Abu dhabi: National Central Cooling Company PJSC (TABREED) announced its financial and operational results for the six-month period ending 30th June 2026, reporting revenue of AED1.13 billion and net profit of AED192 million.
According to Emirates News Agency, Tabreed delivered a 2 percent year-on-year revenue growth during the first half of 2026. This growth was driven by fixed capacity charges, ongoing capacity expansion, and the company's diverse presence across the district cooling business value chain. Tabreed's operational performance remained strong, enabling robust operating cash generation and healthy free cash flow conversion, further enhancing its balance sheet position.
The company saw a 15 percent year-on-year increase in connected capacity, reaching 1.58 million Refrigeration Tonnes (RT). This growth underscores Tabreed's long-term strategy, with a 4,500 RT organic capacity increase following the completion of various projects. Cooling consumption volumes reached one billion refrigeration tonne hours (RTh) during the first half of 2026, reflecting milder weather conditions compared to the previous year.
Chairman of Tabreed, Dr. Bakheet Al Katheeri, emphasized the company's essential role in national utilities infrastructure, highlighting its robust operating performance in the first half of 2026. He noted the vitality of district cooling markets and the company's long-term revenue visibility and sustainable returns for shareholders. Recent portfolio expansions, including the acquisition of Abu Dhabi's PAL Cooling with partners CVC DIF, demonstrate Tabreed's disciplined investment approach in high-quality infrastructure assets.
In H1 2026, Tabreed reported an EBITDA of AED615 million, with a margin of 55 percent. The net profit of AED192 million reflected a normalized expense base, higher financing costs post-2025 refinancing, and additional interest expenses associated with growth investments funded through acquisition-related debt.
Tabreed's net operating cash flows saw a 40 percent year-on-year increase to AED632 million, supporting ongoing investments in growth, balance sheet optimization, and shareholder returns. The company's leverage improved to a Net Debt to EBITDA ratio of 4.57x by the end of H1 2026, maintaining its investment-grade credit ratings with Moody's and Fitch.
The company boasts a strong liquidity profile, with a stable cash balance of AED661 million as of 30th June 2026, and access to an undrawn Green Revolving Credit Facility of AED1.2 billion with no near-term debt maturities. Tabreed's Board of Directors approved an interim cash dividend of 5.0 fils per share for H1 2026, representing a 74 percent net profit payout ratio, balancing healthy shareholder returns with financial flexibility for future growth investments.