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  • November 15, 2026

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Tabreed Reports AED1.91 Billion Revenue for Nine Months Ending September 2026

Abu Dhabi:National Central Cooling Company PJSC, known as Tabreed, has announced its financial and operational results for the nine-month period ending September 30, 2026. The company reported a revenue of AED1.91 billion and a net profit of AED320 million.

According to Emirates News Agency, the revenue for Tabreed increased by 3 percent year-on-year due to continued capacity expansion, higher fixed-capacity charges, and growth across its district cooling value-chain businesses. The company maintained a resilient operational performance and strong cash generation, despite higher financing and operating costs linked to growth investments and an expanded operating platform.

The connected capacity of Tabreed increased by 15 percent year-on-year to 1.59 million Refrigeration Tons (RT) by September 30, 2026. This growth was primarily driven by the acquisition of PAL Cooling and the addition of 19,900 RT of organic capacity over the previous 12 months. Cooling consumption volumes saw a 0.5 percent year-on-year increase during this period, with a 3 percent rebound in the third quarter compared to the previous year.

Dr. Bakheet Al Katheeri, Chairman of Tabreed, emphasized the importance of integrating new assets effectively to create long-term value. Dr. Yousif Al Hammadi, CEO of Tabreed, highlighted the company's strong performance and operational excellence, noting that the growth in connected capacity and strong cash generation underscore the resilience of Tabreed's business model.

Tabreed reported an EBITDA margin of approximately 50 percent for the first nine months of 2026. EBITDA decreased slightly by 2 percent year-on-year to AED955 million, primarily due to higher general and administrative expenses. Net profit was impacted by higher financing costs related to debt refinancing and growth investments, as well as the initial impact of the PAL Cooling Joint Venture.

The company demonstrated strong cash-generative capabilities, with net operating cash flows increasing by 20 percent year-on-year to AED882 million. Tabreed maintained investment-grade credit ratings and a healthy balance sheet, with a Net Debt to EBITDA ratio of 4.6x. In September 2026, Tabreed paid an interim cash dividend of 5.0 fils per share for the first half of 2026, marking a payout ratio of 74 percent of H1 net profit.

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