Tabreed reports revenue growth and major strategic milestones for first nine months of 2025
ABU DHABI, UAE, 14 November 2025: National Central Cooling Company PJSC (Tabreed) said that it recorded revenue of AED 1.87 billion for the nine months ending 30 September 2025, attributing the 1% year-on-year increase to continued capacity expansion. Making the announcement through a Press Release, the company said that total connected capacity rose 4.5% year-on-year to 1.38 million refrigeration tons (RT), adding that the record organic capacity addition of 52.9k RT achieved so far in 2025 is more than double the total added during 2024.
Tabreed said its EBITDA grew 5% year-on-year to AED 975 million, explaining that the margin expanded to 52.2% due to operating leverage, scale efficiencies and sustained cost discipline. The company added that net profit for the first nine months of this year stood at AED 420 million compared to AED 425 million during the same period last year, noting that the decrease mainly reflects higher finance costs from its Green Sukuk issuance at the end of Q1 2025. Tabreed said that excluding these financing impacts and other one-off items, adjusted net profit would have increased by approximately 5% driven by EBITDA growth.
Tabreed reported that two major strategic milestones were completed in 2025. The company said that, together with CVC DIF, it acquired PAL Cooling Holding from Multiply Group for an enterprise value of AED 4.1 billion, adding approximately 600,000 RT of capacity across eight exclusive concessions in Abu Dhabi and Al Reem Island. Tabreed stated that PAL Cooling increased its connected capacity from 182,000 RT to 189,000 RT in the first nine months of 2025, raising Tabreed’s pro-forma connected capacity by about 14% to 1.57 million RT.
Tabreed added that it finalised a concession agreement with Dubai Holding Investments to supply District Cooling to Palm Jebel Ali, stating that the 250,000 RT system will be delivered through a joint venture. The company said construction began in Q3 2025 with first cooling expected in 2027. Tabreed stated that these two transactions expand its total site capacity to around 2.6 million RT, reinforcing its platform for secure and capital-efficient growth.
Tabreed reported further operational progress in 2025, stating that three new greenfield plants were commissioned during the period. The company added that it signed a long-term framework agreement with Johnson Controls to co-develop next-generation cooling technologies, including centrifugal chillers with variable-speed drives and AI-enabled performance analytics.
Dr Bakheet Al Katheeri, Chairman, Tabreed said: “Tabreed’s performance this year demonstrates the strength of our foundation and the discipline with which we continue to deliver on our growth strategy.” Tabreed added that Al Katheeri said the PAL Cooling acquisition and Palm Jebel Ali concession strengthen future earnings visibility and reinforce the company’s contribution to the UAE’s energy efficiency and sustainability goals.
Khalid Al Marzooqi, CEO, Tabreed said: “This year has been about building for the next decade; investing in capacity, technology and execution so Tabreed can grow predictably and sustainably.” Tabreed added that Al Marzooqi said the company is positioning itself to serve more customers reliably and convert today’s foundations into long-term value.
Tabreed said its financial position remains strong following the issuance of a USD 700 million Green Sukuk earlier in the year to refinance near-term maturities, adding that its Green Revolving Credit Facility was increased from AED 600 million to AED 1.2 billion while retaining the same financing terms. The company said that net debt to EBITDA stood at 4.5x as of the nine-month period, reflecting financing related to the PAL Cooling acquisition, and added that it maintains investment-grade ratings from Moody’s and Fitch.
Tabreed said shareholders approved its first-ever interim dividend of AED 184.9 million, equivalent to 6.5 fils per share, in September 2025. The company said it achieved inclusion in the MSCI Emerging Markets Small Cap Index effective 24 November 2025, stating that the milestone reflects expanding investor confidence in its strategy.
Tabreed also said that during a Board meeting it was agreed that Khalid Al Marzooqi would retire from his position as Chief Executive Officer. Tabreed quoted Dr Al Katheeri as saying: “Khalid has proved to be an exceptional leader of this company.” Tabreed added that Al Katheeri said the Board wishes him well in retirement. Tabreed further quoted Al Marzooqi as saying: “Leading Tabreed has been a privilege beyond compare.” The company said he will remain in the role until 2 January 2026, with a successor yet to be announced.