External broker reports(aggregated public sources), International Securities

International Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

National Central Cooling  PJ / Equity Bottom-Up

National Central Cooling  PJ (TABREED UH)

<ul><li>Tabreed posted 1Q25 attributable profit of AED115mn, up 3% YoY (-20% QoQ), in line with our estimates. </li><li>The YoY uptick in profits was led by higher overall connected capacity which increased to 1.33mn Refrigeration Tons (RT) from 1.31mn RT in 1Q24 as well as 7% lower financial charges following deleveraging. On QoQ basis, profit decline was mainly due to seasonal factors. </li><li>The company continues to focus on capacity expansion and optimizing capital structure which will contribute to growth in FY25. We maintain Buy on Tabreed with FV of AED3.97/share.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Tabreed posted 1Q25 attributable profit of AED115mn, up 3% YoY (-20% QoQ), in line with our estimates. The YoY uptick in profits was led by higher overall connected capacity which increased to 1.33mn Refrigeration Tons (RT) from 1.31mn RT in 1Q24 as well as 7% lower financial charges following deleveraging. On QoQ basis, profit decline was mainly due to seasonal factors. The company continues to focus on capacity expansion and optimizing capital structure which will contribute to growth in FY25. We maintain Buy on Tabreed with FV of AED3.97/share.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tabreed - 1Q25 Attributable Profit up 3% YoY (-20% QoQ) To AED115mn; in Line with Estimates