National Central Cooling Company (Tabreed) on Friday reported nine-month revenue of AED1.91 billion ($520.08 million) and net profit of AED320 million ($87.13 million).

Tabreed delivered revenue growth of 3 percent year-on-year to AED1.91 billion during the first nine months of 2026, supported by continued capacity expansion, higher fixed-capacity charges, and growth across its diversified district cooling value-chain businesses, the company said.

The company maintained resilient operational performance and strong cash generation, underpinned by its long-term contracted business model, while reported profitability reflected higher financing and operating costs associated with growth investments and its expanded operating platform.

Connected capacity increased by 15 percent year-on-year to 1.59 million Refrigeration Tons (RT) as of 30 September 2026, demonstrating continued progress in Tabreed’s long-term capacity-led growth strategy. This increase primarily reflected the contribution from the PAL Cooling acquisition, alongside 19,900 RT of organic capacity added over the preceding 12 months.

Cooling consumption volumes increased by 0.5 percent year-on-year during the first nine months of 2026, with third-quarter volumes rebounding by 3 percent compared to the same period in the previous year.

Tabreed Chairman Dr Bakheet Al Katheeri said: “Expanding our portfolio is an important part of Tabreed’s growth strategy, but equally important is how effectively we integrate new assets and translate that expansion into long-term value. With PAL Cooling now part of our wider operating platform, our focus is on ensuring that this additional scale is supported by the operational efficiency and reliability our customers have come to expect."

Dr Yousif Al Hammadi, Chief Executive Officer of Tabreed, said: “Our performance during the first nine months of 2026 reflects the strength of our underlying business and our commitment to operational excellence. The continued growth in connected capacity, alongside strong operating cash generation, demonstrates the resilience of our business model and provides a solid foundation for the next phase of growth.

“As cities and communities continue to expand, access to reliable, energy-efficient cooling becomes increasingly important. Tabreed is well positioned to meet this growing demand, drawing on the scale of our operations and our established industry leadership. We will continue to maximise the potential of our expanded portfolio and advance our operations to support sustainable urban development.”

During the first nine months of 2026, Tabreed maintained an EBITDA margin of approximately 50 percent, underscoring the resilience of its long-term contracted business model.

EBITDA reached AED955 million compared to AED972 million during the same period last year, representing a 2 percent year-on-year decline. This primarily reflected higher general and administrative expenses, driven by inflationary pressures, business development expenditure and costs associated with the expanded operating platform.

Net profit reached AED320 million, with the year-on-year movement primarily reflecting higher financing costs associated with the refinancing of existing debt and funding of growth investments, together with the initial impact of the PAL Cooling Joint Venture, where operating contributions are expected to build progressively as the business ramps up.

Tabreed continued to demonstrate strong cash-generative capabilities, with net operating cash flows increasing by approximately 20 percent year-on-year to AED882 million, compared to AED736 million during the corresponding period in 2025.