Salik Company Pjsc · DFM:SALIK
Salik Company Pjsc — 9M 2025 Earnings Presentation
52 slides from Salik Company Pjsc's earnings presentation, November 2025
Slide 1: 9M 2025 Investor Presentation
9M 2025 INVESTOR PRESENTATION November 2025
Slide 2: Disclaimer
Disclaimer No statement in document is intended to be nor may be construed as a profit forecast. Any statements made in this document which could be classed as "forward-looking" are based upon various assumptions, including management’s examination of historical operating trends, data contained in t
Slide 3: Salik at a Glance
SALIK AT A GLANCE Why Salik
Slide 4: The Emirate of Dubai's exclusive toll gate operator
STRATEGIC & ATTRACTIVE MACRO OUR STRATEGY FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE OPERATIONAL CONDITIONS HIGHLIGHTS The Emirate of Dubai’s exclusive toll gate operator Toll Usage Fees 88.4% 18+ YEARS 100% c. 4.7 MN # OF REGISTERED ACTIVE Core Tolling Fines OPERATIONS SINCE
Slide 5: Salik's attractive investment proposition
STRATEGIC & ATTRACTIVE MACRO OUR STRATEGY FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE OPERATIONAL CONDITIONS HIGHLIGHTS Salik’s attractive investment proposition Exclusive tolling franchise with a 49- Capex-light business model with year concession agreement with RTA, leading E
Slide 6: Consistent strategic progress since listing
STRATEGIC & ATTRACTIVE MACRO OUR STRATEGY FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE OPERATIONAL CONDITIONS HIGHLIGHTS Consistent strategic progress since listing 2022 2023 2024 2025 Carve Out & Concession EMEA Finance Best Dubai Mall Partnership Variable Pricing Agreement IPO
Slide 7: Financial and operational highlights in 9M 2025 and Q3 2025
STRATEGIC & ATTRACTIVE MACRO OUR STRATEGY FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE OPERATIONAL CONDITIONS HIGHLIGHTS Financial and operational highlights in 9M 2025 and Q3 2025 FINANCIAL OPERATIONAL HIGHLIGHTS HIGHLIGHTS 9M 2025 Q3 2025 Implementation of variable pricing mod
Slide 8: Attractive Macroeconomic Conditions
ATTRACTIVE MACROECONOMIC CONDITIONS 8
Slide 9: Macroeconomic outlook supports Salik's growth
KEY STRATEGIC KEY OPERATIONAL KEY FINANCIAL HIGHLIGHTS HIGHLIGHTS OUTLOOK HIGHLIGHTS Macroeconomic outlook supports Salik’s growth 395.0 million 79% 1.3 million Public transport riders in H1 Hotel occupancy rate over Jan- DEWA Customer accounts, with 2025, up 9% YoY Sep 2025 up 3% year-on-year a 5%
Slide 10: Salik gates are strategically located across Dubai
STRATEGIC & SALIK AT A GLANCE ATTRACTIVE MACRO OUR STRATEGY FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL OPERATIONAL CONDITIONS HIGHLIGHTS Salik gates are strategically located across Dubai Al Mamzar North 2 New Toll Gates Al Mamzar South Floating Bridge Al Maktoum Airport Tunnel Al Garhoud Busin
Slide 11: Gate expansion drives sustained growth in historical total trips
STRATEGIC & SALIK AT A GLANCE ATTRACTIVE MACRO OUR STRATEGY FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL OPERATIONAL CONDITIONS HIGHLIGHTS Gate expansion drives sustained growth in historical total trips Total Trips (1) (mn trips) Al Al Dubai Tram Jebel Ali Al Safa South Safa Maktoum 2008 2010 20
Slide 12: Connecting the centres of Dubai in a city where car use is dominant
STRATEGIC & SALIK AT A GLANCE ATTRACTIVE MACRO OUR STRATEGY FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL OPERATIONAL CONDITIONS HIGHLIGHTS Connecting the centres of Dubai in a city where car use is dominant Cars Are The Most Popular and Convenient Salik’s Value Proposition in a Car-Reliant City M
Slide 13: Our Strategy
OUR STRATEGY ef eu Salik
Slide 14: Salik's strategic evolution to becoming a global leader
STRATEGIC & ATTRACTIVE MACRO OUR STRATEGY FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE OPERATIONAL CONDITIONS HIGHLIGHTS Salik’s strategic evolution to becoming a global leader Salik aspires to Salik’s strategy is focused on 4 key strategic pillars become a global leader in prov
Slide 15: 12 core objectives under 4 strategic pillars
STRATEGIC & ATTRACTIVE MACRO OUR STRATEGY FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE OPERATIONAL CONDITIONS HIGHLIGHTS Salik is focused on pursuing 12 core objectives under its 4 strategic pillars Thrive in the Tolling Business Build ESG Stewardship Achieve Sustainable Growth
Slide 16: Sustainable agenda aligned with Dubai's ESG goals
STRATEGIC & ATTRACTIVE MACRO OUR STRATEGY FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE OPERATIONAL CONDITIONS HIGHLIGHTS Forward thinking organization with a sustainable agenda aligned with Dubai’s ESG goals Committed to Reduced Congestion & Fuel Digital Green Clear Commitment t
Slide 17: Strategic & Operational Highlights
STRATEGIC & OPERATIONAL HIGHLIGHTS
Slide 18: Continued growth in Salik's core tolling business
ATTRACTIVE MACRO STRATEGIC & SALIK AT A GLANCE OUR STRATEGY OPERATIONAL FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL CONDITIONS HIGHLIGHTS Continued growth in Salik’s core tolling business Total Trips (mn) Total Chargeable Trips (mn)1,2 Peak +35.6% -5.1% YoY QoQ -4.3% Off Peak QoQ 160.4 152.2 Pas
Slide 19: Evolution of quarterly trips by gate
ATTRACTIVE MACRO STRATEGIC & SALIK AT A GLANCE OUR STRATEGY OPERATIONAL FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL CONDITIONS HIGHLIGHTS Evolution of quarterly trips by gate Quarterly Total Trips (mn) Quarterly Total Trips by Gate (mn) Q3 2022 Q3 2023 Q3 2024 Q3 2025 35.6% YoY 32.8 204.2 28.2 2
Slide 20: Variable pricing supporting annual revenue growth
ATTRACTIVE MACRO STRATEGIC & SALIK AT A GLANCE OUR STRATEGY OPERATIONAL FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL CONDITIONS HIGHLIGHTS Variable pricing supporting annual revenue growth Timing Traffic Distribution in FY24 Variable Pricing Based on Fixed Pricing (4 Dirhams) 52% 55% 54% 54% 54%
Slide 21: Providing seamless parking solutions through key partnerships
ATTRACTIVE MACRO STRATEGIC & SALIK AT A GLANCE OUR STRATEGY OPERATIONAL FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL CONDITIONS HIGHLIGHTS Providing seamless parking solutions through key partnerships Medium and long-term revenue expectations Barrier-free parking 2026 payment solution AED 8.1 mn
Slide 22: Motor insurance partnership & new customised tags initiative
ATTRACTIVE MACRO STRATEGIC & SALIK AT A GLANCE OUR STRATEGY OPERATIONAL FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL CONDITIONS HIGHLIGHTS Motor insurance partnership & new customised tags initiative Leveraging Salik’s comprehensive database by sending timely reminders Medium and long-term revenu
Slide 23: Financial Highlights
Why Salik FINANCIAL HIGHLIGHTS
Slide 24: Robust growth across key financial metrics
ATTRACTIVE MACRO STRATEGIC & SALIK AT A GLANCE OUR STRATEGY OPERATIONAL FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL CONDITIONS HIGHLIGHTS Robust growth across key financial metrics Revenue Total Chargeable Trips (mn) 1,2 +38.6% YoY Peak -5.1% 2,275.0 QoQ AED Million +36.9% Off Peak 160.4 152.2 Y
Slide 25: Growth in mobility continues to drive strong revenue momentum
ATTRACTIVE MACRO STRATEGIC & SALIK AT A GLANCE OUR STRATEGY OPERATIONAL FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL CONDITIONS HIGHLIGHTS Growth in mobility continues to drive strong revenue momentum +38.6% YoY +36.9% YoY 2,275.0 56.1 206.7 -3.6% QoQ 1,640.9 AED Million 43.9 174.8 2,012.1 751.6
Slide 26: Growing quarterly revenue from toll usage fees
ATTRACTIVE MACRO STRATEGIC & SALIK AT A GLANCE OUR STRATEGY OPERATIONAL FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL CONDITIONS HIGHLIGHTS Growing quarterly revenue from toll usage fees +39.9% YoY 691.3 665.6 655.2 570.2 AED Million 492.9 491.1 454.2 455.3 462.7 468.4 443.7 443.1 426.2 421.1 400.
Slide 27: Streamlined business model
ATTRACTIVE MACRO STRATEGIC & SALIK AT A GLANCE OUR STRATEGY OPERATIONAL FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL CONDITIONS HIGHLIGHTS Streamlined business model Depreciation, Amortization Total Revenue - Operating Costs = EBITDA - & Net Finance Costs = PBT - Income Tax = Net Profit % 88.4% 9
Slide 28: Operating cost structure places Salik among the most profitable
ATTRACTIVE MACRO STRATEGIC & SALIK AT A GLANCE OUR STRATEGY OPERATIONAL FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL CONDITIONS HIGHLIGHTS Operating cost structure places Salik among the most profitable in the industry Operating Costs Evolution Commentary 18.5% 26.7% 38.0% 35.1% 35.9% 35.2% Carve
Slide 29: Strong profitability in 9M 2025, EBITDA up 42.0%
ATTRACTIVE MACRO STRATEGIC & SALIK AT A GLANCE OUR STRATEGY OPERATIONAL FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL CONDITIONS HIGHLIGHTS Strong profitability in 9M 2025, with EBITDA up 42.0% and a margin of 69.6% EBITDA Evolution (AED million) EBITDA (AED million) Margins since 2023 reflect 81.
Slide 30: 9M 2025 net profit up 39.1% YoY
ATTRACTIVE MACRO STRATEGIC & SALIK AT A GLANCE OUR STRATEGY OPERATIONAL FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL CONDITIONS HIGHLIGHTS 9M 2025 net profit up 39.1% YoY with a strong 50.3% margin (55.2% before tax) Net Profit Evolution (AED million) Net Profit (AED million) 55.0% Net Profit mar
Slide 31: Advance customer charges drive positive working capital profile
ATTRACTIVE MACRO STRATEGIC & SALIK AT A GLANCE OUR STRATEGY OPERATIONAL FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL CONDITIONS HIGHLIGHTS Advance customer charges drive positive working capital profile Net Working Capital Evolution Commentary (78.3) (147.4) (192.4) (536.8) (578.4) • The growth i
Slide 32: Solid cash generation, positive working capital dynamics
ATTRACTIVE MACRO STRATEGIC & SALIK AT A GLANCE OUR STRATEGY OPERATIONAL FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL CONDITIONS HIGHLIGHTS Solid cash generation, positive working capital dynamics Free cash flow evolution (AED million) Free cash flow bridge 9M 2025 (AED million) 72.8% 79.9% 68.7%
Slide 33: Healthy balance sheet with conservative leverage
ATTRACTIVE MACRO STRATEGIC & SALIK AT A GLANCE OUR STRATEGY OPERATIONAL FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL CONDITIONS HIGHLIGHTS Healthy balance sheet with conservative leverage of 2.61x EBITDA Total Borrowings2 (AED, mn) Net Debt < 5x Covenant Strong credit ratings 2,015.9 6,010.3 3,99
Slide 34: Attractive dividend profile
ATTRACTIVE MACRO STRATEGIC & SALIK AT A GLANCE OUR STRATEGY OPERATIONAL FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL CONDITIONS HIGHLIGHTS Attractive dividend profile Distributed H2 2024 Distributed FY 2024 Distributed H1 2025 This dividend policy is dividends of dividends of dividends of designe
Slide 35: Outlook
OUTLOOK ef eu Salik
Slide 36: Guidance for FY 2025 and FY 2026
KEY STRATEGIC KEY OPERATIONAL KEY FINANCIAL OUTLOOK HIGHLIGHTS HIGHLIGHTS HIGHLIGHTS Guidance for FY 2025 and FY 2026 FY2025 guidance unchanged from H1, reflecting contribution from two new gates introduced in 2024 and variable pricing. FY2026 guidance introduced, reflecting continued traffic driven
Slide 37: Medium and long-term expectations for ancillary revenues
ATTRACTIVE MACRO STRATEGIC & SALIK AT A GLANCE OUR STRATEGY OPERATIONAL FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL CONDITIONS HIGHLIGHTS Guidance: Medium and long-term expectations for ancillary revenues Medium to Long-Term Expectation: 2026-2030 Key Assumptions 2026 2030 Dubai Mall Parking Gen
Slide 38: Our Business Model
OUR BUSINESS MODEL Why Salik
Slide 39: Concession agreement overview
ATTRACTIVE MACRO STRATEGIC & SALIK AT A GLANCE OUR STRATEGY OPERATIONAL FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL CONDITIONS HIGHLIGHTS Concession agreement overview Relevant Authorities and Relationship with Salik Key Concession Agreement Terms Legislative Term of the Concession Governmental
Slide 40: Concession agreement overview (cont'd)
ATTRACTIVE MACRO STRATEGIC & SALIK AT A GLANCE OUR STRATEGY OPERATIONAL FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL CONDITIONS HIGHLIGHTS Concession agreement overview (cont’d) Salik’s Key Rights RTA’S Key Obligations To Salik Take necessary actions during the registration Exclusive concession r
Slide 41: Price increase mechanism and concession fee overview
ATTRACTIVE MACRO STRATEGIC & SALIK AT A GLANCE OUR STRATEGY OPERATIONAL FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL CONDITIONS HIGHLIGHTS Price increase mechanism and concession fee overview Price Increase Mechanism Approval Process • Mechanism for tariff increase that is linked to inflation pro
Slide 42: New gate addition mechanism
ATTRACTIVE MACRO STRATEGIC & SALIK AT A GLANCE OUR STRATEGY OPERATIONAL FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL CONDITIONS HIGHLIGHTS New gate addition mechanism In January 2024, Salik announced that it would introduce 2 new gates in Dubai, to become operational by November 2024, taking the
Slide 43: Addition of new gates
ATTRACTIVE MACRO STRATEGIC & SALIK AT A GLANCE OUR STRATEGY OPERATIONAL FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL CONDITIONS HIGHLIGHTS Addition of new gates RTA’s Process for Assessing New Gate Opportunities Detailed Action Plan Followed by RTA Mission Optimise for better traffic management S
Slide 44: Appendix
APPENDIX Why Salik
Slide 45: An Experienced Management Team
An Experienced Management Team Ibrahim Sultan Al Haddad Maged Ibrahim Tariq Ismail Mohammad Chief Executive Officer Chief Financial Officer Chief Technology Officer • 20+ years track record of achieving • 30+ years experience in finance and • 17+ years of management commercial transformation across
Slide 46: Annual and Quarterly Trips by Gate
Annual and Quarterly Trips by Gate Total Trips (Mn) FY 2022 FY 2023 FY 2024 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Airport Tunnel 25.9 29.2 31.0 7.4 7.0 7.0 7.7 8.0 7.2 7.6 8.2 7.8 7.8 7.6 Al Barsha 107.6 116.6 119.4 30.1 28.9 26.8 30.8 30.9 28.9 28.0
Slide 47: Mobility Highlights
Mobility Highlights Million Q3 2025 Q3 2024 % YoY Q2 2025 % QoQ 9M 2025 9M 2024 % YoY Total trips 204.2 150.5 35.6% 213.4 -4.3% 628.4 454.4 38.3% Total chargeable trips 152.2 - - 160.4 -5.1% 470.5 - - Peak trips (AED 6)1 55.3 - - 57.7 -4.2% 152.2 - - Off-peak trips (AED 4) 1 80.9 - - 86.3 -6.3
Slide 48: Summary of P&L
Summary of P&L AED million Q3 2025 Q3 2024 % Δ YoY Q2 2025 % Δ QoQ 9M 2025 9M 2024 % Δ YoY Revenue 747.7 546.1 36.9% 775.7 -3.6% 2,275.0 1,640.9 38.6% Toll usage fees 655.2 468.4 39.9% 691.3 -5.2% 2,012.1 1,422.2 41.5% Fines 72.4 58.7 23.3% 65.9 9.9% 206.7 174.8 18.2% Tag activation fees 11.8 10.3 1
Slide 49: Summary of Cash Flows
Summary of Cash Flows AED million Q3 2025 Q3 2024 % YoY Q2 2025 % QoQ 9M 2025 9M 2024 % YoY Operating cash flow before changes in working capital 528.6 383.7 37.8% 554.3 -4.6% 1,615.3 1,144.5 41.1% Changes in working capital (21.4) (13.4) 60.3% (68.8) -68.9% 4.0 (83.8) -104.8% Net cash flow fr
Slide 50: Summary of Financial Position
Summary of Financial Position AED million 30-Sep-25 30-Jun-25 % Δ QoQ 31-Dec-24 % Δ YtD Total assets, including: 7,570.3 8,077.3 -6.3% 7,985.9 -5.2% Cash and cash equivalents 425.9 380.3 12.0% 963.7 -55.8% Short term deposit with bank (1) 254.0 756.9 -66.4% - 100.0% Total liabilities, including: 6,7
Slide 51: Recognized as a Global Leader
Recognized as a Global Leader Leading Corporate for Best Investor Relations in Investor Relations Dubai for 2025 Professional in Dubai Inclusion to MSCI UAE Most Honored Company ESG Label issued by Index Emerging EMEA - Large Corporates Dubai Chambers Joins UN Global Compact Fastest Growing Transpor
Slide 52: Thank You
THANK YOU For enquiries, please contact Investor Relations: Wassim El Hayek Head of Investor Relations E: wassim.elhayek@salik.ae