Salik Company (SALIK) Q3 2025 earnings summary

Executive summary

• Exclusive toll gate operator in Dubai with a 49-year concession, operating since 2007 and as a standalone entity since July 2022.

• Principal activities include tollgate operations, maintenance, new tollgate construction, and seamless parking payment solutions.

• Strategic focus on tolling, ESG, sustainable growth, and future-proofing, with consistent progress since IPO.

• Partnerships and ancillary revenue streams expanding, including parking solutions, insurance, and data monetization.

Financial highlights

• 9M 2025 revenue reached AED 2,275.0 million, up 38.6% year-over-year; Q3 2025 revenue was AED 747.7 million, up 36.9% YoY.

• EBITDA for 9M 2025 was AED 1,583.7 million, up 42.0% YoY, with a margin of 69.6%.

• Net profit for 9M 2025 was AED 1,143.8 million, up 39.1% YoY, with a net profit margin of 50.3%.

• Free cash flow for 9M 2025 was AED 1,471.5 million, up 39.5% YoY, with a margin of 64.7%.

• Dividends of AED 1,390.7 million declared and paid in the nine months, compared to AED 1,094.8 million in the prior year.

Outlook and guidance

• FY2025 revenue expected to grow 34-36%, with EBITDA margin of 68.5%-69.5% and net profit margin after tax of 49.5%-50.5%.

• FY2026 guidance projects 4-6% revenue growth, maintaining strong profitability margins.

• Ancillary revenue streams expected to contribute AED 42-75 million in 2026 and AED 180-225 million by 2030.

• Dividend policy targets 100% payout of net profit, subject to board and AGM approval.

• Moderate seasonal fluctuations impact quarterly results, with summer months typically seeing lower traffic and revenue.