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Next - Gen Sustainability Champion Disrupting The Cooling World Earnings Call H1 2026 FEMPOWER EMPOWER ENERGY SOLUTIONS
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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 1,707k RT Connected Capacity Clear roadmap To expand through exclusive deals within current concessions 2,018k RT Contracted Capacity 161,000+ 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 AED 773m EBITDA +7.5% (YoY) AED 1,519m Revenue +4.5% (YoY) Empower continued with its robust operational and financial performance during H1 2026 Notes: RT = Refrigeration tons; RTh = RT hours; EFLH = Effective full load hours; Key Highlights – H1 2026 2,018 k Contracted RT* +74 k RT (vs Dec-25) 1,707 k Connected RT +51 k RT (vs Dec-25) 698 hrs EFLH -9.0% (YoY) 1,174 m Consumption RTh -42m RTh (YoY) AED 2,991m Net Debt Net Debt/ LTM EBITDA 1.8x AED 514m Profit before Tax +16.1% (YoY) * Excludes new concession agreement
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Macroeconomic Overview
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STRICTLY PRIVATE AND CONFIDENTIAL 6 UAE capital markets remained resilient. While ADX general index (FADGI) and DFM General Index (DFMGI) reached record highs during February, both indices moderated during Q2. Nevertheless, market liquidity remained healthy, supported by strong institutional participation and robust corporate fundamentals. CBUAE’s June Quarterly Economic Report slashes the 2026 UAE growth forecast to 1.7% from 5.6% on war-related trade, tourism and shipping disruption, while projecting a sharp 9.8% rebound in 2027. CBUAE, inflation forecast for 2026 stands at 2.3% reflecting supply-side conditions. For 2027, inflation is projected at 1.9% resulting from easing supply-side conditions and lower energy prices thus enhancing cost visibility for capital-intensive sectors such as district cooling, construction and manufacturing. Favorable interest rate environment, with the CBUAE Base Rate reduced by 50 basis points to 3.65% in (Q4 2025) and maintained the same throughout H1 2026, supporting financing conditions for energy and infrastructure projects. Macro Economic Snapshot H1 2026
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STRICTLY PRIVATE AND CONFIDENTIAL 7 Dubai International Airport (DXB) has topped global rankings for scheduled international seat capacity in July 2026, reinforcing its position at the centre of long-haul travel demand as traffic continues to recover across key corridors. Dubai real estate rebounds sharply in June (13,766 sales, AED 32.66Bn, +31.3% MoM), capping the second-strongest H1 on record at AED 286.43Bn. The sector’s momentum underpins sustained demand for energy-efficient district cooling across residential clusters. Dubai strengthened economic resilience through an expanded AED 2.5 billion business support package. During Q2 2026, the Government announced an additional AED 1.5 billion package, building on the AED 1.0 billion stimulus introduced in March, comprising 33 initiatives across tourism, hospitality, trade & logistics, real estate, construction, education and culture. Dubai 2040 Urban Master Plan –Dubai approved The Health and Safety Strategy for Workers’ accommodation and targets full compliance across all workers' housing by 2033, in line with the Dubai 2040 Urban Master Plan. Dubai Macro Economic Snapshot – H1 2026 DUBAI POPULATION 3,355,900 3,411,200 3,478,300 3,718,000 3,974,300 4,248,200 4,580,300 4,737,729 2019 2020 2021 2022 2023 2024 2025 H1 2026 Source: https://data.dubai/en/population-now
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Performance Highlights H1/26
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STRICTLY PRIVATE AND CONFIDENTIAL 9 936 1,001 960 908 1,004 403 468 258 259 2021 2022 2023 2024 2025 H1-25 H1-26 Q2-25 Q2-26 2,464 2,793 3,035 3,260 3,419 1,453 1,519 913 889 2021 2022 2023 2024 2025 H1-25 H1-26 Q2-25 Q2-26 13.3% 8.7% 7.4% -2.7% Revenue (AEDm) EBITDA (AEDm) 14.1% 6.2% 6.2% -1.9% Net Profit Before Tax(AEDm) Net Profit After Tax(AEDm) Performance Snapshots – H1 2026 Tax Impact AED 90m CAGR: 8.5 % CAGR: 8.1% 4.9% 6.3% 10.5% 0.6% 10.5% 0.4% 4.5% 1,206 1,376 1,461 1,551 1,649 719 773 423 415 2021 2022 2023 2024 2025 H1-25 H1-26 Q2-25 Q2-26 7.5% 936 1,001 943 998 1,103 442 514 283 285 2021 2022 2023 2024 2025 H1-25 H1-26 Q2-25 Q2-26 16.1% 16.1%
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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 2026 AED 631m AED 889m - - AED 3,486m (LTM) 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 2026 AED 358m AED 415m - - AED 1,703m (LTM) EBITDA Margin 2024 58.10% 46.70% 39.13% 52.78% 47.58% 2025 54.80% 46.31% 39.71% 57.56% 48.21% 2026 56.80% 46.70% - - 48.86% (LTM) 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 2026 AED 263m AED 318m - - AED 1,323m (LTM) 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% 2026 38.46% 56.55% - - 54.42% (LTM) 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 2026 1,690k RT 1,707k RT - - 1,707k 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 1,944k* RT 1,944k RT 2026 1,981k RT 2,018k RT - - 2,018k RT Financial Highlights – Quarterly Performance *Excludes new concession agreement
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STRICTLY PRIVATE AND CONFIDENTIAL 11 1,988 4,490 4,492 5,498 5,503 5,503 627 3,004 3,926 3,532 3,190 2,991 2021 2022 2023 2024 2025 H1 2026 Gross Debt Net Debt Prudent Leverage Net Debt (AEDm) RCF 2.75b Gross & Net Debt / EBITDA 2021 2022 2023 2024 2025 H1 2026 Gross Debt / LTM EBITDA (x) 1.6X 3.3x 3.1x 3.6x 3.3x 3.2x Net Debt / LTM EBITDA (x) 0.5X 2.2x 2.7x 2.3x 1.9x 1.8x ▪ 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 12 400 500 850 850 875 437.5 2900 2021 2022 2023 2024 2025 H1 2026 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), AED 437.5m in October 2025 (interim dividend for the year 2025) and AED 437.5m in April 2026 (final 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) 41%
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STRICTLY PRIVATE AND CONFIDENTIAL 13 Capacity Outlook and Guidance Connected Capacity (k RT) Empower has signed a new concession agreement to provide DCS services to the following development: Feb-2026 : Citywalk 15,200 RT • Full-year guidance for connected capacity during 2026 is estimated at 100,000 – 110,000 RT 992 1,368 1,405 1,566 1,656 1,707 2017 2021 Additions in 2022E 2022 2024 2025 H1 2026 Potential RT Capacity by 2026E 1,756 – 1,766 +664 (6.6% CAGR) Expected Connected Capacity in 2026 (Q3-Q4): 49,000 – 59,000 RT Added 51,100 RT in H1 2026 Added 90,000 RT in 2025
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STRICTLY PRIVATE AND CONFIDENTIAL 14 EMPOWER’s Investment Thesis 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 Key Enabler of UAE’s Net Zero 2050 Strategy Growing Total Return Sustainability Enabler
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Appendix
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STRICTLY PRIVATE AND CONFIDENTIAL 16 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 17 Figures in AED'000 30–Jun-2026 30–Jun-2025 Var Utilities costs 546,066 580,951 34,885 Others (depreciation, staff costs, etc.) 298,388 251,170 (47,218) Total 844,454 832,121 (12,333) 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 HQ building and associated assets. 4) Finance income has increased due to increased investment in short term deposits compared to previous year. 5) Finance costs have reduced due to refinancing of term loan facility into revolving credit facility at a reduced rate during the previous year and reduction in EIBOR. 6) Profit before tax is healthy at 33.8% and Net profit after tax at 30.8%. Income Statement H1 2026 H1 2025 Variance AED'000 % AED'000 % AED'000 % Revenue 1,519,415 100.0% 1,453,433 100.0% 65,982 4.5% Interest income on financial asset 28,501 1.9% 28,938 2.7% (437) (1.5%) Cost of sales (844,454) (55.6%) (832,121) (57.3%) (12,333) (1.5%) Gross profit 703,462 46.3% 650,250 44.7% 53,212 8.2% General and administrative expenses (134,953) (8.9%) (125,017) (8.6%) (9,936) (7.9%) Other income 12,340 0.8% 5,866 0.4% 6,474 110.4% Operating profit 580,849 38.2% 531,099 36.5% 49,750 9.4% Finance income 31,221 2.1% 24,451 1.7% 6,770 27.7% Finance costs (98,062) (6.5%) (113,192) (7.8%) 15,130 13.4% Finance costs – net (66,841) (4.4%) (88,741) (6.1%) 21,900 24.7% Profit before tax 514,008 33.8% 442,358 30.4% 71,650 16.1% Income tax expense (46,084) (3.0%) (39,695) (2.7%) (6,389) (16.1%) Net Profit after tax 467,924 30.8% 402,663 27.7% 65,261 16.1% H1 2026 – Revenue Composition Demand 40% Consumption 49% Others 11% Key Highlights
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STRICTLY PRIVATE AND CONFIDENTIAL 18 1) Financial assets include demand/capacity charge receivable from Dubai Airport and Nakheel. 2) Cash and cash equivalents increased by AED 216m, resulting from: • Operating activities: Generated AED 947m • Financing activities: Used AED 541m (AED 102m for interest payment) • Investing activities: Used AED 190m (includes additions to PPE AED 212m) 3) Trade and other receivables increased by AED 130m mainly due to higher billing resulting from seasonality of operations. 4) Intangible assets represent rights to charge users that have been acquired from Nakheel. 5) Trade and other payables increased by AED 291m due to increase in deferred revenue (AED 163m), increase in project related liabilities (AED 38m), increase in security deposits (AED 29m) and increase in other liabilities (AED 61m). 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 76m), tax liability (AED 143m), etc. Balance Sheet 30-Jun-26 31-Dec-25 Variance AED'000 AED'000 AED'000 % Property, plant and equipment 7,274,608 7,194,990 79,618 1.1% Financial assets 1,422,417 1,406,078 16,339 1.2% Cash and cash equivalents 2,472,012 2,255,745 216,267 9.6% Trade and other receivables 433,972 303,818 130,154 42.8% Term deposits 40,212 57,704 (17,492) (30.3%) Intangible assets 309,590 315,668 (6,078) (1.9%) Other assets 314,422 282,819 31,603 11.2% Total Assets 12,267,233 11,816,822 450,411 3.8% Bank borrowings 5,502,845 5,503,418 (573) (0.01%) Trade and other payables 2,471,843 2,180,891 290,952 13.3% Government Grant 301,642 303,168 (1,526) (0.5%) Due to related parties 242,971 161,670 81,301 50.3% Other liabilities 219,602 170,364 49,238 28.9% Total Liabilities 8,738,903 8,319,511 419,392 5.0% Equity 3,528,330 3,497,311 31,019 0.9% Key Highlights
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STRICTLY PRIVATE AND CONFIDENTIAL 19 1) Operational cashflow increased by AED 97.6m due to increase in net profit and working capital movement during the period. 2) Proceeds and repayment of loan includes drawdown and repayment of Revolving Credit Facility. Cashflow Statement 30-Jun-26 30-Jun-25 Variance AED'000 AED'000 AED'000 % Profit before non-cash expenditure 555,931 505,806 50,125 9.9% Depreciation and Amortization 192,419 187,963 4,456 2.4% Share of loss from joint venture - 191 (191) (100.0%) Remeasurement of Financial assets 11,231 11,231 - - Profit from operations 759,581 705,191 54,390 7.7% Working capital movement 187,092 143,915 43,177 30.0% Net cashflow from operating activities 946,673 849,106 97,567 11.5% Capex payment - PPE & Investment property (212,363) (189,027) (23,336) (12.3%) Redemption of financial asset through FVOCI 55,080 - 55,080 100.0% Investment in financial asset through FVOCI (73,684) - (73,684) (100.0%) Redemption / (Investment) in short term FD/Bonds 9,702 (20,860) 30,562 146.5% Interest received 31,490 24,451 7,039 28.8% Net cashflow from investing activities (189,775) (185,436) (4,339) (2.3%) Proceeds from bank borrowings net of arrangement fee 2,000,000 4,749,358 (2,749,358) (57.9%) Repayment of bank borrowings (2,000,000) (4,750,000) 2,750,000 57.9% Finance costs paid (102,086) (116,726) 14,640 12.5% Lease payments (1,045) (2,778) 1,733 62.4% Dividend paid (437,500) (437,500) - - Net cashflow from financing activities (540,631) (557,646) 17,015 3.1% Net (decrease)/increase in cash and cash equivalents 216,267 106,024 110,243 104.0% Cash and Cash Equivalents at the beginning of the year 2,255,745 1,936,627 319,118 16.5% Cash and cash equivalents at the end of the period 2,472,012 2,042,651 429,361 21.0% Key Highlights
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STRICTLY PRIVATE AND CONFIDENTIAL 20 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 2.27 Buy JP Morgan 2.11 Buy Kepler Cheuvreux 2.20 Buy Morgan Stanley 2.00 Buy FAB Securities 2.15 Buy Bernstein 2.10 Buy Share Price Performance & Analyst Coverage Dividend (AEDm) 425.0 425.0 425.0 425.0 437.5 437.5 437.5 Dividend per share (AED) 0.04250 0.04250 0.04250 0.04250 0.04375 0.04375 0.04375 Paid Month Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 Oct-25 Apr-26 1.33 1.42 1.58 1.76 1.80 1.92 1.89 1.79 1.65 1.75 1.65 1.46 1.65 1.73 1.83 1.75 1.61 1.53 1.66 1.73 1.60 1.56 1.78 1.50 1.59 1.60 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 Apr-26 Jun-26 Aug-26
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STRICTLY PRIVATE AND CONFIDENTIAL 21 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 22 Financial Capital ▪ Focused on diverse financial resources to support operations. ▪ Market capitalization stood at AED 16.3 billion as on 30th June 2026, demonstrating investor confidence and market strength. Human Capital ▪ Launched multiple employee well-being initiatives towards health and safety. ▪ Enhanced competitive advantage through increased employee engagement. ▪ Recruited 39 new staff during 6 month period ended 30 June 2026. ▪ 776 HSE trainings were imparted which were attended by 5,231 attendees during H1 2026. 01 04 Manufactured Capital ▪ Implemented energy-efficient technologies for reducing electricity consumption. ▪ Achieved long-term savings in energy, emissions, and costs from strategic investments. ▪ Produced 941k Kwh using Solar power. Relationship and Social Capital ▪ Iftar meal initiative – 16,380 meals were distributed over 30 days to workers residing in the company accommodation in Al Quoz and Jebel Ali. ▪ Employee Wellbeing & Mental Health Support by sharing Department of Health – Abu Dhabi’s 24/7 Mental Health Support Hotline (SAKINA) to provide confidential psychological support. 02 05 Intellectual Capital ▪ EMPOWER sustains its innovation drive in 2026 by integrating AI- powered systems, expanding smart metering infrastructure, and collaborating with global institutions to advance district cooling standards and best practices. ▪ Enhanced Reverse Osmosis (RO) technology use for better water efficiency. ▪ RO plant capacity stood at 24,969m3/day at end of H1 2026. 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. 03 06 Leveraging ESG Capitals for Sustainable Growth
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STRICTLY PRIVATE AND CONFIDENTIAL 23 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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Thank You