Salik Company Pjsc · DFM:SALIK
Salik Company Pjsc — Investor Presentation (March 2026)
56 slides from Salik Company Pjsc's investor presentation, March 2026
Slide 1: FY 2025 Investor Presentation
FY 2025 INVESTOR PRESENTATION March 2026
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
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS The Emirate of Dubai’s exclusive toll gate operator Toll Usage Fees 88.4% 18+ YEARS 100% c. 4.8 MN # OF REGISTERED Fines OPERATIONS SINCE 20
Slide 5: Salik’s attractive investment proposition
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Salik’s attractive investment proposition Exclusive tolling franchise Capex-light business model with a 49-year concession with leading EBIT
Slide 6: Consistent strategic progress since listing
KEY KEY STRATEGIC OPERATIONAL KEY FINANCIAL OUTLOOK HIGHLIGHTS HIGHLIGHTS HIGHLIGHTS Consistent strategic progress since listing 2022 2023 2024 2025 2026 Variable Pricing Carve Out & EMEA Finance Dubai Mall Introduced 10-Year Concession Best IPO in the Partnership MSCI Emerging Agreement Agreement M
Slide 7: Financial and operational highlights in FY 2025 and Q4 2025
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Financial and operational highlights in FY 2025 and Q4 2025 FINANCIAL OPERATIONAL HIGHLIGHTS HIGHLIGHTS FY 2025 Q4 2025 Implementation of va
Slide 8: Attractive Macroeconomic Conditions
ATTRACTIVE MACROECONOMIC CONDITIONS 8
Slide 9: Macroeconomic outlook supports Salik’s growth
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Macroeconomic outlook supports Salik’s growth 4.0 million 81% 1.3 million Dubai Population as of Hotel occupancy rate over DEWA Customer acc
Slide 10: Salik gates are strategically located across Dubai
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Salik gates are strategically located across Dubai Al Mamzar North 2 New Toll Gates Al Mamzar South Floating Bridge Al Maktoum Airport Tunne
Slide 11: Gate expansion drives sustained growth in historical total trips
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL 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 Introdu
Slide 12: Connecting the centres of Dubai in a city where car use is dominant
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL 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
Slide 13: Journey Efficiency – Scenario A
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Journey Efficiency – Scenario A Peak Hours Off-Peak Hours DUBAI DUBAI INTERNATIONAL INTERNATIONAL AIRPORT AIRPORT E11 E11 Ras Al Khor Ras Al
Slide 14: Journey Efficiency – Scenario B
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Journey Efficiency – Scenario B Peak Hours Off-Peak Hours DUBAI DUBAI FESTIVAL FESTIVAL CITY CITY 24-47min 20-26min * 17.5km * 17.5km Dubai
Slide 15: Our Strategy
OUR STRATEGY ef eu Salik
Slide 16: Salik’s strategic evolution to becoming a global leader
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL 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 glo
Slide 17: 12 core objectives under 4 strategic pillars
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Salik is focused on pursuing 12 core objectives under its 4 strategic pillars Establish Future-Proof Thrive in the Tolling Business Build ES
Slide 18: Forward thinking organization with a sustainable agenda aligned with Dubai’s ESG goals
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Forward thinking organization with a sustainable agenda aligned with Dubai’s ESG goals Committed to Reduced Congestion Digital Green Clear C
Slide 19: Strategic & Operational Highlights
STRATEGIC & OPERATIONAL HIGHLIGHTS
Slide 20: Continued growth in Salik’s core tolling business
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Continued growth in Salik’s core tolling business Total Trips (mn) Total Chargeable Trips (mn)1,2 Peak +22.0% +10.8% YoY QoQ +9.9% Off Peak
Slide 21: Evolution of quarterly trips by gate
KEY KEY STRATEGIC OPERATIONAL KEY FINANCIAL OUTLOOK HIGHLIGHTS HIGHLIGHTS HIGHLIGHTS Evolution of quarterly trips by gate Quarterly Total Trips (mn) Quarterly Total Trips by Gate (mn) +22.0% Q4 2022 Q4 2023 Q4 2024 Q4 2025 YoY 224.3 36.8 32.2 31.6 31.4 30.8 30.1 29.4 29.0 8.7 27.6 7.7 183.8 27.0 8.2
Slide 22: Variable pricing supporting annual revenue growth
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Variable pricing supporting annual revenue growth Timing Traffic Distribution in FY24 Based Variable Pricing - 2025 on Fixed Pricing (4 Dirh
Slide 23: Providing seamless Parking Payment Solutions through key partnerships
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Providing seamless Parking Payment Solutions through key partnerships Barrier-free parking payment solution operational since July 1, 2024 a
Slide 24: Partnerships & multiple recently signed MOUs
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Partnerships & multiple recently signed MOUs Leveraging Salik’s comprehensive database by sending timely reminders for motor insurance renew
Slide 25: Financial Highlights
Why Salik FINANCIAL HIGHLIGHTS
Slide 26: Strong growth across key financial metrics
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Strong growth across key financial metrics Revenue Total Chargeable Trips (mn) 1,2 +35.1% YoY Peak +10.8% 3,096.9 QoQ AED Million +26.3% Off
Slide 27: Growth in mobility continues to drive strong revenue momentum
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Growth in mobility continues to drive strong revenue momentum +35.1% YoY +26.3% YoY 3,096.9 80.2 +9.9% 280.6 QoQ 2,291.9 AED Million 62.5 23
Slide 28: Growing quarterly revenue from toll usage fees
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Growing quarterly revenue from toll usage fees +27.0% YoY 724.0 691.3 665.6 655.2 AED Million 570.2 492.9 491.1 454.2 455.3 462.7 468.4 443.
Slide 29: Streamlined business model
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Streamlined business model Depreciation, Amortization Total Revenue - Operating Costs = EBITDA - & Net Finance Costs = PBT - Income Tax = Ne
Slide 30: Operating cost structure places Salik among the most profitable in the industry
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE 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%
Slide 31: Profitability Remains High in 2025, with EBITDA up 35.8%
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Profitability Remains High in 2025, with EBITDA up 35.8% and a margin of 69.2% EBITDA Evolution (AED million) EBITDA (AED million) Margins s
Slide 32: 2025 Delivers 33.4% Net Profit Growth with Strong 50.2% Margin
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS 2025 Delivers 33.4% Net Profit Growth with Strong 50.2% Margin Net Profit Evolution (AED million) Net Profit (AED million) Margins since 202
Slide 33: Advance customer charges drive positive working capital profile
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Advance customer charges drive positive working capital profile Net Working Capital Evolution Commentary (78.3) (147.4) (192.4) (536.8) (672
Slide 34: Solid cash generation, positive working capital dynamics
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Solid cash generation, positive working capital dynamics Free cash flow evolution (AED million) Free cash flow bridge 2025 (AED million) 72.
Slide 35: Healthy balance sheet with conservative leverage of 2.24x EBITDA
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Healthy balance sheet with conservative leverage of 2.24x EBITDA Total Borrowings2 (AED, mn) Net Debt < 5x Covenant Strong credit ratings 1,
Slide 36: Attractive dividend profile
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Attractive dividend profile Distributed H1 2025 Proposed H2 2025 FY 2025 special dividend FY 2025 total declared dividends of dividends of d
Slide 37: Stock Performance
Why Salik STOCK PERFORMANCE
Slide 38: Share Performance
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Share Performance Up by 217.5% Since Closing Price (AED) 6.35 Listing 52 Week High / Low (AED) 6.85 / 4.80 Key Indicators Up by AED 32.6B Av
Slide 39: Outlook
OUTLOOK ef eu Salik
Slide 40: FY 2025 Results and FY 2026 Guidance
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS FY 2025 Results and FY 2026 Guidance FY2025 actual results came in line with the guidance provided in H1, driven by the full year contributi
Slide 41: Guidance: Medium and long-term expectations for ancillary revenues
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Guidance: Medium and long-term expectations for ancillary revenues Medium to Long-Term Expectation: 2026-2030 Key Assumptions 2026 2030 Duba
Slide 42: Our Business Model
OUR BUSINESS MODEL Why Salik
Slide 43: Concession agreement overview
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Concession agreement overview Relevant Authorities and Relationship with Salik Key Concession Agreement Terms Legislative Term of the Conces
Slide 44: Concession agreement overview (cont’d)
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Concession agreement overview (cont’d) Salik’s Key Rights RTA’S Key Obligations To Salik Take necessary actions during the Exclusive concess
Slide 45: Revised Formula: Toll tariff and concession fee adjustment mechanism
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Revised Formula: Toll tariff and concession fee adjustment mechanism All future requests for Toll Fee increase and/or Concession Fee adjustm
Slide 46: New gate addition mechanism
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE 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
Slide 47: Addition of new gates
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE 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 tr
Slide 48: Appendix
APPENDIX Why Salik
Slide 49: 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 • 30+ years experience in finance • 17+ years of management achieving commercial and audit including Big4 a
Slide 50: Annual and Quarterly Trips by Gate
Annual and Quarterly Trips by Gate Total Trips (Mn) FY 2022 FY 2023 FY 2024 FY 2025 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Airport Tunnel 25.9 29.2 31.0 32.0 7.4 7.0 7.0 7.7 8.0 7.2 7.6 8.2 7.8 7.8 7.6 8.7 Al Barsha 107.6 116.6 119.4 120.4 30.
Slide 51: Mobility Highlights
Mobility Highlights Million Q4 2025 Q4 2024 % YoY Q3 2025 % QoQ FY 2025 FY 2024 % YoY Total trips 224.3 183.8 22.0% 204.2 9.9% 852.7 638.2 33.6% Total chargeable trips2 168.6 - - 152.2 10.8% 639.1 - - Peak trips (AED 6)1 59.9 - - 55.3 +8.3% 212.2 - - Off-peak trips (AED 4) 1 91.1 - - 80.9 +12.
Slide 52: Summary of P&L
Summary of P&L AED million Q4 2025 Q4 2024 % Δ YoY Q3 2025 % Δ QoQ FY 2025 FY 2024 % Δ YoY Revenue 821.9 651.0 26.3% 747.7 9.9% 3,096.9 2,291.9 35.1% Toll usage fees 724.0 570.2 27.0% 655.2 10.5% 2,736.1 1,992.5 37.3% Fines 73.8 62.1 18.9% 72.4 2.0% 280.6 236.9 18.4% Tag activation fees 12.2 10.8 13
Slide 53: Summary of Cash Flows
Summary of Cash Flows AED million Q4 2025 Q4 2024 % YoY Q3 2025 % QoQ FY 2025 FY 2024 % YoY Operating cash flow before changes in working 567.4 449.6 26.2% 528.6 7.3% 2,182.6 1,594.0 36.9% capital Changes in working capital 43.7 (46.9) -193.2% (21.4) -304.0% 47.7 (130.8) -136.5% Net cash flow
Slide 54: Summary of Financial Position
Summary of Financial Position AED million 31-Dec-25 30-Sep-25 % Δ QoQ 31-Dec-24 % Δ YtD Total assets, including: 7,871.5 7,570.3 4.0% 7,985.9 -1.4% Cash and cash equivalents 513.0 425.9 20.4% 963.7 -46.8% Short term deposit with bank (1) 502.2 254.0 97.8% - - Total liabilities, including: 6,652.8 6,
Slide 55: Recognized as a Global Leader
Recognized as a Global Leader Leading Best Corporate for Investor Relations Investor Relations Professional in in Dubai for 2025 Dubai Inclusion to MSCI Most Honored Company ESG Label issued UAE Index Emerging EMEA - Large by Dubai Chambers Corporates Joins UN Global Compact Fastest Growing Great Pl
Slide 56: Thank You
THANK YOU For enquiries, please contact Investor Relations: Wassim El Hayek Head of Investor Relations E: wassim.elhayek@salik.ae
Salik Company PJSC — Investor Presentation (March 2026) on 6ix