Salik Company (SALIK) Investor presentation summary

Business overview and strategy

• Operates Dubai's exclusive toll gate network under a 49-year concession, with 10 gates and 100% exclusivity in Dubai, serving nearly 4.9 million registered vehicles as of June 2026.

• Asset-light model with high EBITDA margins, strong free cash flow, and a focus on ancillary revenue streams such as parking payments, data monetization, and advertisements.

• Strategic pillars include thriving in tolling, ESG stewardship, sustainable growth, and future-proofing the company, with 12 core objectives spanning core and ancillary revenues, customer satisfaction, and ESG leadership.

• Partnerships and MOUs expand services into parking, insurance, EV charging, and digital valet payments, supporting diversification and growth.

• Recognized for sustainability, innovation, and customer service, with awards for ESG, investor relations, and workplace excellence.

Financial and operational highlights H1 2026

• H1 2026 revenue was AED 1,412.0 million, down 7.5% YoY, with EBITDA of AED 975.6 million (69.1% margin) and net profit of AED 704.0 million (49.9% margin).

• Total chargeable trips fell 12.5% YoY to 278.5 million, reflecting softer traffic due to regional geopolitical events.

• Free cash flow for H1 2026 was AED 551.0 million, with a margin of 39.0%, impacted by working capital timing.

• Defensive cost structure with 65-70% variable costs and a revised concession fee of 23.12% of toll usage fees from FY 2026.

• Net debt stood at AED 5.0 billion (2.45x EBITDA), with strong credit ratings (Moody's A3, Fitch A).

Market conditions and macroeconomic drivers

• Dubai's population is growing (CAGR 7.0%), with robust infrastructure investment, tourism, and government support for business and mobility.

• Roads remain the dominant transport mode, with Salik's network connecting key economic and tourist hubs.

• Inflation protection is built into the concession agreement, with mechanisms for tariff and fee adjustments.

• Metro and rail expansions are complementary, not substitutes, for Salik's core corridors.