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1 Earnings Call Q4 2025 Next-Gen Sustainability Champion Disrupting The Cooling World
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STRICTLY PRIVATE AND CONFIDENTIAL 2 Disclaimer The information contained herein has been prepared by Emirates Central Cooling Systems Corporation PJSC (“Empower”) or the “Company” or the “Group”. This contains information in summary form and does not purport to be complete. Some of the information relied on by Empower is obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. This presentation has been prepared for information purposes only and is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice when deciding if an investment is appropriate. Except where otherwise indicated in the presentation, the information provided herein is based on matters as they exist at the date of preparation of the presentation and not as of any future date and will be subject to updating, revision, verification and amendment without notice and such information may change materially. Neither Empower, any of its subsidiaries, nor any of such entity’s respective directors, officers, employees, agents, affiliates, advisers, partners or firm personnel is under an obligation to update or keep current the information contained in this presentation or to provide the recipient with access to any additional information, or to correct any inaccuracies in the presentation, that may arise in connection with it. It is possible that this presentation could or may contain forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as anticipate, target, expect, estimate, intend, plan, goal, believe, will, may, should, would, could or other words of similar meaning. Undue reliance should not be placed on any such statements because, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and the Group’s plans and objectives, to differ materially from those expressed or implied in the forward-looking statements. There are several factors which could cause actual results to differ materially from those expressed or implied in forward-looking statements. Empower undertakes no obligation to revise or update any forward-looking statement contained within this presentation, regardless of whether those statements are affected as a result of new information, future events or otherwise. Rounding differences may appear throughout the presentation.
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STRICTLY PRIVATE AND CONFIDENTIAL 3 Empower: A Compelling Investment Opportunity District Cooling is considered as one of the important pillars of Dubai’s energy strategy that aims to increase its penetration from the current level of circa. 25% to 40% by 2030 Eco-efficient c.50% electricity savings vs traditional cooling systems World’s Largest District Cooling Services Provider with over 20 years of experience 1,656k RT Connected Capacity Clear roadmap To expand through exclusive deals within current concessions 1,963k RT Contracted Capacity 156,000+ Long-term and diversified customer base (corporates and individuals) 25+ Years Long-term Contracted Revenue providing greater cash flow visibility Dynamic management team With proven track record and knowhow Dividend payout Supported by robust and attractive financial profile
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STRICTLY PRIVATE AND CONFIDENTIAL 4 Empower continued with its robust operational and financial performance for the year 2025 Notes: RT = Refrigeration tons; RTh = RT hours; EFLH = Effective full load hours; Key Highlights – 2025 1,963 k Contracted RT 199 k RT (vs Dec-24) 1,656 k Connected RT 90 k RT (vs Dec-24) 1,881 hrs EFLH -3.1% (YoY) 3,031m Consumption RTh 43m RTh (YoY) AED 3,190m Net Debt Net Debt/ EBITDA 1.9x AED 3,419m Revenue 4.9% (YoY) AED 1,103m Profit before Tax 10.5% (YoY) AED 1,649m EBITDA 6.3% (YoY)
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Macroeconomic Overview
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STRICTLY PRIVATE AND CONFIDENTIAL 6 UAE capital markets hit new record levels, reflecting strong liquidity and sustained investor confidence. ADX market capitalisation rose to AED 3.13 trillion, marking a 4.6% increase and DFM General Index (DFMGI) delivered a strong 17.2% annual gain with market capitalisation reached AED 992 billion. The Central Bank of UAE projects GDP growth at 5.0% in 2025 and 5.2% in 2026, supported by both hydrocarbon (+6.7%) and non- hydrocarbon (+4.7%) sector expansion in the year 2026 CBUAE lowered its Inflation forecast for 2025 from 1.5% to 1.3%,while maintaining the 2026 prediction at 1.8% enhancing cost visibility for capital-intensive sectors such as district cooling, construction and manufacturing. Favorable interest rate environment, with the CBUAE Base Rate reduced to 4.15% (in Sept 2025) and to 3.90% (in Oct 2025), supports financing conditions for energy and infrastructure projects. UAE tourism sector has consolidated its position as one of the country’s most dynamic economic sectors contributing AED 257.3 billion to GDP during the year, supporting robust cooling demand across hospitality, retail, and mixed-use developments. Macro Economic Snapshot
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STRICTLY PRIVATE AND CONFIDENTIAL 7 Dubai’s population crossed 4.02m for the first time in Q3 2025 as inflow of new residents continued the trajectory pointing towards the five million milestone by 2030. Dubai Macro Economic Snapshot Dubai International Airport (DXB) maintains its position as busiest international airport in 2025 with 94 million footfall, maintaining its long-standing lead from 2024, 2023 and 2019, according to OAG. DXB’s airline capacity has seen significant growth since 2019, with seats increasing by 16 per cent and capacity growing by four per cent year-on-year. Dubai’s Residential Real Estate Market encountered unrivaled quarterly performance in Q4 2025. The residential market of Dubai generated AED 140.87 billion alone in Q4 2025 (up 26.86% compared to Q4 2024) The sector’s momentum underpins sustained demand for energy-efficient district cooling across residential clusters. Dubai approved the annual budget for 2026, with expenditure of AED 99.5bn with Infrastructure spending holding largest share of total expenditure at 48%. Revenue projected AED 107.7bn and forecasts a budget surplus of AED 8.2bn DUBAI POPULATION1 Dubai welcomed 17.55m overnight visitors in Jan-Nov 2025, with an increase of +5% compared to Jan-Nov 2024. 4,019,195 3,825,000 3,655,000 3,550,000 3,478,000 3,411,000 3,356,000 9M 2025 2024 2023 2022 2021 2020 2019 Dubai 2040 Urban Master Plan – Emirates residential population is forecasted to reach 5.8 million at a CAGR of 2.7% (approx.)
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Performance Highlights Q4/25
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STRICTLY PRIVATE AND CONFIDENTIAL 9 936 1,001 943 998 1,103 279 346 2021 2022 2023 2024 2025 Q4-24 Q4-25 1,206 1,376 1,461 1,551 1,649 427 479 2021 2022 2023 2024 2025 Q4-24 Q4-25 2,464 2,793 3,035 3,260 3,419 809 833 2021 2022 2023 2024 2025 Q4-24 Q4-25 13.3% 8.7% 7.4% 3.0% Revenue (AEDm) EBITDA (AEDm) 14.1% 6.2% 6.2% 12.2% Net Profit Before Tax (AEDm) Net Profit After Tax (AEDm) Performance Snapshots – Q4 2025 Tax Impact AED 90m CAGR: 8.5 % CAGR: 8.1% 4.9% 6.3% 10.5% 24.0% 10.5% 24.0% 936 1,001 960 908 1,004 254 315 2021 2022 2023 2024 2025 Q4-24 Q4-25
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STRICTLY PRIVATE AND CONFIDENTIAL 10 Year Q1 Q2 Q3 Q4 Annual Revenue 2024 AED 538m AED 814m AED 1,100m AED 809m AED 3,260m 2025 AED 540m AED 913m AED 1,133m AED 833m AED 3,419m EBITDA 2024 AED 313m AED 381m AED 430m AED 427m AED 1,551m 2025 AED 296m AED 423m AED 450m AED 479m AED 1,649m EBITDA Margin 2024 58.10% 46.70% 39.13% 52.78% 47.58% 2025 54.80% 46.31% 39.71% 57.56% 48.21% EBIT 2024 AED 229m AED 295m AED 344m AED 324m AED 1,192m 2025 AED 204m AED 327m AED 357m AED 385m AED 1,273m Consumption % to Total Revenue 2024 41.75% 60.97% 67.50% 53.42% 58.13% 2025 40.85% 60.39% 65.21% 49.57% 56.27% Connected load (Cumulative k RT) 2024 1,522k RT 1,532k RT 1,552k RT 1,566k RT 1,566k RT 2025 1,581k RT 1,604k RT 1,628k RT 1,656k RT 1,656k RT Contracted load (Cumulative k RT) 2024 1,697k RT 1,716k RT 1,754k RT 1,764k RT 1,764k RT 2025 1,806k RT 1,863k RT 1,919k RT 1,963k RT 1,963k RT Financial Highlights – Quarterly Performance
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STRICTLY PRIVATE AND CONFIDENTIAL 11 1,988 4,490 4,492 5,498 5,503 627 3,004 3,926 3,532 3,190 2021 2022 2023 2024 2025 Gross Debt Net Debt Prudent Leverage Net Debt (AEDm) RCF 2.75b Gross & Net Debt / EBITDA 2021 2022 2023 2024 2025 Gross Debt / LTM EBITDA (x) 1.6X 3.3x 3.1x 3.6x 3.3x Net Debt / LTM EBITDA (x) 0.5X 2.2x 2.7x 2.3x 1.9x Robust balance sheet with moderate leverage profile; gradual de-leveraging to below 2.0x in the medium term Significant headroom to fund inorganic growth while maintaining a healthy target leverage ratio of 3 - 4x Revolving Credit Facility (RCF) Empower has successfully refinanced the term loan of AED 5,500m, which had original maturity in Sep-25 and Sep-27. The new maturity is extended up to Sep-27 to Feb-28. The margin on RCF is lower compared to old term loan facilities. RCF 5.50b
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STRICTLY PRIVATE AND CONFIDENTIAL 12 400 500 850 850 875 2,900 2021 2022 2023 2024 2025 Attractive Dividends Dividend Payments (AEDm) Consistent track record of dividend payment to shareholders Post-IPO dividend commitment of AED 850m per year paid for the first two years in 2023 and 2024. New dividend policy to pay AED 875m dividend for the next two years 2025 and 2026 was approved by shareholders in Mar-25 AGM. Paid AED 437.5m in April 2025 (final dividend for the year 2024) and AED 437.5m in October 2025 (interim dividend for the year 2025). 44% 351% 87% 91% 92%Dividend Payout Ratio %* 3,400 One-time special dividend payment * Calculated as: Dividend (t) / Average Net Income (t, t-1)
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STRICTLY PRIVATE AND CONFIDENTIAL 13 Capacity Outlook and Guidance Connected Capacity (k RT) Empower signed agreements to provide DCS services to the following developments : Jan-2025 : Wasl – The I sland 23,853 RT Feb-2025 : D M CC – Uptown Dubai 24,675 RT • Expected Connected Capacity in 2026: Additions of 100,000 – 110,000 RT • + Potential upside from acceleration of developments. 992 1,368 1,405 1,566 1,656 2017 2021 Additions in 2022E 2022 2024 2025 Potential RT Capacity by 2026E 1,756 – 1,766 +664 (6.6% CAGR) Expected Connected Capacity in 2026: 100,000 – 110,000 RT
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STRICTLY PRIVATE AND CONFIDENTIAL 14 EMPOWER’s Investment Thesis | Growing Total Return Sustainability Enabler Source: Company information. Proven Track Record of Growth and Market Leadership Highly Visible Cash Flows and Resilient Business Model Compelling Long-term Macro Growth Trends in UAE and Dubai Strongly Positioned to Capitalize on Growth Opportunities Sustainable Dividend Capacity Growing Total Return Sustainability Enabler Key Enabler of UAE’s Net Zero 2050 Strategy
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STRICTLY PRIVATE AND CONFIDENTIAL 15 EMPOWER | Investor Relations Contact Investor Relations investor.relations@empower.ae Dubai - UAE https://www.empower.ae/investor-relations/ Tel: +971 4 375 1236 Chander Teckchandani Shaik Usman Deepak Lachhwani
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Appendix
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STRICTLY PRIVATE AND CONFIDENTIAL 17 Overview of Key Projects in Dubai with Site Capacity Jumeirah Village South 260 RT Dubai Production City 125k RT Business Bay 452k RT Jumeirah Lake Towers 150k RT Palm Jumeirah 225k RT DIFC 107k RT Dubailand Residential 120k RT Dubai International Airport 110k RT TECOM (A, B, C) 109k RT Discovery Gardens 89k RT Nakheel Projects 88k RT Meydan 382k RT Jumeirah Beach Residence 85k RT Dubai Design District 84k RT Dubai HealthCare City 2 77k RT Dubai Studio City 70k RT Dubai World Trade Centre 58k RT Dubai Int’l Academic City 72k RT Deira Waterfront Ph1 15k RT Al Quoz JISA / Al Khail 35k RT Dubai HealthCare City 1 43k RT Bluewaters 25k RT Mirdiff 22k RT Global Village 20k RT Exclusive Arrangements across key areas of Dubai
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STRICTLY PRIVATE AND CONFIDENTIAL 18 1) Interest on financial asset -Financial asset represents upfront consideration paid by Empower against which demand charges will be settled by Dubai Airport / Nakheel for the term of the concession. Since, Dubai Airport does not include any third-party customers, financial asset comprises full demand charges. However, for Nakheel, only partial demand charges (to the extent guaranteed by Nakheel) has been considered as financial asset. 2) Cost of sales includes utilities costs that includes electricity and water utilized to produce chilled water. Besides utilities, it includes depreciation for plant and machinery, direct staff costs and other expenses. 3) General and admin. expenses include staff costs and admin costs that have grown in line with inflation and due to depreciation on investment properties. 4) Finance income has increased due to increased cash deposit compared to previous year. 5) Finance costs have reduced due to 3 interest rate cuts in the year and also due to refinancing of term loan facility into revolving credit facility at a reduced rate and reduction in EIBOR. 6) Profit before tax is healthy at 32.3% and Net profit after tax at 29.4%. Note: Utilities costs have increased in line with the increase in consumption revenue of AED 28m. Income Statement Figures in AED'000 31–Dec- 2025 31–Dec- 2024 Var Utilities costs 1,481,133 1,452,212 (28,921) Others (depreciation, staff costs, etc.) 508,150 465,285 (42,865) Total 1,989,283 1,917,497 (71,786) 2025 2024 Variance AED'000 % AED'000 % AED'000 % Revenue 3,419,304 100.0% 3,260,489 100.0% 158,815 4.9% Interest income on financial asset 58,307 1.7% 59,151 1.8% (844) (1.4%) Cost of sales (1,989,283) (58.2%) (1,917,497) (58.8%) (71,786) (3.7%) Gross profit 1,488,328 43.5% 1,402,143 43.0% 86,185 6.1% General and administrative expenses (256,383) (7.5%) (235,119) (7.2%) (21,264) (9.0%) Reversal of provision for expected credit losses 16,137 0.5% 17,482 0.5% (1,345) (7.7%) Other income 24,430 0.7% 7,938 0.2% 16,492 207.8% Operating profit 1,272,512 37.2% 1,192,444 36.6% 80,068 6.7% Finance income 55,347 1.6% 54,027 1.7% 1,320 2.4% Finance costs (224,698) (6.6%) (248,139) (7.6%) 23,441 9.4% Finance costs – net (169,351) (5.0%) (194,112) (6.0%) 24,761 12.8% Profit before tax 1,103,161 32.3% 998,332 30.6% 104,829 10.5% Income tax expense (99,226) (2.9%) (90,097) (2.8%) (9,129) (10.1%) Net Profit after tax 1,003,935 29.4% 908,235 27.9% 95,700 10.5% 2025 – Revenue Composition Demand / connection 35% Consumption 56% Others 9% Key Highlights
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STRICTLY PRIVATE AND CONFIDENTIAL 19 1) Financial assets include demand/capacity charge receivable from Dubai Airport and Nakheel. 2) Cash and cash equivalents increased by AED 319m, resulting from: • Operating activities: Generated AED 1,862m • Financing activities: Used AED 1,110m (includes Interest payment AED 230m and Lease payment of AED 5.5m and dividend payment of 875m) • Investing activities: Used AED 432m (includes additions to PPE AED 339m) 3) Trade and other receivables Increased by AED 28m mainly due to increase in trade receivable and accrued revenue AED 20m. 4) Intangible assets represent rights to charge users that have been acquired from Nakheel. 5) Trade and other payables increased by AED 487m due to increase in deferred revenue (AED 1 6 5m), increase in project related liabilities (AED 80m), increase in security deposits (AED 42m) and increase in other liabilities (AED 11 6m), which includes (AED 40m) prepayments received from retail customers. 6) Government grants received prior to 2010 are recognized as income over the useful life of the plant constructed on the granted land/(s). 7) Due to related parties represents mainly amount payable to DEWA towards utilities costs. 8) Other liabilities include provision for EOSB (AED 71m), tax liability (AED 98m), etc. Balance Sheet 31-Dec-25 31-Dec-24 Variance AED'000 AED'000 AED'000 % Property, plant and equipment 7,194,990 6,995,160 199,830 2.9% Financial assets 1,406,078 1,405,962 116 0.0% Cash and cash equivalents 2,255,745 1,936,627 319,118 16.5% Trade and other receivables 303,818 275,280 28,538 10.4% Term deposits 57,704 30,264 27,440 90.7% Intangible assets 315,668 327,825 (12,157) (3.7%) Other assets 282,819 211,928 70,891 33.5% Total Assets 11,816,822 11,183,046 633,776 5.7% Bank borrowings 5,503,418 5,498,415 5,003 0.1% Trade and other payables 2,180,891 1,693,826 487,065 28.8% Government Grant 303,168 305,948 (2,780) (0.9%) Due to related parties 161,670 159,372 2,298 1.4% Other liabilities 170,364 152,150 18,214 12.0% Total Liabilities 8,319,511 7,809,711 509,800 6.5% Equity 3,497,311 3,373,335 123,976 3.7% Key Highlights
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STRICTLY PRIVATE AND CONFIDENTIAL 20 1) Operational cashflow increased by AED 37.6m due to increase in net profit and working capital movement during the period. 2) Proceeds and repayment of loan includes refinance of term loan facilities into Revolving Credit Facility. Cashflow Statement 31-Dec-25 31-Dec-24 Variance AED'000 AED'000 AED'000 % Profit before non-cash expenditure 1,200,671 1,118,899 81,772 7.3% Depreciation and Amortization 379,815 362,862 16,953 4.7% Share of loss from joint venture 191 - 191 100.0% Remeasurement of Financial assets 22,463 22,463 - - Profit from operations 1,603,140 1,504,224 98,916 (6.6%) Working capital movement 258,902 320,178 (61,276) 19.1% Net cashflow from operating activities 1,862,042 1,824,402 37,640 2.1% Acquisition of minority interest in a subsidiary - (159) 159 100.0% Capex payment - PPE & Investment property (440,039) (306,781) (133,258) 43.4% Redemption / (Investment) in short term FD/Bonds (46,729) (18,054) (28,675) 158.8% Interest received 54,641 52,873 1,768 3.3% Net cashflow from investing activities (432,127) (272,121) (160,006) 58.8% Proceeds from bank borrowings net of arrangement fee 6,749,358 4,749,358 2,000,000 42.1% Repayment of bank borrowings (6,750,000) (3,750,000) (3,000,000) 80.0% Finance costs paid (229,600) (299,010) 69,410 23.2% Lease payments (5,555) (4,782) (773) (16.2%) Dividend (875,000) (850,000) (25,000) (2.9%) Net cashflow from financing activities (1,110,797) (154,434) (956,363) 619.3% Net (decrease)/increase in cash and cash equivalents 319,118 1,397,847 (1,078,729) (77.2%) Cash and Cash Equivalents at the beginning of the year 1,936,627 538,780 1,397,847 259.4% Cash and cash equivalents at the end of the period 2,255,745 1,936,627 319,118 16.5% Key Highlights
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STRICTLY PRIVATE AND CONFIDENTIAL 21 Analysts Coverage Share Price (AED) Firm Name Target Price (AED) Action Al Ramz Capital 2.10 Buy BOFA Securities 2.10 Buy Citi Bank 2.00 Buy EFG Hermes 2.30 Buy Emirates NBD Securities 2.21 - HSBC Global Research 2.50 Buy International securities 1.94 Hold JP Morgan 2.11 Buy Kepler Cheuvreux 2.20 Buy Morgan Stanley 2.00 Buy FAB Securities 2.15 Buy Share Price Performance & Analyst Coverage Dividend (AEDm) 425.0 425.0 425.0 425.0 437.5 437.5 Dividend per share (AED) 0.04250 0.04250 0.04250 0.04250 0.04375 0.04375 Paid Month Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 Oct-25 1.33 1.34 1.42 1.49 1.58 1.76 1.71 1.80 1.92 1.85 1.89 1.79 1.66 1.75 1.64 1.59 1.53 1.46 1.65 1.73 1.83 1.75 1.66 1.61 1.53 1.66 1.73 1.66 1.60 1.54 1.76 1.79 1.20 1.30 1.40 1.50 1.60 1.70 1.80 1.90 2.00 14/11/2022 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 Oct-24 Dec-24 Feb-25 Apr-25 Jun-25 Aug-25 Oct-25 Dec-25 Feb-26 EMPOWER
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STRICTLY PRIVATE AND CONFIDENTIAL 22 Unlocking Value: Leveraging ESG Capitals for Sustainable Growth Relationship & Social Capital 05 Human Capital 04 Intellectual Capital 03 Manufactured Capital 02 Financial Capital 01 Natural Capital 06 Key Elements Triggering EMPOWER’S ESG Strategy Aligning Empower Strategy in achieving the objectives of the UAE Net Zero Strategy 2050. Empower contributes to the Dubai Integrated Energy Strategy 2030 and the Dubai 2040 Urban Master Plan through its business activities. The Dubai Supreme Council of Energy (DSCE) targets a 40% district cooling penetration in Dubai by 2030. Efficient cooling is a key pillar of the Dubai's Demand Side Management (DSM) Strategy.
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STRICTLY PRIVATE AND CONFIDENTIAL 23 Financial Capital Focused on diverse financial resources to support operations. M a rketcapitalization stood at AED 15.4 billion as on 31st December 2025, demonstrating investor confidence and market strength. Human Capital L aunched multiple employee well-being initiatives towards health and safety. Enhanced competitive advantage through increased employee engagement. R e cruited115 new staff during 12 month period ended 31 December 2025. 1,449 HSE trainings were imparted which were attended by 9,890 attendees during the year 2025. 01 04 Manufactured Capital Implemented energy-efficient technologies for reducing electricity consumption. Achieved long-term savings in energy, emissions, and costs from strategic investments. Relationship and Social Capital Won the Gold I mpact seal from the National CS R Fund (MAJRA) In line with Dubai 30x30 challenge, Empower launched a community weight-loss challenge to inspire healthier habits, improved fitness, and collective motivation. Invested in customer service and digital experience. L aunched M obile Application enhancing customer convenience and addressing their service needs. 02 05 Intellectual Capital E M POWE Rsustains its innovation drive in 2025 by integrating AI-powered systems, expanding smart metering infrastructure, and collaborating with global institutions to advance district cooling standards and best practices. Enhanced R everseOsmosis ( R O)technology use for better water efficiency. Added ROplant capacity totaling 5,710m3 / dayin Q2 2025 in Business Bay, Dubai Production City and DLRC. Natural Capital Won LEED Gold certification for DLRC District Cooling Plant. Implemented TSE for cooling, enhancing water sustainability. Adopted VSDs for energy efficiency in operations. Initiated waste reduction and recycling strategies. In 12 months of 2025, we recycled 4,510 Kg of waste which includes Electric waste, Unwanted waste, Electronic waste, Hazardous waste and General Waste. 03 06
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24 Thank You