Emirates Central Cooling Systems (EMPOWER) Q3 2025 earnings summary

Executive summary

• Q3 and 9M 2025 saw continued growth in revenue and profitability, supported by capacity expansion, operational efficiency, and a diversified customer base with over 152,000 customers and long-term contracts.

• The company operates the world's largest district cooling portfolio, with a robust pipeline and long-term concession agreements, maintaining market leadership.

• Major new agreements in 2025 expanded total contracted capacity to 1.92 million RT, with 1.628 million connected.

• Two dividends of AED 437.5 million each were declared and paid in 2025, with a progressive policy for 2025 and 2026.

• Board of Directors and auditors were reappointed for new terms.

Financial highlights

• Q3 2025 revenue reached AED 1.133 billion, up 3% year-over-year; nine-month revenue was AED 2.586 billion, up 5.5%.

• Q3 net profit before tax was AED 315 million, up 8.1% year-over-year; nine-month net profit attributable to equity holders was AED 681.1 million, up 5.5%.

• EBITDA for Q3 rose 4.5% to AED 450 million; nine-month EBITDA was AED 1.169 billion, up 4%.

• Gross margin for 9M 2025 was 41.1%, with net profit margin after tax at 26.6%.

• Cash and cash equivalents increased to AED 2,284 million as of September 2025.

Outlook and guidance

• Connected capacity projected to reach 1.73–1.75 million RT by 2026, with 97,000–122,000 RT to be added through 2026.

• EBITDA margin guidance for 2025 is 46%, expected to rise to 47% in 2026 with improved TSE availability.

• CapEx guidance for 2025 is AED 5.5–6.0 billion, with potential upside if connections accelerate.

• Dividend policy updated to AED 875 million per year for 2025 and 2026, with interim and final dividends of AED 437.5 million each paid in 2025.

• Management is monitoring the impact of new IFRS standards, with no material changes expected.