Salik Company Pjsc · DFM:SALIK
Salik Company Pjsc — H1 2025 Earnings Presentation
50 slides from Salik Company Pjsc's earnings presentation, August 2025
Slide 1: H1 2025 Investor Presentation
H1 2025 Investor Presentation August 2025 1
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
The Emirate of Dubai’s exclusive toll gate operator ATTRACTIVE MACRO STRATEGIC & OUR BUSINESS MODEL SALIK AT A GLANCE OUR STRATEGY FINANCIAL HIGHLIGHTS OUTLOOK CONDITIONS OPERATIONAL HIGHLIGHTS 18+ YEARS 100% 10 GATES 49 YEARS c. 4.6 MN ASSET-LIGHT APPROACH CONCESSION WITH # OF REGISTERED OPERATIONS
Slide 5: Salik's attractive investment proposition
Salik’s attractive investment proposition ATTRACTIVE MACRO STRATEGIC & OUR BUSINESS MODEL SALIK AT A GLANCE OUR STRATEGY FINANCIAL HIGHLIGHTS OUTLOOK CONDITIONS OPERATIONAL HIGHLIGHTS 1 2 3 4 Global Leader in Stable Revenue- Robust Financials & Dominant Car Usage in Sustainable and Smart Generating
Slide 6: Consistent strategic progress since listing
Consistent strategic progress since listing ATTRACTIVE MACRO STRATEGIC & OUR BUSINESS MODEL SALIK AT A GLANCE OUR STRATEGY FINANCIAL HIGHLIGHTS OUTLOOK CONDITIONS OPERATIONAL HIGHLIGHTS 2022 2023 2024 2025 Carve Out & Concession EMEA Finance Best Dubai Mall Partnership Variable Pricing Agreement IPO
Slide 7: Financial and operational highlights in H1 2025 and Q2 2025
Financial and operational highlights in H1 2025 and Q2 2025 ATTRACTIVE MACRO STRATEGIC & OUR BUSINESS MODEL SALIK AT A GLANCE OUR STRATEGY FINANCIAL HIGHLIGHTS OUTLOOK CONDITIONS OPERATIONAL HIGHLIGHTS Financial Highlights TOTAL CHARGEABLE TRIPS REVENUES EBITDA1 NET PROFIT H1 318.4 MN AED 1,527.3 MN
Slide 8: Attractive Macroeconomic Conditions
ATTRACTIVE MACROECONOMIC CONDITIONS 8
Slide 9: Macroeconomic outlook supports Salik's growth
Macroeconomic outlook supports Salik’s growth ATTRACTIVE MACRO OUR STRATEGY STRATEGIC & OUR BUSINESS MODEL SALIK AT A GLANCE FINANCIAL HIGHLIGHTS OUTLOOK CONDITIONS OPERATIONAL HIGHLIGHTS 395.1 million 81% 25% Public transport riders in H1 Hotel occupancy rate in H1 2025 Growth in DIFC firms YoY, wi
Slide 10: Salik gates are strategically located across Dubai
Salik gates are strategically located across Dubai ATTRACTIVE MACRO OUR STRATEGY STRATEGIC & OUR BUSINESS MODEL SALIK AT A GLANCE FINANCIAL HIGHLIGHTS OUTLOOK CONDITIONS OPERATIONAL HIGHLIGHTS Al Mamzar North 2 New Toll Gates Al Mamzar South Floating Bridge Al Maktoum Airport Tunnel Al Garhoud Busin
Slide 11: Connecting the centres of Dubai in a city where car use is dominant
Connecting the centres of Dubai in a city where car use is dominant ATTRACTIVE MACRO OUR STRATEGY STRATEGIC & OUR BUSINESS MODEL SALIK AT A GLANCE FINANCIAL HIGHLIGHTS OUTLOOK CONDITIONS OPERATIONAL HIGHLIGHTS Dubai Journey Mode Split Exclusive operator Serving high-population areas 12% Private Car
Slide 12: Our Strategy
OUR STRATEGY Why Salik
Slide 13: Salik's strategic evolution to becoming a global leader
Salik’s strategic evolution to becoming a global leader ATTRACTIVE MACRO STRATEGIC & FINANCIAL HIGHLIGHTS OUTLOOK SALIK AT A GLANCE CONDITIONS OUR STRATEGY OUR BUSINESS MODEL OPERATIONAL HIGHLIGHTS Salik aspires to become a global leader in providing sustainable and smart mobility solutions. Over th
Slide 14: 12 core objectives under 4 strategic pillars
Over the next 5 years, Salik will pursue 12 core objectives under its 4 strategic pillars ATTRACTIVE MACRO STRATEGIC & FINANCIAL HIGHLIGHTS OUTLOOK SALIK AT A GLANCE CONDITIONS OUR STRATEGY OUR BUSINESS MODEL OPERATIONAL HIGHLIGHTS 1 2 3 4 Thrive in the Tolling Achieve Sustainable Establish Future-P
Slide 15: ESG
Forward thinking organization with a sustainable agenda aligned with Dubai’s ESG goals ATTRACTIVE MACRO STRATEGIC & FINANCIAL HIGHLIGHTS OUTLOOK SALIK AT A GLANCE CONDITIONS OUR STRATEGY OUR BUSINESS MODEL OPERATIONAL HIGHLIGHTS Committed to Reduced Congestion & Fuel Digital Green Clear Commitment t
Slide 16: Strategic & Operational Highlights
STRATEGIC & OPERATIONAL HIGHLIGHTS
Slide 17: Continued growth in Salik's core tolling business
Continued growth in Salik’s core tolling business ATTRACTIVE MACRO STRATEGIC & OUR BUSINESS MODEL SALIK AT A GLANCE OUR STRATEGY FINANCIAL HIGHLIGHTS OUTLOOK CONDITIONS OPERATIONAL HIGHLIGHTS Total Trips (mn) Total Chargeable Trips1,2 Peak +44.3% Off Peak +1.6% YoY Past Midnight QoQ +1.3% QoQ 158.0
Slide 18: Evolution of quarterly trips by gate
Evolution of quarterly trips by gate ATTRACTIVE MACRO STRATEGIC & OUR BUSINESS MODEL SALIK AT A GLANCE OUR STRATEGY FINANCIAL HIGHLIGHTS OUTLOOK CONDITIONS OPERATIONAL HIGHLIGHTS Quarterly Total Trips Quarterly Total Trips by Gate Q2 2022 Q2 2023 Q2 2024 Q2 2025 +44.3% YoY Million 213.4 35.0 30.4 29
Slide 19: Introduction of variable pricing supporting annual revenue growth
Introduction of variable pricing supporting annual revenue growth ATTRACTIVE MACRO STRATEGIC & OUR BUSINESS MODEL SALIK AT A GLANCE OUR STRATEGY FINANCIAL HIGHLIGHTS OUTLOOK CONDITIONS OPERATIONAL HIGHLIGHTS For all days of the year, except Ramadan Timing traffic distribution Peak Hours Off-Peak Hou
Slide 20: Providing seamless parking solutions through key partnerships
Providing seamless parking solutions through key partnerships Ancillary Revenue Streams | Parking Payment Solutions Barrier-free parking payment solution operational Salik’s Wallet will be integrated gradually across since July 1, 2024 at world-famous Dubai Mall Parkonic’s current and future locatio
Slide 21: Motor insurance partnership & launch of customized tags initiative
Motor insurance partnership & launch of customized tags initiative Ancillary Revenue Streams | Market Leading Motor Insurance Partnership Customized Salik Tags Launch of Customized Tags initiative Leveraging Salik’s comprehensive database by sending timely reminders for motor insurance renewal, redi
Slide 22: Financial Highlights
Why Salik FINANCIAL HIGHLIGHTS
Slide 23: Robust growth across key financial metrics
Robust growth across key financial metrics ATTRACTIVE MACRO STRATEGIC & OUTLOOK SALIK AT A GLANCE OUR STRATEGY FINANCIAL HIGHLIGHTS OUR BUSINESS MODEL CONDITIONS OPERATIONAL HIGHLIGHTS Revenue Total Chargeable Trips1,2,3 +39.5% YoY Peak Off Peak +1.6% Past Midnight QoQ 1,527.3 AED Million +45.6% 158
Slide 24: Streamlined business model
Streamlined business model Depreciation, Amortization Total Revenue - Operating Costs = EBITDA - & Net Finance Costs = PBT - Income Tax = Net Profit % 88.8% 8.8% 2.4% 69.7% 55.5% 50.5% of total revenue 134.3 36.0 (305.3) (78.3) (78.7) (72.3) AED Million 1,356.9 (145.6) (76.2) 1,065.0 847.1 770.9 Tol
Slide 25: Growth in mobility continues to drive strong revenue momentum
Growth in mobility continues to drive strong revenue momentum ATTRACTIVE MACRO STRATEGIC & OUTLOOK SALIK AT A GLANCE OUR STRATEGY FINANCIAL HIGHLIGHTS OUR BUSINESS MODEL CONDITIONS OPERATIONAL HIGHLIGHTS +45.6% +39.5% YoY YoY 1,527.3 36.0 +3.2% 134.3 QoQ AED Million 1,094.8 24.9 116.1 775.7 751.6 65
Slide 26: Operating cost structure places Salik among the most profitable
Operating cost structure places Salik among the most profitable in the industry ATTRACTIVE MACRO STRATEGIC & OUTLOOK SALIK AT A GLANCE OUR STRATEGY FINANCIAL HIGHLIGHTS OUR BUSINESS MODEL CONDITIONS OPERATIONAL HIGHLIGHTS Operating Costs Evolution Commentary 18.5% 26.7% 38.0% 35.1% 36.4% 35.0% Carve
Slide 27: Strong profitability in Q2 2025, with EBITDA up 50.9%
Strong profitability in Q2 2025, with EBITDA up 50.9% EBITDA Evolution (AED million) EBITDA (AED million) 81.9% 76.1% 65.9% 68.9% Margins since 2023 reflect 67.8% Margin 70.3% Salik’s new cost profile as a concessionaire +13.6% YoY 243.0 545.3 Concession 67.8% 70.3% (51.4) begins July Full Year of (
Slide 28: Q2 2025 net profit up 49.6% YoY
Q2 2025 net profit up 49.6% YoY Net Profit Evolution (AED million) Net Profit (AED million) Net Profit margin before tax 56.7% 50.2% Margin Margins since 2023 reflect 81.5% 70.1% 52.1% 50.8% Salik’s new cost profile as Net Profit margin after tax 51.6% a concessionaire 243.0 +6.1% (51.4) 50.2% 51.6%
Slide 29: Advance customer charges drive positive working capital profile
Advance customer charges drive positive working capital profile ATTRACTIVE MACRO STRATEGIC & OUTLOOK SALIK AT A GLANCE OUR STRATEGY FINANCIAL HIGHLIGHTS OUR BUSINESS MODEL CONDITIONS OPERATIONAL HIGHLIGHTS Net Working Capital Evolution Commentary (78.3) (147.4) (192.4) (536.8) (665.0) • Salik record
Slide 30: Solid cash generation, positive working capital dynamics
Solid cash generation, positive working capital dynamics Free cash flow evolution (AED million) Free cash flow bridge Q2 2025 (AED million) 72.8% 79.9% 68.7% 63.6% 70.3% Margin 62.5% +0.5% YoY 62.3% 62.5% Concession begins July 2022 545.3 Full year of concession fees 1,512.5 1,457.2 7.8 0.0 0.7 485.
Slide 31: Healthy balance sheet with conservative leverage of 2.55x EBITDA
Healthy balance sheet with conservative leverage of 2.55x EBITDA ATTRACTIVE MACRO STRATEGIC & OUTLOOK SALIK AT A GLANCE OUR STRATEGY FINANCIAL HIGHLIGHTS OUR BUSINESS MODEL CONDITIONS OPERATIONAL HIGHLIGHTS Total Borrowings2 (AED, mn) Net Debt < 5x Covenant Strong credit ratings 1,989.7 5,983.3 3,99
Slide 32: Attractive dividend profile
Attractive dividend profile ATTRACTIVE MACRO STRATEGIC & OUTLOOK SALIK AT A GLANCE OUR STRATEGY FINANCIAL HIGHLIGHTS OUR BUSINESS MODEL CONDITIONS OPERATIONAL HIGHLIGHTS Distributed H2 2024 FY 2024 total distributed Proposed H1 2025 This dividend policy is dividends of dividends of dividends of desi
Slide 33: Outlook
Why Salik OUTLOOK
Slide 34: Guidance: Expectations for FY 2025 revised upwards
Guidance: Expectations for FY 2025 revised upwards ATTRACTIVE MACRO STRATEGIC & SALIK AT A GLANCE CONDITIONS OUR STRATEGY FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL OPERATIONAL HIGHLIGHTS Positive FY 2025 guidance reflects contribution from two new gates introduced in November 2024 and introduc
Slide 35: Guidance: Medium and long-term expectations for ancillary revenues
Guidance: Medium and long-term expectations for ancillary revenues ATTRACTIVE MACRO STRATEGIC & SALIK AT A GLANCE CONDITIONS OUR STRATEGY FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL OPERATIONAL HIGHLIGHTS Medium to Long-Term Expectation: 2026-2030 Key Assumptions Dubai Mall Parking Generated AED
Slide 36: Our Business Model
OUR BUSINESS MODEL NR NR N |S N N NE NB N Ny N NB NR N
Slide 37: Concession agreement overview
Concession agreement overview ATTRACTIVE MACRO STRATEGIC & FINANCIAL HIGHLIGHTS OUTLOOK SALIK AT A GLANCE CONDITIONS OUR STRATEGY OUR BUSINESS MODEL OPERATIONAL HIGHLIGHTS Relevant Authorities and Relationship with Salik Key Concession Agreement Terms Legislative Term of the Concession Governmental
Slide 38: Concession agreement overview (cont'd)
Concession agreement overview (cont’d) ATTRACTIVE MACRO STRATEGIC & FINANCIAL HIGHLIGHTS OUTLOOK SALIK AT A GLANCE CONDITIONS OUR STRATEGY OUR BUSINESS MODEL OPERATIONAL HIGHLIGHTS SALIK’S KEY RIGHTS RTA’S KEY OBLIGATIONS TO SALIK Take necessary actions during the registration Exclusive concession r
Slide 39: Price increase mechanism and concession fee overview
Price increase mechanism and concession fee overview ATTRACTIVE MACRO STRATEGIC & FINANCIAL HIGHLIGHTS OUTLOOK SALIK AT A GLANCE CONDITIONS OUR STRATEGY OUR BUSINESS MODEL OPERATIONAL HIGHLIGHTS Price Increase Mechanism Approval Process • Mechanism for tariff increase that is linked to inflation pro
Slide 40: New gate addition mechanism
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 total number of gates from 8 to 10 ATTRACTIVE MACRO STRATEGIC & FINANCIAL HIGHLIGHTS OUTLOOK SALIK AT A GLANCE CONDITIONS OUR STRATEGY OUR BUS
Slide 41: Addition of new gates
Addition of new gates ATTRACTIVE MACRO STRATEGIC & FINANCIAL HIGHLIGHTS OUTLOOK SALIK AT A GLANCE CONDITIONS OUR STRATEGY OUR BUSINESS MODEL OPERATIONAL HIGHLIGHTS Detailed Action Plan Followed by RTA RTA’s Process for Assessing New Gate Opportunities Mission Optimise for better traffic management S
Slide 42: Appendix
APPENDIX VLLLLLLLLLLLLL
Slide 43: Recognized as a Global Leader
Recognized as a Global Leader Best Investor Relations by CEO UAE CFO Power List Joins UN Global Most Honored Middle East Compact Companies Reinforcing 2024 Developed commitment to Europe & Emerging Best Investor sustainable business EMEA Executive Relations by CFO practices awards Middle East 43
Slide 44: 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 45: 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 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 Al Barsha 107.6 116.6 119.4 30.1 28.9 26.8 30.8 30.9 28.9 28.0 31.6 30.1 3
Slide 46: Mobility Highlights
Mobility Highlights Million Q2 2025 Q2 2024 % YoY Q1 2025 % QoQ H1 2025 H1 2024 % YoY Total trips 213.4 147.9 44.3% 210.8 1.3% 424.2 303.9 39.6% Total chargeable trips 160.4 - - 158.0 1.6% 318.4 - - Peak trips (AED 6)1 57.7 - - 39.3 46.7% 96.9 - - Off-peak trips (AED 4) 1 86.3 - - 107.5 -19.7%
Slide 47: Summary of P&L
Summary of P&L AED million Q2 2025 Q2 2024 % YoY Q1 2025 % QoQ H1 2025 H1 2024 % YoY Revenue 775.7 532.7 45.6% 751.6 3.2% 1,527.3 1,094.8 39.5% Toll usage fees 691.3 462.7 49.4% 665.6 3.9% 1,356.9 953.8 42.3% Fines 65.9 57.2 15.2% 68.4 -3.7% 134.3 116.1 15.7% Tag activation fees 11.5 10.0 15.0
Slide 48: Summary of Cash Flows
Summary of Cash Flows AED million Q2 2025 Q2 2024 % YoY Q1 2025 % QoQ H1 2025 H1 2024 % YoY Operating cash flow before changes in working capital 554.3 373.7 48.3% 532.4 4.1% 1,086.7 760.8 42.8% Changes in working capital (68.8) (37.0) 85.8% 94.3 -173.0% 25.5 (70.5) -136.1% Net cash flow from
Slide 49: Summary of Financial Position
Summary of Financial Position AED million 30-Jun-25 31-Mar-25 % Δ QoQ 31-Dec-24 % Δ YTD Total assets, including: 8,077.3 8,494.4 -4.9% 7,985.9 1.1% Cash and cash equivalents 380.3 1,041.3 -63.5% 963.7 -60.5% Short term deposit with bank (1) 756.9 500.5 51.2% - - Total liabilities, including: 6,838.3
Slide 50: Thank You
THANK YOU For enquiries, please contact Investor Relations: Wassim El Hayek Head of Investor Relations E: wassim.elhayek@salik.ae