Salik Reports AED 1.53 billion Revenue in H1 2025, Up 39.5% YoY; FY 2025 Guidance Upgraded

13August2025: Salik Company PJSC (“Salik” or the“Company”), Dubai’s exclusive toll gate operator, today announced its financial results for the three-monthand six-month periods ended June 30, 2025 (“Q2 2025” and “H1 2025”). Total revenue for H1 2025 increased 39.5% YoY to AED 1,527.3 million, supported by a 45.6% YoY increase inQ2 2025. EBITDA grew 44.2% in H1 2025 to AED 1,065.0 million with an EBITDA margin of69.7%.The solid results were driven by the two new gates introduced in November 2024 amidst an overall positive macro environment and the implementation of variable pricing which came into effect at the end of January 2025, with Q2 marking the first full quarter of the new variable pricing system. InSalik’score tolling business, total chargeable trips reached 318.4 million in H1 2025, with total chargeable tripsof160.4 million in Q2 2025, a 1.6%increase versus 158.0 million in Q1 2025. This was despite Q1 being a seasonally stronger period for Salik compared to Q2, alongside the redistribution of traffic during the Ramadan period in Q1. In view of the strongfirst half results, the Board of Directors have recommended a cash dividend of AED 770.9 million, equivalent to 10.278 fils per share, representing 100% of H1 2025 profit.

His Excellency Mattar Al Tayer, Chairman of the Board of Directors of Salik,said:

“Salik’s strong performance in the first half of 2025 underscores the strength of its resilient business model and high operational efficiency. During this period, the Company achieved a 39.5% year-on-year increase in total revenue, further solidifying its robust financial position. This performance reaffirms our continued commitment to delivering long-term value for shareholderswhile supporting Dubai’s vision of becoming a global leader in smart and sustainable mobility. In view of the strong first half results and our dedication to our shareholders, the Board of Directors have recommended a cash dividend of AED 770.9 million, equivalent to 10.278 fils per share, representing 100% of H1 2025 profit.

His Excellency added: We continue to benefit from the Emirate’s economic momentum,bolstered by sustained growth in tourism, real estate, and infrastructure spending. Building on this, and with continued progress across both our core tolling operations and ongoing success in expanding our ancillary revenue streams, we are pleased to be upgrading our fullyear 2025 guidance, with revenue expected to increase 34-36% compared to 2024, up from 28-29% previously, andwithEBITDA margins expectations in the range of 68.5-69.5%. Our new guidanceunderscores our confidence in Salik’s outlook and future growth potential, particularly given our commitment to strengthening our non-core offering and exploring new opportunities within ancillary revenues.”

Ibrahim Sultan Al Haddad, Chief Executive Officer of Salik, commented:

“We are pleased to report another solid quarter of performance, with a strong c.40% YoY growth across all key financial metrics including revenue, EBITDA and net profit growth. Our results reflect the ongoing strength of our tolling business and the growing contribution of our non-tolling initiatives, including our digital partnerships in providing mobility payment solutions which continue to gain traction amongst users. Totaltrip volumes remained resilient in the period, increasing 39.6% compared to H1 2024, supported by the addition of the two new gates, theongoing population growth and record levels oftourism inflow, which increased7% between January and May compared to last year with hotel occupancy also increasingto 83%, up from 81% in the prior year. Against this backdrop and with the visibility we now have into the second half of the year, weare highly confident in Salik’s future growth, as seen in our revised revenue guidance for 2025, and we remain well-positioned to generate sustained value as we continue to scale, diversify, and innovate across the mobility ecosystem.”

(1) EBITDA is profit for the period, excluding the impact of interest,tax, depreciation and amortization expenses.

CoreTollingBusiness

Note: The implementation of variable pricing began on January 31, 2025. Therefore, all revenue-generating trips conducted between January 1 and January 30, 2025 in the Q1 2025 period, are categorized in the above table as off-peak trips, as the fare during that period remained fixed at AED 4 per trip. Q2 2025 represents the first full quarter since the implementation of variable pricing.

Continued strong performance drives total revenue to AED 1,527.3 million in H1 2025, up 39.5% year-on-year

The total number of trips, including discounted trips, made through Salik’s toll gates grew 39.6% YoY in H1 2025 to record 424.2 million trips, driven by a strong 44.3% growth in trips in Q2 2025reaching213.4 million, supported bythe addition of the two new gates and Dubai’s robust macroeconomic conditions, tourism inflow and continued attraction of new residents.

Ancillary Revenue Streams

Strong profitability in H12025, with EBITDA increasing 44.2% year-on-year, and arobust balance sheetposition

Salik generated EBITDAof AED 1,065.0 million in H1 2025, up 44.2% YoY, with Q22025 EBITDA increasingby 50.9% YoYto reach AED 545.3 million, Salik’s strongest quarterly EBITDA recordedsince inception.

EBITDA marginreached 69.7% in H1 2025, a 230 bps YoY increase compared to 67.4% in H1 2024. EBITDA margin reached 70.3% in Q2 2025, compared to 67.8% in Q2 2024, representing a 250 bps expansionYoY, supported by strong revenue growth.

Salik’s net profit before taxestotaled AED 847.1 million in H1 2025, up 41.5% YoY. Net profit before taxes reached AED 439.8million in Q2 2025, marking a strong 49.7% YoY increasedespite higherfinance costs in the period. Net profit before tax increased by 8.0% compared to Q1 2025.

Salik generated net profit after taxesof AED 770.9 million in H1 2025, up 41.5% YoY. Net profit after taxes reached AED 400.2 million in Q2 2025, a 49.6% YoY increase. Net profit after taxes increased 8.0% compared to Q1 2025. Net profit margin expanded by 70 bps to 50.5% in H1 2025, with margin expanding 140bps to 51.6% in Q2 2025 compared toQ2 2024.

(1)EBITDA is profitfor the period,excluding the impactofinterest, tax, depreciationand amortization expenses.

Summary of balance sheet: net debt of AED 4,853.0million, with T12M leverage improving to 2.55xcompared to 2.7x in Q1 2025

Salik recorded anet working capital balance of AED -665.0million as of June30, 2025, equating to 21.8% as a percentage of annualized revenue, broadly in line with the level recorded inQ12025. The increase in net working capitalin 2025 compared to prior quarters is driven bythe semi-annual installments for the toll rights fees relating to the new toll gates, in addition to higher provisions for the corporate tax. As at June30, 2025, net debt stood at AED 4,853.0 million, a4.4%increasefrom AED 4,648.8million at the end of Q1 2025. This translates to a trailing twelve-month net debt/EBITDA ratio of 2.55x in Q2 2025, an improvement versus the 2.7x at the end of Q1 2025 and well below the Company’s debt covenant of 5.0x.

Summary of cash flow: free cash flow of AED 1,111.6 million, with a margin of 72.8% in H1 2025

FY25 totalYoYrevenuegrowth upgraded from 28-29% to 34-36%

-Ends-

Disclaimer

No statement in this document is intended to be nor may be construed as a profit forecast. Any statements made in this document which could be classed as “forward-looking” are based upon various assumptions, including management’s examination of historical operating trends, data contained in the Company’s records, and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant risks, uncertainties, and contingencies. Forward-looking statements are not guarantees of future performance. Risks, uncertainties, and contingencies could cause the actual results of operations, financial condition, and liquidity of the Company to differ materially from those results expressed or implied in the document by such forward-looking statements. No representation or warranty is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved. No reliance should be placed on any forward-looking statement. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of this communication. Furthermore, no representation or warranty is made as to the accuracy, completeness, or reliability of the information contained in this document. The information, statements, and opinions provided herein do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to buy Salik Shares. In the event of any discrepancy or error in the numbers presented in this document, the information provided in the official financial statements shall prevail. We do not accept any liability for errors or omissions in the information contained herein.