Salik Company Pjsc · DFM:SALIK
Salik Company Pjsc — H1 2025 Earnings Presentation
28 slides from Salik Company Pjsc's earnings presentation, August 2025
Slide 1: H1 2025 Financial Results Presentation
H1 2025 Financial Results 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: Why Salik: Key Strategic Highlights
Why Salik KEY STRATEGIC HIGHLIGHTS
Slide 4: The Emirate of Dubai's exclusive toll gate operator
The Emirate of Dubai’s exclusive toll gate operator 18+ YEARS 100% 10 GATES 49 YEARS c. 4.6 MN ASSET-LIGHT APPROACH CONCESSION WITH # OF REGISTERED OPERATIONS SINCE 2007 EXCLUSIVITY IN DUBAI solely responsible for maintaining RTA ending in 2071 ACTIVE VEHICLES and as a standalone entity & operating
Slide 5: Macroeconomic outlook supports Salik's growth
Macroeconomic outlook supports Salik’s growth 395.1 million 81% 25% Public transport riders in H1 Hotel occupancy rate in H1 2025 Growth in DIFC firms YoY, with a 2025, up 9% YoY vs. 79% in H1 2024 37% increase in revenue 46.0 million 46% 5.0% Passengers through Dubai of AED 86 billion Annual Budget
Slide 6: Consistent strategic progress since listing
Consistent strategic progress since listing 2022 2023 2024 2025 Carve Out & Concession EMEA Finance Best Dubai Mall Partnership Variable Pricing Agreement IPO in the Middle Introduced East for 2022 Business Bay Crossing Landmark IPO on Dubai Careem tags & Al Safa South gates Partnership ENOC Partner
Slide 7: Financial and Operational Highlights in H1 2025 and Q2 2025
Financial and Operational Highlights in H1 2025 and Q2 2025 Financial Highlights TOTAL CHARGEABLE TRIPS REVENUES EBITDA1 NET PROFIT H1 318.4 MN AED 1,527.3 MN AED 1,065.0 MN AED 770.9 MN 2025 Revenue +44.2% YoY +41.5% YoY Chargeable Trips +39.5% YoY Net Profit Margin: 50.5% EBITDA Margin: 69.7% Q2 1
Slide 8: Why Salik: Key Operational Highlights
Why Salik KEY OPERATIONAL HIGHLIGHTS
Slide 9: Continued growth in Salik's core tolling business
Continued growth in Salik’s core tolling business Total Trips (mn) Total Chargeable Trips1,2 Peak +44.3% Off Peak +1.6% YoY Past Midnight QoQ +1.3% QoQ 158.0 160.4 11.2 16.4 210.8 213.4 147.9 107.5 86.3 39.3 57.7 Q2 2024 Q1 2025 Q2 2025 Q1 2025 Q2 2025 Registered Active Accounts (mn) Registered Acti
Slide 10: Evolution of quarterly trips by gate
Evolution of quarterly trips by gate 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 29.9 28.9 28.9 27.8 27.3 26.2 7.8 26.1 7.0 24.9 7.2 6.3 22.0 21.9 21.3 19.0 18.7 18.6 18.4 18.0 17.5 17.1 16.3 16.1 15.7 14.7 14.4 12.2 12.1 11.
Slide 11: Introduction of variable pricing supporting annual revenue growth
Introduction of variable pricing supporting annual revenue growth For all days of the year, except Ramadan Timing traffic distribution Peak Hours Off-Peak Hours The approved system for Past Midnight 6:00 AM to 10:00 AM 10:00 AM to 4:00 PM February to June 2025 variable pricing road tolls 1:00 AM to
Slide 12: 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 13: 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 14: Why Salik: Key Financial Highlights
Why Salik KEY FINANCIAL HIGHLIGHTS
Slide 15: Robust growth across key financial metrics
Robust growth across key financial metrics Revenue Total Chargeable Trips1,2,3 +39.5% YoY Peak Off Peak +1.6% Past Midnight QoQ 1,527.3 AED Million +45.6% 158.0 160.4 YoY 1,094.8 11.2 16.4 775.7 86.3 107.5 532.7 39.3 57.7 Q2 2024 Q2 2025 H1 2024 H1 2025 Q1 2025 Q2 2025 EBITDA Net profit +44.2% +41.5
Slide 16: 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 17: Growth in mobility continues to drive strong revenue momentum
Growth in mobility continues to drive strong revenue momentum +45.6% +39.5% YoY YoY 1,527.3 36.0 +3.2% 134.3 QoQ AED Million 1,094.8 24.9 116.1 775.7 751.6 651.0 18.5 17.5 65.9 546.1 68.4 1,356.9 532.7 18.7 62.1 12.9 58.7 19.0 57.2 953.8 665.6 691.3 570.2 462.7 468.4 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Slide 18: Growing quarterly revenue from toll usage fees
Growing quarterly revenue from toll usage fees +49.4% YoY 691.3 665.6 570.2 AED Million 492.9 491.1 454.2 455.3 462.7 468.4 443.7 443.1 426.2 421.1 400.2 386.5 351.1 351.7 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 18
Slide 19: 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 20: 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% 50.8% 243.0 52.1% Salik’s new cost profile as Net Profit margin after tax 51.6% a concessionaire (51.4) +6.1% (22.8) (5.6
Slide 21: 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 22: Healthy balance sheet with conservative leverage of 2.55x EBITDA
Healthy balance sheet with conservative leverage of 2.55x EBITDA Total Borrowings2 (AED, mn) Net Debt < 5x Covenant Strong credit ratings 1,989.7 5,983.3 3,993.6 A3 AED 4.9 bn First-time Long-Term Issuer Default LT Borrowings RTA Liabilities Total Borrowings Net debt1 Rating of ‘A3’ (December 2024)
Slide 23: Attractive dividend profile
Attractive dividend profile Distributed H2 2024 FY 2024 total distributed Proposed H1 2025 This dividend policy is dividends of dividends of dividends of designed to reflect the Company’s expectation of AED 619.8 million AED 1,164.5 million AED 770.9 million strong cash flow and (100% of H2 2024 net
Slide 24: Outlook
Why Salik OUTLOOK
Slide 25: Guidance: expectations for FY 2025 revised upwards
Guidance: expectations for FY 2025 revised upwards Positive FY 2025 guidance reflects contribution from two new gates introduced in November 2024 and introduction of variable pricing Previous Revised FY 2024 H1 2025 FY 2025 FY 2025 Key Assumptions Actual Actual Guidance Guidance Normalized: 4%-5% i)
Slide 26: Guidance: mid- and long-term expectations for ancillary revenues
Guidance: mid- and long-term expectations for ancillary revenues Medium to long term expectation: 2026-2030 Key Assumptions Dubai Mall Parking Generated AED 5.8m for the last 6 months in 2024 and 2026 2030 continuing to generate similar revenues in 2025 Parking Payment Solutions AED 30-50 million AE
Slide 27: Concluding remarks – continued growth momentum in H1 2025
Concluding remarks – continued growth momentum in H1 2025 HEALTHY PERFORMANCE AND STRONG REVENUE GUIDANCE FOR 2025 REVISED UPWARD, PERFORMANCE ALONGSIDE GOOD PROGRESS ON SUPPORTED BY ADDITION OF TWO NEW GATES, AMBITION TO BECOME A GLOBAL LEADER IN MOBILITY INTRODUCTION OF VARIABLE PRICING & SOLUTION
Slide 28: Thank You
THANK YOU For enquiries, please contact Investor Relations: Wassim El Hayek Head of Investor Relations E: wassim.elhayek@salik.ae