Recent Research

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  FIRST LOOK NOTES

  18 Nov 2025

  National Central Cooling Compa...

  BUY

  Last Closing Price

  3.15

  Target Price

  3.95

  Upside (%)

  +25.40%

  UAE Equity Research - National Central Cooling Company (Tabreed) 3Q25 - First Look Note

  Tabreed completed the acquisition of PAL Cooling Holding for an enterprise value of AED 4.1 Bn, adding c. 600k RT of capacity across eight exclusive concessions on Abu Dhabi’s main island and Al Reem Island.

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• 

  EARNINGS CALL INSIGHT

  17 Nov 2025

  National Central Cooling Compa...

  BUY

  Last Closing Price

  3.15

  Target Price

  3.95

  Upside (%)

  +25.40%

  UAE Equity Research - National Central Cooling Company (Tabreed) 3Q25 - Earnings Call Insight

  Total connected capacity rose 4.5% YOY to 1.38 Mn RT as of 3Q25. It added a capacity of 52.9k RT during 9M25. Consumption volume declined from 1.02 RTh in 3Q24 to 1.00 RTh in 3Q25, due to mild weather. Revenue declined marginally by 0.7% YOY to AED 759 Mn in 3Q25 due to a decline in consumption revenue owing to mild weather, partially offset by an increase in fixed revenue.

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• 

  FIRST LOOK NOTES

  12 Aug 2025

  National Central Cooling Compa...

  BUY

  Last Closing Price

  2.93

  Target Price

  3.95

  Upside (%)

  +34.81%

  UAE Equity Research - National Central Cooling Company (Tabreed) 2Q25 - First Look Note

  Tabreed commissioned three new greenfield plants in the UAE and Saudi Arabia, along with incremental capacity expansions within existing concessions such as Yas Island, adding 41.6 KRT in 1H25. Tabreed maintains 3-5% YOY annual organic capacity growth guidance through 2027, with AED 200–300 Mn annual capex and stable EBITDA margins of 50-53%, excluding major M&A contributions like PAL Cooling.

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• 

  EARNINGS CALL INSIGHT

  11 Aug 2025

  National Central Cooling Compa...

  BUY

  Last Closing Price

  2.92

  Target Price

  3.95

  Upside (%)

  +35.27%

  UAE Equity Research - National Central Cooling Company (Tabreed) 2Q25 - Earnings Call Insight

  Achieved a total connected capacity of 1.37 Mn RTs as of 2Q25, supported by record organic additions of over 37K RTs during 2Q25. Consumption volume rose 8% YOY in 2Q25, recovering from weather-related weakness in 1Q25 and benefitting from both new capacity and growing demand across the network.

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  EARNINGS CALL INSIGHT

  02 Jul 2025

  National Central Cooling Compa...

  BUY

  Last Closing Price

  2.79

  Target Price

  3.95

  Upside (%)

  +41.58%

  UAE Equity Research - National Central Cooling Company (Tabreed) - PAL Cooling Acquisition Insight

  Tabreed and CVC DIF are jointly acquiring PAL Cooling at an enterprise value of AED 4.1 Bn, with each partner holding a 50% stake through a newly formed joint venture. The transaction will be funded through a combination of equity and debt. Tabreed will contribute AED 1.2 Bn in equity, with the remaining amount financed through project-level debt.

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• 

  FIRST LOOK NOTES

  16 May 2025

  National Central Cooling Compa...

  BUY

  Last Closing Price

  2.66

  Target Price

  3.95

  Upside (%)

  +48.50%

  UAE Equity Research - National Central Cooling Company (Tabreed) 1Q25 - First Look Note

  Tabreed signed a concession agreement in partnership with Dubai Holding Investments to establish a concession capacity of 250,000 RT in Palm Jebel Ali, with a total project capex of AED 1.5 Bn funded through internal cash accruals.

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