Salik Company (SALIK) Q4 2025 earnings summary

Executive summary

• FY 2025 marked a record year with revenue of AED 3,096.9 million, net profit of AED 1,553.4 million, and robust operational achievements driven by new toll gates, variable pricing, and Dubai's economic growth.

• Maintains exclusive 49-year concession to operate Dubai's 10 toll gates, with an asset-light model and strategic focus on sustainable growth, ESG, and future-proofing.

• Toll usage fees accounted for over 88% of revenue, with significant growth in ancillary streams such as parking payments, data monetization, insurance, and digital mobility solutions.

• Strategic milestones included inclusion in the MSCI Emerging Markets Index, Fitch upgrade to A, Moody’s reaffirmation at A3, and top sector ranking in S&P Corporate Sustainability Assessment.

• Consistent progress since IPO, with new partnerships, technological innovations, and a 10-year agreement with Dubai Airports for E-Wallet parking payments.

Financial highlights

• FY 2025 revenue rose 35.1% year-on-year to AED 3,096.9 million, the highest since inception, with Q4 revenue at AED 821.9 million (+26.3% YoY).

• EBITDA increased 35.8% to AED 2,143.9 million, with a margin of 69.2%.

• Net profit surged 33.4% to AED 1,553.4 million, achieving a net margin of 50.2%.

• Free cash flow for FY 2025 was AED 2,079.6 million (+42.7% YoY), with a margin of 67.1%.

• Dividend payout for 2025 totals AED 1.66 billion, including special dividends, subject to AGM approval.

Outlook and guidance

• FY 2026 revenue guidance is for a 4%-6% increase, driven by organic growth and expanding ancillary streams.

• EBITDA margin guidance remains at 68%-69%, factoring in a concession fee increase to 23.12%.

• Parking payment solutions expected to generate AED 35–50 million in 2026, scaling to AED 120–150 million by 2030; data monetization and other ancillary streams also forecast to grow.

• Dividend policy targets 100% payout of net profit, with AED 1.66 billion declared for FY 2025.

• Optimism supported by Dubai's population growth, tourism, and macroeconomic resilience.