Salik Company (SALIK) Q4 2025 earnings summary

Executive summary

• FY 2025 was a record year, supported by new toll gates, variable pricing, Dubai’s economic growth, and expansion of ancillary services.

• Operates 10 toll gates under an exclusive 49-year concession, with an asset-light model.

• Strategic focus includes sustainable growth, ESG stewardship, and smart mobility solutions.

Financial highlights

• FY 2025 revenue was AED 3,096.9 million (+35.1% YoY); EBITDA was AED 2,143.9 million (+35.8%), with a 69.2% margin.

• FY 2025 net profit after tax was AED 1,553.4 million (+33.4%), with a 50.2% margin.

• Q4 2025 revenue was AED 821.9 million (+26.3% YoY); net profit was AED 409.6 million (+19.6%).

• Free cash flow reached AED 2,079.6 million, up 42.7% YoY, with a 67.1% margin.

• Toll usage fees contributed 88.4% of revenue, fines 9.1%, and other income 2.6%.

Outlook and guidance

• FY 2026 revenue growth guidance is 4–6%, with an EBITDA margin of 68–69% and net profit margin after tax of 50–51%.

• Dubai Mall parking is expected to generate AED 35–50 million annually by 2026; parking revenue could reach AED 120–150 million by 2030.

• Revenue growth expectations include organic traffic and ancillary services; data monetization and other ancillary streams are also expected to grow.

• Dividend policy remains a 100% payout of net profit.