Recent Research

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  FIRST LOOK NOTES

  18 Aug 2026

  National Central Cooling Compa...

  BUY

  Last Closing Price

  2.44

  Target Price

  3.65

  Upside (%)

  +49.59%

  UAE Equity Research - National Central Cooling Company (Tabreed) 2Q26 - First Look Note

  Net debt to EBITDA stood at 4.57x in 1H26, compared to 4.61x in 2025. Connected capacity increased 15.5% YOY to 1.58 Mn RT in 1H26, supported by organic and inorganic expansion, including the PAL Cooling acquisition.

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  EARNINGS CALL INSIGHT

  12 Aug 2026

  National Central Cooling Compa...

  BUY

  Last Closing Price

  2.42

  Target Price

  3.65

  Upside (%)

  +50.83%

  UAE Equity Research - National Central Cooling Company (Tabreed) 2Q26 - Earnings Call Insight

  Revenue remained broadly stable at AED 642 Mn in 2Q26 compared to 2Q25, as higher Value Chain Business revenue offset the decline in Supply of Chilled Water revenue.

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• 

  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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