Salik Company Pjsc · DFM:SALIK
Salik Company Pjsc — Q1 2026 Earnings Presentation
56 slides from Salik Company Pjsc's earnings presentation, May 2026
Slide 1: Q1 2026 Investor Presentation
Q1 2026 INVESTOR PRESENTATION May 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 85.8% 19+ YEARS 100% c. 4.85 MN Fines EXCLUSIVITY # OF REGISTERED 9.5% O
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 EMEA Finance Dubai Mall Introduced Updat
Slide 7: Financial and operational highlights in Q1 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 Q1 2026 FINANCIAL OPERATIONAL HIGHLIGHTS HIGHLIGHTS Q1 2026 Q1 2025 Total chargeable trips within th
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% 5.3% Outlook Dubai Population as of Aug Hotel occupancy rate over 2025 UAE GDP
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: Sustained growth in total trips, with softness in Q1 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 Q1 2026 Total Trips (1) (mn trips) Al Al Dubai Tram Jebel Ali Al Safa South Introduction S
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: 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)1,2 -7.7% -6.4% Peak YoY -13.6%
Slide 21: 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) -6.4% Q1 2023 Q1 2024 Q1 2025 Q1 2026 YoY
Slide 22: 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 in FY24 Variable Pricing Based
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 Salik’s W
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: Resilient profitability in Q1 2026 despite softer traffic and revenue trends
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Resilient profitability in Q1 2026 despite softer traffic and revenue trends Revenue Total Chargeable Trips (mn) 1,2 -3.0% YoY Peak -13.6% Q
Slide 27: 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 -3.0% YoY -11.3% QoQ 821.9 775.7 751.6 747.7 24.1 728.9 18.5 73.8 17.5 20.1 34.3 65.9 68.
Slide 28: Toll revenue remains resilient amid temporary softness
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Toll revenue remains resilient amid temporary softness -6.0% YoY -13.6% QoQ 724.0 691.3 665.6 655.2 625.5 AED Million 570.2 492.9 491.1 454.
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 26.7% 38.0% 35.1% 35.5%
Slide 31: Q1 2026 demonstrates EBITDA strength with 69.6% margin
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Q1 2026 demonstrates EBITDA strength with 69.6% margin EBITDA Evolution (AED million) EBITDA (AED million) Margins since 2023 reflect 76.1%
Slide 32: Sustained Q1 2026 net profit as margin improves to 50.7%
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Sustained Q1 2026 net profit as margin improves to 50.7% Net Profit Evolution (AED million) Net Profit (AED million) Margins since 2023 54.2
Slide 33: Upfront customer payments support a positive working capital position
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Upfront customer payments support a positive working capital position Net Working Capital Evolution Commentary (147.4) (192.4) (536.8) (672.
Slide 34: Strong cash generation with positive working capital
ATTRACTIVE STRATEGIC & SALIK AT A MACRO OUR STRATEGY OPERATIONAL FINANCIAL OUTLOOK STOCK OUR BUSINESS GLANCE HIGHLIGHTS PERFORMANCE MODEL CONDITIONS HIGHLIGHTS Strong cash generation with positive working capital Free cash flow evolution (AED million) Free cash flow bridge Q1 2026 (AED million) 79.9
Slide 35: Healthy balance sheet with conservative leverage of 1.98x 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 1.98x 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 Approved H2 2025 Approved FY 2025 special Approved FY 2025 total 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 154.5% Since Closing Price (AED) 5.09 Listing 52 Week High / Low (AED) 6.85 / 4.99 Key Indicators Up by AED 23.2B Av
Slide 39: Outlook
OUTLOOK ef eu Salik
Slide 40: 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 has been revised to reflect the impact on traffic trends driven by recent geopolitical events FY 2026 FY 2
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 2023 FY 2024 FY 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 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 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 Al Garhoud Br
Slide 51: Mobility Highlights
Mobility Highlights Million Q1 2026 Q1 2025 % YoY Q4 2025 % QoQ FY 2025 FY 2024 % YoY Total trips 197.2 210.8 -6.4% 224.3 -12.1% 852.7 638.2 33.6% Total chargeable trips2 145.7 158.0 -7.7% 168.6 -13.6% 639.1 - - Peak trips (AED 6)1 53.7 39.3 36.6% 59.9 -10.4% 212.2 - - Off-peak trips (AED 4) 1
Slide 52: Summary of P&L
Summary of P&L AED million Q1 2026 Q1 2025 % Δ YoY Q4 2025 % Δ QoQ FY 2025 FY 2024 % Δ YoY Revenue 728.9 751.6 -3.0% 821.9 -11.3% 3,096.9 2,291.9 35.1% Toll usage fees 625.5 665.6 -6.0% 724.0 -13.6% 2,736.1 1,992.5 37.3% Fines 69.1 68.4 1.0% 73.8 -6.4% 280.6 236.9 18.4% Tag activation fees 12.2 11.5
Slide 53: Summary of Cash Flows
Summary of Cash Flows AED million Q1 2026 Q1 2025 % YoY Q4 2025 % QoQ FY 2025 FY 2024 % YoY Operating cash flow before changes in working 516.9 532.4 -2.9% 567.4 -8.9% 2,182.6 1,594.0 36.9% capital Changes in working capital 119.6 94.3 26.8% 43.7 173.5% 47.7 (130.8) -136.5% Net cash flow from
Slide 54: Summary of Financial Position
Summary of Financial Position AED million 31-Mar-26 31-Dec-25 % Δ QoQ 31-Mar-25 % Δ YoY Total assets, including: 8,430.3 7,871.5 7.1% 8,494.4 -0.8% Cash and cash equivalents 1,611.5 513.0 214.1% 1,041.3 54.8% Short term deposit with bank (1) - 502.2 -100.0% 500.5 -100.0% Total liabilities, including
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