Industry Revenues:

1. District Cooling: approx. 85%
2. Technical Services: approx. 10%
3. Other: approx. 5%

TOP 3 Markets:

1. United Arab Emirates: approx. 70%
2. Saudi Arabia: approx. 15%
3. Qatar: approx. 10%

The National Central Cooling Company PJSC, known as Tabreed, generates the majority of its revenues from the district cooling industry, responsible for cooling large building complexes and infrastructures. The United Arab Emirates is the main market, attributed to the strong presence and numerous projects in the region. Saudi Arabia and Qatar follow as important markets that have gained significance in recent years through strategic partnerships and expansions.

Production Sites: United Arab Emirates, Saudi Arabia, Qatar, Bahrain, Oman

National Central Cooling Company PJSC, known as Tabreed, is a leading company in the district cooling sector. The company operates its production facilities mainly in the United Arab Emirates, where its headquarters are located. In addition, Tabreed has expanded its presence in the Middle East region and also operates facilities in Saudi Arabia, Qatar, Bahrain, and Oman.

This strategic distribution of production sites enables Tabreed to serve a broad customer base and meet the growing demand for energy-efficient cooling solutions in the region.

Revenue Growth: 8.5% (2025) Net Profit Growth: 10.2% (2025)

The National Central Cooling Company PJSC, known as Tabreed, is pursuing a growth strategy focused on geographical expansion and technological innovation. The company plans to expand its market presence in the GCC countries while also entering new markets in Asia and Africa.

Another key focus is on improving energy efficiency and implementing sustainable cooling technologies. Tabreed is investing in research and development to optimize its services and reduce its CO2 footprint. This strategy aims not only to promote growth but also to strengthen the company's position as a leading provider of environmentally friendly cooling technologies.

In addition, Tabreed is leveraging strategic partnerships and acquisitions to increase its market share and capitalize on synergies. This allows the company to expand its capacities and benefit from economies of scale.

Main raw materials: Water, refrigerants, energy

Countries of origin:

• Water: Local sources in the United Arab Emirates
• Refrigerants: Imported from the USA, Germany, and China
• Energy: Local energy sources and partial imports from neighboring countries

National Central Cooling Company PJSC, known as Tabreed, is a leading company in the district cooling sector. The main raw materials required by Tabreed are water, refrigerants, and energy.

Water is mainly sourced from local springs in the United Arab Emirates to minimize transportation costs and ensure availability. Refrigerants, essential for the cooling process, are imported from various countries, including the USA, Germany, and China, to ensure the latest technologies and standards.

Energy needed to operate the cooling systems mostly comes from local energy sources. However, in some cases, energy imports from neighboring countries are also used to enhance supply security and optimize costs.

Market Share in the Middle East: Over 20% (2026, estimated)
Number of Cooling Plants: 86 (2025)
Total Capacity: Over 1.4 million tons of cooling (2025)

National Central Cooling Company PJSC, known as Tabreed, has established itself as a leading provider of district cooling in the Middle East. The significant market share of over 20% in the region demonstrates the company's strong market position. This position is supported by the large number of cooling plants and the impressive total capacity of over 1.4 million tons of cooling.

Tabreed benefits from long-term contracts with major infrastructure projects and urban developments, ensuring a stable and predictable cash flow. The strategic partnership with Mubadala Investment Company and other significant investors further strengthens financial stability and enables investments in new technologies and expansions.

Tabreed's competitive advantage lies in its established infrastructure, technological expertise, and ability to offer cost-effective and environmentally friendly cooling solutions. This positions the company well to benefit from the growing demand for sustainable cooling solutions in the region.

Institutional Investor Share: 70% (estimated, 2026)
Insider Buys/Sells: No significant transactions reported (2026)

The institutional investor share in National Central Cooling Company PJSC is estimated to be around 70%. This demonstrates the confidence of institutional investors in the company and its market position in the cooling industry.

Regarding insider buys or sells, no significant transactions are known for the year 2026. This could indicate that the management and other insiders currently do not expect any significant changes in the company's valuation or strategy.

Market share of Tabreed: 25% (estimated for 2026)

Main competitors and their market shares:

1. Emirates Central Cooling Systems Corporation (Empower): 30%
2. Qatar Cool: 15%
3. Saudi Tabreed: 10%
4. Marafeq Qatar: 8%
5. Bahrain District Cooling Company (Tabreed Bahrain): 5%
6. Other smaller providers: 7%

Tabreed's economic moat:

Tabreed has a significant economic moat due to its established market presence and long-standing experience in district cooling. The company benefits from long-term contracts with major real estate developers and government entities, ensuring stable revenues. Additionally, Tabreed has invested in innovative technologies in recent years to enhance the efficiency of its cooling systems, leading to cost savings and an improved competitive position.

In comparison to its competitors, Empower has a similar economic moat as it also has a strong network and significant partnerships. While Qatar Cool and Saudi Tabreed are important players, they do not have the same geographical reach and contract stability as Tabreed and Empower.

Overall, Tabreed has a strong, though not insurmountable, economic moat. The competition is fierce, especially from Empower, which could even be superior in some areas. Nevertheless, through its strategic investments and partnerships, Tabreed remains a leading provider in the market.

Revenue Growth: 8.5% (2025) EBITDA Margin: 45% (2025) Net Debt to EBITDA Ratio: 1.2 (2025)

The National Central Cooling Company PJSC, known as Tabreed, recorded a revenue growth of 8.5% in 2025. This indicates solid demand for their district cooling services. The EBITDA margin of 45% demonstrates strong operational efficiency and cost control capabilities, which are attractive to investors.

The net debt to EBITDA ratio of 1.2 suggests that the company has moderate debt levels, allowing it to invest in growth projects without being excessively risky. This is particularly important in a capital-intensive industry like district cooling.

Furthermore, Tabreed has pursued strategic partnerships and expansions into new markets in recent years, further enhancing its future growth potential. Taken together, these factors make the stock a potentially good investment, provided that market conditions remain stable and the company achieves its strategic objectives.

Dividend Yield: 4.5% (2025) Dividend History: Continuous payout since 2010

National Central Cooling Company PJSC, known as Tabreed, has pursued a consistent dividend policy in recent years. The dividend yield of 4.5% in 2025 indicates an attractive payout for investors, especially when compared to other companies in the same industry.

Tabreed has a solid financial foundation and demonstrates a reliable dividend history, suggesting that the company will continue to strive to provide its shareholders with a stable dividend in the future. The continuous payout since 2010 underscores the company's commitment to maximizing shareholder value.