National Central Cooling Co.

Sean Magee, Secretary of the Board of Directors, informs H.E. Waleed Saeed Abdul Salam Al Awadhi, CEO of the Securities & Commodities Authority in Abu Dhabi, and H.E. Hamid Ali, CEO of the Dubai Financial Market, about Tabreed's acquisition of PAL Cooling Holding LLC. The acquisition involves a newly formed joint venture between Tabreed and DIF Infra 7 Participations 8 B.V., each owning 50%. The enterprise value of the transaction is approximately AED 4.1 billion, with an equity value of AED 3.8 billion, pending regulatory approvals. PAL Cooling Holding LLC fully owns eight subsidiary companies operating five district cooling plants under long-term agreements, with additional plants under development in Abu Dhabi. Further details are provided in attached forms, and contact is encouraged for more information.

Tabreed and CVC DIF have partnered to acquire PAL Cooling Holding from Multiply Group for approximately AED 3.8 billion. The acquisition includes eight long-term concessions serviced by five district cooling plants in Abu Dhabi, with significant growth potential to reach an operational connected load of around 600,000 refrigeration tons. PAL Cooling, established in 2006, is a key player in the UAE district cooling market, with partnerships with major developers like Aldar Properties. The acquisition aligns with Tabreed's strategic goals to support Abu Dhabi's real estate projects and meet the increasing demand for sustainable cooling. CVC DIF highlighted PAL Cooling's long-term contracts in a rapidly growing urban environment. The deal is pending regulatory approvals.

The UAE Ministry of Defence, in collaboration with Tabreed and Emerge, has completed a project to integrate solar energy into two district cooling plants in Abu Dhabi. This initiative, part of a partnership agreement signed in March 2024, involves the installation of approximately 4,000 solar panels, providing 2.4 megawatts of clean electricity to the cooling plants. The project aims to reduce reliance on the electricity grid during peak times and cut CO2 emissions by over 2,600 tons annually. This move aligns with the UAE Armed Forces Climate Change Strategy to reduce carbon emissions. Tabreed's CEO emphasized the company's commitment to sustainability and diversifying its energy mix, while Emerge highlighted the growing trend of distributed solar solutions in the UAE.

The National Central Cooling Company (Tabreed) held an earnings call on 14 May 2025 at 3 PM to discuss its financial results for the period ending on 31 March 2025. The documents related to this earnings call are available on the company's website under the Investor Relations section. The communication is addressed to Dr. Maryam Butti Al Suwaidi, CEO of the Securities & Commodities Authority in Abu Dhabi, and Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market, from Sean Magee, the Company Secretary.

Tabreed, a leading district cooling company, reported its Q1 2025 financial results, showing increases in both EBITDA and net profit compared to Q1 2024. EBITDA rose by 4% to AED 283 million with a margin of 61%, while net profit after tax grew by 3% to AED 115 million. Key developments included raising USD 700 million through a Green Sukuk, which helped refinance debt and improve the balance sheet by converting short-term debt to long-term maturities and reducing net debt by 3%. Additionally, Tabreed announced a significant concession agreement with Dubai Holding Investments to provide district cooling services to Palm Jebel Ali, requiring an investment of AED 1.5 billion. This deal is the largest in the company's history, representing a major milestone. Shareholders also approved a cash dividend of 15.5 fils per share for 2024, yielding 5.6% at the current share price.

On 13 May 2025, the Board of Directors of the National Central Cooling Company PJSC, also known as "Tabreed," held a meeting. During this meeting, the board approved the unaudited interim financial accounts for the period ending 31 March 2025. They also agreed to release these accounts and a press release to the Securities and Commodities Authority and the Dubai Financial Market. The meeting was conducted in accordance with the Disclosure and Transparency Regulations.

The National Central Cooling Company (Tabreed) will hold an earnings call on 14th May 2025 at 3:00 pm to discuss the financial results for the period ending 31st March 2025. The communication is addressed to H.E. Waleed Saeed Abdul Salam Al Awadhi, CEO of the Securities & Commodities Authority in Abu Dhabi, and Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market. The notice is signed by Sean Magee, the Company Secretary.

On May 8, 2025, a notification was issued regarding a board meeting for the National Central Cooling Company (PJSC) scheduled for May 13, 2025, at 11:30 AM. The meeting will focus on reviewing the company's financial results for the first quarter ending March 31, 2025, and discussing the company's business operations. This notification is in accordance with Article 36/11 of the Disclosure and Transparency Regulations (amended) from the year 2000. The notice is addressed to the CEOs of the Securities & Commodities Authority and the Dubai Financial Market in the UAE.

On April 30, 2025, the Board of Directors of the National Central Cooling Company PJSC (Tabreed) held a meeting to discuss the company's business and operations. This meeting was in accordance with Article 36/11 of the Disclosure and Transparency Regulations from the year 2000, as amended.