets it serves.
He said the business provides long-term revenue visibility and sustainable returns for shareholders.
Al Katheeri highlighted the company’s portfolio expansion, including its acquisition, with partners CVC DIF, of Abu Dhabi’s PAL Cooling, as well as ongoing organic growth initiatives.
He said the moves demonstrated the company’s disciplined approach to investing in high-quality infrastructure assets with long-term cash generation potential.
