Emirates Central Cooling Systems (EMPOWER) H1 2025 earnings summary

Executive summary

• Maintained robust operational and financial performance in H1 2025, with revenue up 7.5% to AED 1,453.4 million and strong cash flow visibility from long-term contracts.

• World's largest district cooling provider, serving over 148,000 customers and supporting Dubai's energy strategy.

• Focused on sustainability, innovation, and alignment with UAE Net Zero 2050 and Dubai's energy strategies.

• 84 new agreements signed, expanding total contracted capacity to 1.86 million RT, including major deals with DMCC and Wasl Group.

• Three awards won at IDEA 2025, including two golds for building commitments outside North America.

Financial highlights

• H1 2025 revenue rose 7.5% year-over-year to AED 1,453m; EBITDA increased 3.6% to AED 719m.

• Net profit after tax reached AED 403m; basic and diluted EPS for H1 2025 was AED 0.0398.

• EBITDA margin for H1 2025 was 49.47%, up from 47.58% in 2024.

• Cash and cash equivalents at 30 June 2025 stood at AED 2,042m, up from AED 1,936.6m at year-end 2024.

• Gross margin for H1 2025 was 44.7%, down from 47.2% in H1 2024.

Outlook and guidance

• Expected connected capacity additions of 121,000–146,000 RT for 2025–2026, with new agreements signed for major developments.

• Targeting gradual de-leveraging to below 2.0x net debt/EBITDA in the medium term.

• New dividend policy approved: AED 875m per year for 2025 and 2026.

• Interim period revenues and earnings are typically sensitive to weather conditions.