Welcome to the Empower Q3 2026 earnings call. Following the formal presentation, there will be a question and answer session. During Q&A, participants will be able to ask both text and live audio questions. To ask a text question, select the messaging icon, type your question in the box towards the top of the screen, and press the Send button. To ask a live audio question, press the Request to Speak button at the top of the broadcast window. The broadcast will be replaced by the audio questions interface. Press Join Queue and, if prompted, select Allow in the popup to grant access to your microphone. You will then be placed in a queue where you'll be able to listen to meeting proceedings while you wait for your turn to speak. I will introduce each caller by name and ask you to go ahead. You will then hear a beep indicating your microphone is live. I will now hand over to Mr. Chanda. Good afternoon, everyone, and welcome to Empower's Q3 2026 earnings call. Today, we'll review our financial and operational performance for the 3rd quarter and 9-month period ended 30th September 2026, together with our business outlook. I am Chander Teckchandani, Director Finance at Empower. Next. Joining me today is our Chief Financial Officer, Mr. Ramesh Ramadurai. Next. Before we begin, please note that today's presentation may contain forward-looking statements which are subject to risks and uncertainties. Please refer to the disclaimer on this slide for further details. I'll now hand over to Mr. Ramesh for an overview of our business and operational performance. Thank you, Chander, and good afternoon, everyone. Despite the regional uncertainties, the UAE economy has remained resilient and Empower has continued to perform well. During the first 9 months, our contracted capacity increased to 2.06 million refrigeration tons, while connected capacity reached 1.74 million refrigeration tons. These additions reflect continued demand for our services and provide a strong foundation for future growth. Overall, our business remains well positioned, supported by long-term concession agreements and a strong financial position. Next. Let me now walk you through the financial highlights for the first 9 months. During the 3rd quarter, we saw an improvement in consumption revenue compared to the 2nd quarter, particularly from the hospitality segment, which had been affected by the regional situation. For the 9-month period, revenue grew by 4.6% to AED 2.71 billion. While EBITDA increased by 5.4% to AED 1.23 billion. This was supported by additional connected capacity, operational efficiencies, and increased use of TSC. Profit before tax also increased by 10.6% to AED 838 million. Partly benefiting from lower financing costs. Overall, we are pleased with our performance, particularly in light of the regional uncertainties. With that, let me hand over to Chanda for the macroeconomic overview. Next. The UAE economy continues to demonstrate resilience, supported by economic diversification, infrastructure investment, and strong underlying fundamentals. Despite a changing global environment, the country's long-term growth outlook remains positive. Supported by continued public and private sector investment. These fundamentals provide a supportive backdrop for infrastructure businesses such as Empower. Next. Dubai continues to strengthen its position as a global business, tourism, and infrastructure hub. Continued urban development, investment in major infrastructure projects, and expansion of established communities support the long-term demand for district cooling services. For Empower, these developments provide a positive outlook for future capacity connections and network expansion. Next. Turning to our financial performance, Empower delivered solid results for the first 9 months of 2026. Revenue increased by 4.6%. While net profit after tax grew by 10.6% year on year. Our increased use of TSC approximating 17 to 18%. continues to support operational efficiency and sustainability. We also maintained strong cash generation and a healthy balance sheet, providing financial flexibility for future growth. Looking at the 3rd quarter, EBITDA reached AED 459 million. With a margin of 38.7%. Broadly consistent with the seasonal nature of our business. Our financial position remains strong. Supporting continued investment while maintaining a disciplined capital structure. I'll now hand over to Mr. Ramesh to discuss our leverage position and dividend policy. Next. Our balance sheet, we continue to maintain a conservative leverage position. Net debt reduced to AED 2.66 billion, bringing our net debt-to-EBITDA ratio down to 1.6 times compared to 1.8 times at the end of June. We also refinanced our revolving credit facilities in October, extending their maturity to October 2028. So overall, we remain in a strong financial position with sufficient flexibility to support our future growth plans. Next. Turning to dividends, we continue to deliver on our commitments to shareholders. In October, we paid an interim dividend of AED 437.5 million, consistent with our commitment to distribute AED 875 million annually for 2025 and 2026. Looking ahead, we are reviewing our dividend policy and guidance for 2027 and beyond, and we will share further details once the necessary approvals are in place. Our strong cash flows continue to support our dividend commitments. Next. On capacity, we remain on track to meet our full-year guidance. We added 84,000 refrigeration tons of connected capacity during the first 9 months, including 33,000 refrigeration tons in the 3rd quarter. This brings our total connected capacity to 1.74 million refrigeration tons at the end of September. For the full year, we continue to expect connected capacity of between 1.76 and 1.77 million refrigeration tons, in line with our earlier guidance. Next. Empower continues to demonstrate the strength of its business model, supported by its market leadership, strong financial position, and clear growth prospects. Our long-term concession agreements and predictable cash flows provide a solid foundation for sustainable growth. We remain focused on delivering consistent returns to our shareholders while continuing to support the UAE's net zero 2050 ambitions. With that, I will hand back to Chander for the Q&A session. Next. Before we begin the Q&A, Please note that the appendix contains additional financial information, ESG updates, and supplementary disclosures. We'll now be happy to take your questions. Reminder, participants are able to ask both text and live audio questions. To ask a text question, select the messaging icon, type your question in the box towards the top of the screen, and press the send button. To ask a live audio question, press the request to speak button at the top of the broadcast window. The broadcast will be replaced by the audio questions interface. Press Join Queue and if prompted, select Allow in the pop-up to grant access to your microphone. You will then be placed in a queue where you'll be able to listen to meeting proceedings while you wait for your turn to speak. I will introduce each caller by name and ask you to go ahead. You will then hear a beep indicating your microphone is live. Our first caller is Ricardo Rezende. Your line is now unmuted. Please go ahead. Hello, thanks for taking my question. If I may, the first question is on consumption. If we look at consumption as a percentage of revenues, it's now back to the historical averages for the 3rd quarter. Would you say that Our 3rd quarter consumption revenue as a percentage of total revenue, it stands 65.62%, slightly higher than last year. Last year it was 65.21%. Our next caller is Ambareen Jawani. Your line is now unmuted. Please go ahead. Hello, thank you for the call. Can you please help me understand why the gross margins came under pressure despite the improvement in the TSE? Were there any additional unexpected costs or one-offs in the 3rd quarter numbers? And the second question is on the collections and the working capital cycle. If you could just comment on the receivables and is there anything unusual that you're seeing? Thank you. EBITDA margin for Q3 is lower by 1%. Mainly due to some repairs and maintenance activities that has got scheduled in the 3rd quarter. That is the reason behind it. Approximately, the impact is around 10 million. It is unlikely to repeat, and our guidance for the year-end EBITDA margin stays at 46 to 47, as we indicated during our first half call. On the receivable side, there is nothing unusual about it. In fact, our collection has been quite strong. In fact, it is in line with what we have been doing all these quarters. We don't see any concerns in terms of our ability to collect our receivables. Our next caller is Abhishek Kumar. Your line is now unmuted. Please go ahead. Thank you very much for taking the question. I have 2, if I may. First, on the dividend policy, you did mention about various options being discussed which will be indicated in due course. But if I see the dividend policy, uh, when versus when it was last announced, the net debt-to-EBITDA has significantly improved. Your cash flows are also pretty strong. So in terms of your thinking, What are the, what are the options on the table in terms of an increase in dividend? Because the balance sheet can afford a significantly, you know, better dividend than what you are paying currently? That's the first question. And the second question is around the capacity, contracted connected capacity. You have already achieved a significant portion of the capacity that is, that you have guided for 2026. And we are, we are in November, so you will have very good visibility in terms of how it is going to pan out in the 4th quarter. So from that point of view, do you think your full-year guidance for— and consequently the 4th quarter guidance is a bit conservative? For the dividend policy, we are currently discussing this internally. It is going to be placed before the board for their review and approval shortly. And once we finalize the dividend policy and get the necessary approvals, we will revert back to the market and we will inform. Regarding the capacity addition, your observation is right. I think we are slightly running ahead in terms of our own guidance. until the 3rd quarter. So there is a likelihood that we could be on the higher side of our guidance at the end of the year. Hopefully we will hit a number that is probably slightly higher than what we have guided. To that extent, yes, we are slightly conservative in terms of our guidance. Our next caller is Abhishek Kumar. Your line is now unmuted. Please go ahead. As a reminder, Participants are able to ask both live and text audio questions. Our next caller is Ambareen Jiwani. Your line is now unmuted. Please go ahead. Thank you. Another question I had was, when I'm looking at your numbers, if I look at the revenue per connected capacity, that is lower by about 2%, not significantly, but year-on-year versus the 3rd quarter last year. How do we explain that? And again, if you could comment a little bit on the temperatures that you've seen this quarter versus last quarter, and then what are the trends? that you're seeing in the 4th quarter? Thank you. I will answer your second question first. On the temperature, the average temperature for the 3rd quarter has been roughly a degree higher than what it was in 2025. I— we feel that had an impact in terms of the consumption revenue for the 3rd quarter. Uh, in addition to that, the regional conflict and its associated impact on hospitality also had some impact in terms of our consumption revenue. However, the good news is compared to 3rd quarter last year, the hotel occupancy is climbing back up as per Dubai Tourism Development Corporation, and hopefully we will have a stronger occupancy in the 4th quarter, which should support consumption revenue flow. Regarding your first query on revenue per connected RT, it depends on how the RTs have been connected in which month during a quarter. which can have slight impact if it is connected during the later part of the quarter. Hope that answers your query. There is a query regarding demand charge revenue in Q3. How much is the demand charge? Uh, we had given in our quarterly numbers consumption is around 65% of our total revenues. Demand and other revenues constitute the balance, which is around 35%. There is a query on any impact on plant construction timeline and CapEx because of the regional conflict. Yes. We do have, but the impact is mostly in the form of additional transportation cost and insurance premiums. However, we are— it is not impacting us in any significant way because our CapEx is more in the nature of incremental cost across our existing developments. So we are not seeing a significant impact of that in our financials. Another query on, is there any additional capacity coming at higher tariffs? The capacities that we are adding right now and the guidance that we have given is all from our existing concession agreements, which are based on the old capacity charges, they are at our existing rates and they are not at any higher rates as of now. Our next caller is Nitika Gupta. Your line is now unmuted. Please go ahead. Yes, hi, thanks for taking my question. Could you please help us understand, uh, you know, the higher repair and maintenance cost and other costs as a part of cost of sales? Is the higher repair and maintenance cost a new run rate? How should we be thinking about this? Uh, that's not a new run rate. Basically, it is the timing which has happened. So these repairs and maintenance expenses have incurred during the quarter. If we see probably the YTD numbers, YTD numbers are in line with last year. It's basically the timing of these expenses. Data centers is definitely an opportunity which we are seriously looking at. There is a huge data center facility coming up in Abu Dhabi, and it is also being planned in Dubai and other northern Emirates as well. Uh, we are looking at those opportunities, and once we have any updated information, we will share it with the market. There is a query on any update on the drainage pass-through to— through discussion. We had raised this with the Supreme Council of Energy and we are in discussions with them. We haven't received any update. As and when any update is there, we will come to the market and update you. Yeah. Query on, uh, Timeline for tender for district cooling services for the new airport. The process is still on. It could be announced sometime in the first quarter of next, next year. That is the information we have currently. Yes, both are true. We always do that. We always look at growing inorganically outside Dubai. Because of the current regional situation, it is slightly muted. Hopefully, once the conflict is resolved, we will have opportunities to potentially look at One interesting market that is opening up is India. There are large greenfield cities that are being planned. We are in conversation with some of those state governments. Hopefully we will have some opportunities potentially coming up in India. There is a query, when should expect an announcement on dividends? As mentioned, we are internally discussing the dividend policy. Once we have some in-principle approval from the board, we'll indicate— we'll give you a guidance on that, and then it has to be formally placed in the AGM next year, which will happen in Q1, uh, 2027. You have an updated view on CapEx in 2027. Uh, it would be in line with our guidance given earlier, which would be 6,000 dirhams per connected capacity. There's a query, are you seeing any signs of construction slowdowns in your concession locations? Surprisingly, it is actually the other way around. Uh, buildings which are in advanced stage of construction, they are accelerating and completing. So that they can hand over and probably collect cash. So we don't see any slowdown in any of the concessions which are in advanced stage right now. And Uh, we actually refinanced it in October '27. As you are aware, any facility that is due within the next 1 year assumes the character of a short-term liability. And that is one of the reasons why we rolled over this facility until 2020. 9. Another query, 2027 connected capacity guidance of 1.86 million RT is still intact? Absolutely. We might actually marginally exceed that target as well for 2027. There is a query, why are your yields on cash lower than EIBOR? Are you negotiating with the banks for higher rates? Yes, we do get the best rates possible in, uh, at any point in time whenever there is a surplus cash. The numbers, the yield numbers that you are seeing is probably a year-to-date number, which is probably for the first 9 months. So it averages, uh, the EIBOR recently has increased. So earlier than that, probably it was on a lower side. So this is an average number. There is a query whether higher DIWA ownership help in securing better borrowing rates. Uh, maybe in the future, but even in the past as a standalone entity, we have been considered as a very strong credit, and the kind of financing borrowing rates that we have is probably best in class, and we will continue to get that sort of attractive borrowing rates for our funding going forward. There is a query, why have you decided to reschedule repair and maintenance activities at the peak of the cooling season? It's not— it's basically a cyclical maintenance. So depending on the lifespan of the various equipments, these repairs and maintenance cycle happens. It can happen in cooling either in a peak cooling period or a non-peak cooling period. As a reminder, participants are able to ask both text and live audio questions. To ask a text question, select the messaging icon, type your question in the box towards the top of the screen, and press the send button. To ask a live audio question, press the Request to Speak button at the top of the broadcast window. The broadcast will be replaced by the audio questions interface. Press Join Queue and, if prompted, select Allow in the pop-up to grant access to your microphone. You will then be placed in a queue where you'll be able to listen to meeting proceedings while you wait for your turn to speak. I will introduce each caller by name and ask you to go ahead. You will then hear a beep indicating your microphone is live. There is a query on G&A expenses. What is driving that year on year, and what is the best way to think about the growth or hopefully maintenance of the level of expenses going forward. I think this G&A also includes the repair and maintenance expenses that we discussed. It would be more or less in line with how we have done historically. If you take that as a run rate, I think that should be fine. Thank you. There are no further questions. I'll now hand back to Chanda to close. Thank you everyone for joining today's call and for your continued interest in Empower. For any further queries, please contact our investor relations team. Have a great day.