Recent Research

• 

  FIRST LOOK NOTES

  19 Feb 2026

  National Central Cooling Compa...

  BUY

  Last Closing Price

  3.03

  Target Price

  3.95

  Upside (%)

  +30.36%

  UAE Equity Research - National Central Cooling Company (Tabreed) 4Q25 - First Look Note

  Tabreed’s consumption volume decreased 1.5% YOY to 2.6 Bn RTH in 2025, due to relatively cooler weather conditions. The Company expects capacity to increase 3%-5% with an organic capex of AED 200-300 Mn and EBITDA margins of 50%-53% for the medium term from 2026-2028.

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• 

  EARNINGS CALL INSIGHT

  16 Feb 2026

  National Central Cooling Compa...

  BUY

  Last Closing Price

  3.01

  Target Price

  3.95

  Upside (%)

  +31.23%

  UAE Equity Research - National Central Cooling Company (Tabreed) 4Q25 - Earnings Call Insight

  Total connected capacity rose 18.8% YOY to 1.57 Mn RT as of 4Q25 owing to organic and inorganic expansion. Excluding the impact of inorganic expansion, the connected capacity rose 4.4% YOY in 4Q25. Consumption volume softened from 0.64 Bn refrigerated tons hour (RTh) in 4Q24 to 0.60 RTh in 4Q25.

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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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