Salik Company

1. Company Overview & Earnings Context

Salik Company PJSC is the exclusive operator of Dubai's toll gate system and a leading smart mobility platform listed on the Dubai Financial Market (DFM). In addition to tolling operations, the company continues to expand its digital mobility ecosystem through parking payment solutions and strategic partnerships. During H1 2026, Salik delivered resilient financial results despite temporary regional disruptions that impacted traffic volumes during the first quarter. While revenue and profitability declined compared to the exceptionally strong prior-year period, the company maintained industry-leading margins, generated strong free cash flow and continued expanding its ancillary revenue streams and mobility partnerships.

2. Financial Performance Snapshot

• Revenue: AED 1.41 Billion (-7.5% YoY)

• EBITDA: AED 975.6 Million (-8.4% YoY)

• EBITDA Margin: 69.1%

• Profit Before Tax: AED 773.6 Million (-8.7% YoY)

• Net Profit: AED 704.0 Million (-8.7% YoY)

• Earnings Per Share (EPS): AED 0.0939 (-8.7% YoY)

Compared with H1 2025:

• Revenue declined 7.5% to AED 1.41 billion.

• EBITDA declined 8.4% to AED 975.6 million.

• Profit before tax declined 8.7% to AED 773.6 million.

• Net profit declined 8.7% to AED 704.0 million.

• Earnings per share declined from AED 0.1028 to AED 0.0939.

3. Operational Highlights & Key Metrics

• Total Trips: 383.8 Million

• Chargeable Trips: 278.5 Million

• Active Registered Accounts: 2.9 Million (+6.6% YoY)

• Toll Usage Fee Revenue: AED 1.20 Billion

• Ancillary Revenue: AED 17.2 Million (+98.0% YoY)

• Free Cash Flow: AED 551.0 Million

• Total Assets: AED 7.39 Billion

• Total Equity: AED 1.03 Billion

• Net Debt: AED 5.04 Billion

• Cash & Cash Equivalents: AED 134.5 Million

4. Key Performance Drivers

Salik's H1 2026 performance reflected temporary pressure on traffic volumes following exceptional regional events that began in late February 2026, resulting in lower toll usage fee revenue. However, the business remained highly resilient, supported by strong operational efficiency and continued growth in ancillary revenue streams. Revenue from fines, tag activation fees and other mobility services increased, while strategic partnerships with Dubai Airports, Valtrans, Dubai Harbour and DIEZ further expanded Salik's digital mobility ecosystem beyond traditional toll collection. The company also generated a strong AED 551 million in free cash flow despite the softer operating environment.

5. Outlook & Forward Guidance

Management remains confident in Salik's long-term growth prospects, supported by Dubai's population growth, economic expansion and urban development. The company continues to diversify its revenue base through smart mobility solutions, parking payment services and EV charging initiatives while expanding strategic partnerships across Dubai's transport ecosystem. These initiatives are expected to strengthen ancillary revenues and support sustainable long-term shareholder value.

6. Investor Takeaway

Despite a temporary decline in traffic volumes during the first half of 2026, Salik continued to demonstrate the resilience of its business model by maintaining industry-leading profitability, generating strong free cash flow and expanding its digital mobility platform. Backed by high operating margins, recurring cash generation and growing ancillary revenue opportunities, the company remains well positioned to benefit from Dubai's long-term economic and population growth.