Salik Company Pjsc · DFM:SALIK
Salik Company Pjsc — H1 2026 Earnings Presentation
57 slides from Salik Company Pjsc's earnings presentation, August 2026
Slide 1: H1 2026 Investor Presentation
H1 2026 INVESTOR PRESENTATION August 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 85.2% 19+ YEARS 100% c. 4.88 MN Fines EXCLUSIVITY # OF REGISTERED 10.2%
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
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Consistent strategic progress since listing 2022 2023 2024 2025 2026 Variable Pricing Salik and RTA Carve Out & EMEA Finance Dubai Mall Intr
Slide 7: Financial and operational highlights in H1 2026 and Q2 2026
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 H1 2026 and Q2 2026 FINANCIAL OPERATIONAL HIGHLIGHTS HIGHLIGHTS H1 2026 Q2 2026 Total chargeable tri
Slide 8: Attractive Macroeconomic Conditions
ATTRACTIVE MACROECONOMIC CONDITIONS 8
Slide 9: Macroeconomic Indicators
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Macroeconomic Indicators Drivers Supporting Growth Drivers Impacting Inflation Protection CAGR CAGR DUBAI POPULATION (M) +7.0% UAE REAL GDP
Slide 10: Government initiatives and supporting measures
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Government initiatives and supporting measures INFRASTRUCTURE DEVELOPMENT INVESTMENT & BUSINESS ENVIRONMENT TOURISM & RESIDENT ATTRACTION La
Slide 11: Dubai's expanding mobility infrastructure
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Dubai's expanding mobility infrastructure Dubai's metro and rail expansion is additive to the transport network rather than a direct substit
Slide 12: Sustained growth in total trips, with softness in H1 2026
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Sustained growth in total trips, with softness in H1 2026 Total Trips (1) (mn trips) Al Al Dubai Tram Jebel Ali Al Safa South Introduction S
Slide 13: 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 14: 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 15: 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 16: Our Strategy
OUR STRATEGY ef eu Salik
Slide 17: 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 18: 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 19: 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 20: Strategic & Operational Highlights
STRATEGIC & OPERATIONAL HIGHLIGHTS
Slide 21: Salik's core tolling business demonstrates continued resilience
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Salik’s core tolling business demonstrates continued resilience Total Trips (mn) Total Chargeable Trips (mn) -17.2% -12.6% Peak YoY -8.9% Yo
Slide 22: Evolution of quarterly trips by gate
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Evolution of quarterly trips by gate Quarterly Total Trips (mn) Quarterly Total Trips by Gate (mn) -12.6% Q2 2023 Q2 2024 Q2 2025 Q2 2026 Yo
Slide 23: Variable pricing showed consistency on traffic distribution
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Variable pricing showed consistency on traffic distribution since implementation Timing Traffic Distribution Variable Pricing in FY24 Based
Slide 24: 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 Salik-integrated Par
Slide 25: 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 26: Financial Highlights
Why Salik FINANCIAL HIGHLIGHTS
Slide 27: Resilient profitability maintained despite revenue and traffic headwinds
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Resilient profitability maintained despite revenue and traffic headwinds Revenue Total Chargeable Trips (mn) -12.5% -7.5% Peak YoY YoY Off P
Slide 28: Defensive revenue supported by diversified streams
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Defensive revenue supported by diversified streams -7.5% YoY 2.3% YoY 279.8 272.9 1,527.3 261.7 255.8 36.0 253.9 251.8 -11.9% 246.8 1,412.0
Slide 29: Q2 2026 toll usage revenue reflects lower traffic
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Q2 2026 toll usage revenue reflects lower traffic -16.5% YoY -7.7% QoQ 724.0 691.3 665.6 655.2 625.5 577.0 AED Million 570.2 492.9 491.1 454
Slide 30: 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 31: Operating cost structure 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 26.7% 38.0% 35.1% 35.5%
Slide 32: H1 2026 EBITDA of AED 975.6 million at a stable 69.1% margin
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS H1 2026 EBITDA of AED 975.6 million at a stable 69.1% margin EBITDA Evolution (AED million) EBITDA (AED million) Margins since 2023 reflect
Slide 33: Profitability sustained with H1 2026 net profit margin of 49.9%
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Profitability sustained with H1 2026 net profit margin of 49.9% Net Profit Evolution (AED million) Net Profit (AED million) Margins since 20
Slide 34: Net operating working capital movement
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Defensive cost structure drives H1 2026 net operating working capital movement Net operating working capital balance Commentary (147.4) (192
Slide 35: H1 2026 free cash flow of AED 551.0 million
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS H1 2026 free cash flow of AED 551.0 million, with the YoY movement driven by working capital timing Free cash flow evolution (AED million) F
Slide 36: Healthy balance sheet with conservative leverage of 2.45x 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 2.45x EBITDA Total Borrowings2 (AED, mn) Net Debt < 5x Covenant Strong credit ratings 1,
Slide 37: 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 Approved H2 2025 Approved FY 2025 special Approved FY 2025 total dividends of dividends of d
Slide 38: Outlook
OUTLOOK ef eu Salik
Slide 39: FY 2026 Guidance
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS FY 2026 Guidance FY 2026 guidance reflects the impact on traffic trends driven by recent geopolitical events FY 2026 FY 2026 Revised 2026 Gu
Slide 40: 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 41: Stock Performance
Why Salik STOCK PERFORMANCE
Slide 42: 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 167.3% Since Closing Price (AED) 5.88 Listing 52 Week High / Low (AED) 6.85 / 4.99 Key Indicators Up by AED 291B Ave
Slide 43: Our Business Model
OUR BUSINESS MODEL Why Salik
Slide 44: 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 45: 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 46: 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 47: 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 48: 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 49: Appendix
APPENDIX Why Salik
Slide 50: 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 51: Annual and Quarterly Trips by Gate
Annual and Quarterly Trips by Gate Total Trips (Mn) FY 2023 FY 2024 FY 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Airport Tunnel 29.2 31.0 32.0 8.0 7.2 7.6 8.2 7.8 7.8 7.6 8.7 7.9 7.1 Al Barsha 116.6 119.4 120.4 30.9 28.9 28.0 31.6 30.1 30.4 27.7 32.2 27.2 2
Slide 52: Mobility Highlights
Mobility Highlights Million Q2 2026 Q2 2025 % YoY Q1 2026 % QoQ H1 2026 H1 2025 % YoY Total trips 186.6 213.4 -12.6% 197.2 -5.4% 383.8 424.2 -9.5% Total chargeable trips2 132.8 160.4 -17.2% 145.7 -8.9% 278.5 318.4 -12.5% Peak trips (AED 6)1 49.3 57.7 -14.6% 53.7 -8.2% 102.9 96.9 6.2% Off-peak
Slide 53: Summary of P&L
Summary of P&L AED million Q2 2026 Q2 2025 % Δ YoY Q1 2026 % Δ QoQ H1 2026 H1 2025 % Δ YoY Revenue 683.1 775.7 -11.9% 728.9 -6.3% 1,412.0 1,527.3 -7.5% Toll usage fees 577.0 691.3 -16.5% 625.5 -7.7% 1,202.5 1,356.9 -11.4% Fines 75.2 65.9 14.2% 69.1 8.8% 144.4 134.3 7.5% Tag activation fees 12.6 11.5
Slide 54: Summary of Cash Flows
Summary of Cash Flows AED million Q2 2026 Q2 2025 % YoY Q1 2026 % QoQ H1 2026 H1 2025 % YoY Operating cash flow before changes in working 480.1 554.3 -13.4% 516.9 -7.1% 997.0 1,086.7 -8.2% capital Changes in working capital (565.6) (68.8) -721.5% 119.6 -573.0% (446.0) 25.5 -1852.4% Net cash fl
Slide 55: Summary of Financial Position
Summary of Financial Position AED million 30-Jun-26 31-Dec-25 % Δ YTD 30-Jun-25 % Δ YoY Total assets, including: 7,393.0 7,871.5 -6.1% 8,077.3 -8.5% Cash and cash equivalents 134.5 513.0 -73.8 380.3 64.6% Short term deposit with bank (1) 460.1 502.2 -8.4% 756.9 -39.2% Total liabilities, including: 6
Slide 56: 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 57: Thank You
THANK YOU For enquiries, please contact Investor Relations: Wassim El Hayek Head of Investor Relations E: wassim.elhayek@salik.ae