Good afternoon, everyone, and welcome to the Salik second quarter earnings call. This is Sashank Lanka from Bank of America. I'll now pass it over to Wassim from the Salik team. Yeah, thank you, Sashank. Good morning, good afternoon, and welcome to Salik 's earnings call for the first half of 2025. My name is Wassim El Hayek, the Head of Investor Relations at Salik, and thank you for joining us for today's call. Our thanks to the Bank of America team for hosting today's call. Our speakers today are Mr. Ibrahim Al Haddad, our CEO, Mr. Maged Ibrahim, the CFO, and Mr. Hariharan Gopal, the Director of Strategy and Growth. We are also joined by Mr. Tariq Mantowa, Salik Support Service Director, who will be answering any relevant questions that you may have. We will begin our presentation with some key strategic highlights, followed by an operational overview. We will then move to the financial review before closing with our financial guidance and concluding remarks. We will then open the floor for the Q&A. Before we begin the presentation, I would like to remind you of our disclaimer on slide number two, which is relevant to our status as a publicly listed company, and which we encourage you to read. Please note that this call is recorded and transcribed, and by attending this meeting, you consent to the transcription. Also, a reminder that a copy of this presentation is available on our website at salik.ai. That's all from my end. I will now hand over to our CEO, Mr. Ibrahim Al Haddad. Thank you, Wassim. Good morning and good afternoon to everyone. Salik is the exclusive toll gate operator in the Emirate of Dubai. We operate toll gates under a long-term concession agreement and maintain a streamlined asset-light business model. Our operations are supported by a strong macroeconomic backdrop and a clear strategy to grow both our core tolling business and our ancillary revenue streams. We remain committed to enhancing customer experience and delivering smart, sustainable mobility solutions. Dubai's strong macroeconomic fundamentals continue to underpin our growth. During the first half of 2025, 46 million passengers traveled through Dubai's airport, marking the busiest first half on record. Tourism across the Emirates continued to thrive, with visitors during the first half of the year growing by 6% year-on-year to almost 10 million. Overall, mobility remained high in the first half, with public transport ridership increasing 9% year-on-year to 395 million riders, while real estate transactions rose 27% year-on-year. These indicators reflect Dubai's continued global appeal and provide a supportive backdrop for Salik 's performance. This is also supported by the substantial growth in the number of firms operating in the city's financial district. Since our IPO in 2022, we have made steady and consistent progress in executing our growth strategy. In the first half of the year, we saw the full quarter impact of our two new gates introduced in November 2024, and the first full quarter performance following the successful implementation of variable pricing at the end of January 2025. We also continue to expand our ancillary services with key partnerships in parking, insurance, and smart mobility. We launched customized Salik tags for corporate customers and expanded our footprint beyond Dubai through our parking partnership with Parkonic, where we now operate across over 70 locations. These initiatives align with our commitment to innovation and value creation. In addition, our inclusion into the MSCI UAE Index last June demonstrates Salik 's robust financial performance and unique value proposition, which resonates with our local and international institutional investor base. Turning to our first half performance, Salik reported continued strength across all key operational and financial metrics, with around 40%+ year-on-year growth in revenue, EBITDA, and net profit. Total chargeable trips reached 318.4 million, up 2% compared to the first quarter. This reflects the first full quarter contribution of the new variable pricing and the two new gates. Revenue for the first half reached AED 1.53 billion, a 39.5% increase year-on-year. EBITDA rose 44.2% to AED 1.07 billion, with a margin expanding to 69.7%. Net profit after tax increased by 41.5% to AED 770.9 million, with a net margin of 50.5%. I will now hand over to Mr. Gopal, Director of Strategy and Growth, to walk you through the operational performance in more details. Gopal. Thank you, Ibrahim. Very good afternoon or good morning to all of you. Now, let's take a look at Salik 's key operational highlights in the first half of 2025. Our tolling network continues to see robust demand. In Q2 2025, total trips through Salik gates, including discounted and exempt trips, reached 213.4 million in Q2, up 44.3% year-on-year, with total trips reaching 424.2 million in H1 2025. Total chargeable trips recorded 318.4 million in H1 2025 and 160.4 million in the second quarter. This performance was driven by the first full quarter contribution of the new variable pricing dynamic alongside the two new gates, further supported by the strong tourism inflows and Dubai's continued population growth. As of the end of June, registered accounts grew approximately 8.5% year-on-year to 2.7 million, while the number of registered vehicles rose approximately 9.3% to approximately 4.6 million. Unpacking this quarter, Q2 marked the first full quarter of variable pricing. Chargeable trips in Q2 totaled 160.4 million. Peak car trips charged at AED 6 grew 46.8% quarter on quarter to 57.7 million. Off-peak car trips charged at AED 4 reduced 19.7% quarter on quarter to 86.3 million. This was mainly due to the trips during January being included in the Q1 off-peak trips. In addition, trips which would be classed as peak outside of the holy month of Ramadan were classified as off-peak during the Ramadan period. Past midnight trips, which are free of charge, grew 46.7% quarter on quarter, reaching 16.4 million. This redistribution of traffic along time bands highlights the early effectiveness of the new pricing model. Next slide. As instructed by RTA, we introduced variable pricing at the end of January, based on RTA recommendations to improve traffic efficiency across Dubai. Q2 was the first full quarter of implementation. Trips are now charged at AED 6 during the peak cars, AED 4 during low peak, and AED 0 past midnight. This structure helps ease congestion and enables more efficient road usage throughout the day. This redistribution of traffic across time bands highlights the early effectiveness of the new pricing model, where we have seen a larger proportion of traffic during the off-peak and past midnight periods compared to the traffic distribution at the end of 2024. Next slide. Turning to ancillary revenue, we continue to expand our footprint across parking. In the first half of 2025, revenue from our parking partnership with Emaar Malls reached AED 5.6 million, with AED 2.9 million achieved in Q2 alone. We are pleased to have Parkonic operations now live in 73 out of 154 contracted locations, and the rollout is progressing well, with many more locations in the pipeline. These parking solutions are fully integrated with Salik Wallet and use our state-of-the-art camera-based number plate recognition for seamless access. Our goal remains to deliver AED 30 million-AED 50 million annually in parking revenue by 2026 and AED 120 million- AED 150 million by 2030. Next slide. We also continue to see traction in other ancillary areas. Our partnership with Liva Group for motor insurance renewal generated approximately AED 1 million in revenue during the first half. Customers receive timely reminders and can renew directly through a link in the Salik platform. As our ecosystem expands, we expect non-tolling revenue to make an increasingly material contribution to our performance over time. With that, I'll now hand over to Maged to walk you through our H1 financial results. Thank you. Thank you, Ibrahim and Gopal. Good afternoon or good morning for everyone. Salik delivered strong performance across all financial indicators in the first half of 2025. Total revenue rose by 39.5% year-on-year to AED 1.53 billion, up from AED 1.09 billion in the first half of 2024. While, as mentioned previously, total chargeable trips recorded 318.4 million in the first half of 2025 and 160 million in the second quarter. EBITDA for the first half of 2025 increased 44.2% year-on-year to just over AED 1 billion. Net profit for the period grew 41.5% year-on-year to AED 770.9 million, with margin expanding by 70 basis points to 50.5%. This result reflects both top-line growth and a favorable cost environment. Let's now walk through the cost structure and margin performance in the first half of 2025. We delivered EBITDA of AED 1.07 billion, up 44.2% year-on-year, representing a margin of 69.7%. This is a 230 basis point improvement from the previous year. Key contributors include greater operating leverage from the two new gates and strong revenue growth following the full quarter benefit of variable pricing in the second quarter. Finance costs increased by 49% year-on-year to AED 145.6 million. This increase was driven by the imputed interest resulting from the installments payment plan for the two new gates. Profit before tax was 41.5% to AED 847.1 million, while profit after tax increased similarly to AED 770.9 million. Looking at the revenue breakdown, toll usage fees remain the largest revenue driver, contributing almost AED 1.4 billion in the first half of 2025, up 42.3% year-on-year, with a robust growth in the second quarter of 49.4% year-on-year to AED 691.3 million. This was supported by strong growth in peak time trips following the introduction of the variable pricing and the full ramp-up of Business Bay and Safa South gates, in addition to the redistribution of the traffic across all Salik gates. Fines reached AED 134.3 million, growing 15.7% year-on-year, with the number of net violations increasing by 20.3% to 809,000 incidents. Tag activations contributed AED 22.9 million, while other revenues, including ancillary services, reached AED 13.1 million, more than doubling from the first half of 2024. Looking at the revenue, revenue from toll usage fees rose 49.4% year-on-year in the second quarter, reaching AED 691.3 million in the second quarter of 2025, up 3.9% quarter on quarter. This strong growth reflects the first full quarter impact of the variable pricing model. As noted earlier, EBITDA grew 44.2% in the first half to reach AED 1.07 billion, our strongest half-year result to date, supported by a 50.9% year-on-year increase in the second quarter EBITDA, reaching AED 545.3 million. Our EBITDA margin improved to 69.7% in the first half of 2025, up from 67.4% in the previous year, with a second quarter margin of 70.3%, marking a 250 basis points increase year-on-year. Margins were supported by strong revenue performance, relatively stable fixed costs, and the ramp-up of the new gates. These trends demonstrate the efficiency of our operating model and provide a solid platform for cash generation going forward. Net profit for the first half was AED 770.9 million, a 41.5% year-on-year increase. Net profit in the second quarter reached AED 400.2 million, up 49.6% compared to the previous year, supported by strong revenue growth and disciplined cost control. Net profit margin reached 50.5% in the first half, expanding by 70 basis points compared to the first half of 2024, with margin reaching 51.6% in the second quarter, a 140 basis point increase compared to the previous year. Going forward, we remain focused on maintaining profitability as we expand our ancillary services and explore new mobility solutions. In the first half of 2025, we generated free cash flow of AED 1.1 billion, up 62.4% year-on-year. Free cash flow of AED 485 million at the end of the second quarter, up 46.1% year-on-year. This equates to a free cash flow margin of 72.8% in the first half of 2025 compared to 62.5% in the first half of 2024, with margins of 62.5% in the second quarter, a 20 basis point expansion compared to the second quarter of 2024. These results were driven by a higher EBITDA, limited capex, and continued efficiency in working capital management, despite higher related parts transactions related to the concession fees for the new gates. Our strong cash flow underpins our dividend policy and ensures we retain flexibility to invest in future opportunities. As you all noticed, Salik 's balance sheet remains strong. As of June end 2025, the net debt stood at AED 4.9 billion, up modestly from the first quarter. Our net leverage reached 2.5 x trailing 12 months EBITDA, an improvement from 2.7x at the end of Q1. We remain well below our debt covenant of five times, and we continue to hold strong investment-grade rating from both Moody’s and Fitch. Looking at the dividends, Salik continues to demonstrate a consistent and attractive dividend profile. For the first half of 2025, the board has proposed a dividend of AED 770.9 million, representing 100% of the first half profit. This follows the AED 619.8 million distributed for the second half of 2024, marking a 24% increase versus the previous half. Our dividend policy reflects the company's strong cash generation, prudent capital management, and confidence in long-term earning potential. As shown on the chart, our distributions have grown steadily since listing, underpinned by scalable operations and consistent profitability. I will now hand over to Ibrahim, Salik 's CEO, to provide you with an update on the revised guidance and concluding remarks. Thank you, Maged. Given the strong first-half performance and the momentum we've seen across both our core and ancillary segments, we are pleased to be upgrading our full year 2025 guidance. We are now expecting revenue growth of 34% - 36% for the full year, up from the previous range of 28% - 29%. This follows the implementation of variable pricing and the introduction of the two new gates. EBITDA margin guidance is also revised upward to a range of 68.5% - 69.5% compared to the prior 68% - 69%, supported by higher revenue expectations. This upgrade reflects our confidence in Salik 's outlook and the strength of our business model. We also reaffirm our medium and long-term targets for our ancillary revenue streams. Our goal is to generate AED 30 million - AED 50 million in annual parking revenue by 2026, growing to AED 120 million - AED 150 million by 2030. For data monetization and services like our Liva Group Insurance Partnership and Customized Tag Initiative, we continue to expect annual revenue of AED 10 million - AED 20 million by 2026. By 2030, we expect this to be in the range of AED 40 million - AED 60 million. We remain committed to growing these segments as key contributors to our long-term value creation. To conclude, the first half of 2025 marked a strong period of performance for Salik. We reported strong double-digit growth across all major financials and operational metrics. We witnessed solid progress in ancillary revenue streams, in addition to successful implementation structure changes like variable pricing. With clear visibility into the second half of the year, we remain confident in our ability to deliver on our upgraded guidance. We are focused on sustainable long-term value as we continue to scale, diversify, and innovate across Dubai's mobility ecosystem. Thank you, and we are now looking forward to your questions. Thank you so much. Thank you very much. If any of you wish to ask a question, please raise your hand using the raise hand icon, and the management will be happy to take your questions. I think we already have Mohammad from Jadwa raised his hand. Mohammad, please go ahead. Yes, thank you for having us on the call and congratulations on the greatest results. Just a question on the concession agreement. Should we expect an adjustment from the current level of 22.5% to the cap rate of 25% during the second half of this year as a result of that reduction of the variable pricing, or are discussions still ongoing with RTA and [audio distortion]? I will take this question. Thank you, Mohammad. Actually, for the current year, 2025, the concession fee percentage will remain 22.5% with no change. The new mechanism that we aligned on with RTA will depend on the actual data at the end of the year. We will monitor how the impact will be. During 2025, it will remain 22.5%, and this has been reflected into our guidance. As of today, the document for the addendum of the concession agreement regarding the new mechanism is still under process for signature with the grant rebuttal. That's very clear. Thank you. Thank you. Our next question comes from Ricardo. Please go ahead. Hi. Thanks for taking my question. The first one that I have is on Parkonic. How should we think about the additional agreements or additional parking spots in the second half, third quarter, and fourth quarter specifically? The other question on your guidance for the year, you mentioned that you continue to expect the floating bridge to be closed for 2025. Is there any indication that that could change closer to the end of the year 2026? Thank you. I can answer. Yeah, I will answer the floating bridge, which is a very quick one. As of now, there's no updates, further updates, whether it could be reopened. We consider it as closed till the end of the year. Gopal, you can take the Parkonic part. Thank you, Maged. Regarding Parkonic, today we are operating over 70 locations out of the 153 locations. By the end of this year, we are expecting to go live at more than 120 - 130 locations at least, if not more than that. The number of locations that are going live keeps getting added and keeps getting updated on a day-to-day basis as we speak. We are making quite good progress on that. Okay, thank you very much. Thank you. While we wait for questions, maybe I can just ask one question from my side. This is Sashank from Bank of America. Just with regards to your guidance, updated guidance for revenue growth, you speak about 34% - 36%. The first half obviously is trending much higher than that. It's close to 40%, with the Q2 exceeding almost at 45%. Just wondering, why do you think there's a normalization in revenue growth in the second half? Any clarity there would be appreciated. Thank you. Yeah, sure, Sashank. Thank you for your question. Seasonally, the first quarter is a stronger quarter for Salik due to higher traffic volumes, particularly during peak hours between 9:00 A.M. and 5:00 P.M. With this in mind, we do not see the view of half one as a benchmark for the full year. Q3 is usually a softer quarter due to seasonality. We will continue to monitor our financial guidance and outlook and adjust guidance wherever it's needed. As of now, this is what we see for the current year. Understood. Thank you. We have the next question from Anna at JP Morgan. Please go ahead. Yes, good afternoon. Thank you for the presentation. One question from our side. It was interesting to note that in Q2 of this year, the usual historical seasonality in terms of total trips did not quite play out. As you mentioned previously, Q4 and Q1 are seasonally stronger, Q2 and Q3 weaker, but we actually saw very modest but positive quarter-on-quarter growth in total trips in Q2 this year. I think it's, correct me if I'm wrong, maybe the first incident in Salik 's history over the last couple of years. My question is, do you see this as a sustainable trend that traffic is getting more tense in Dubai and that maybe the seasonality, we may not see the historical seasonality going into year-end as pronounced as it was historically. Perhaps we may not see Q3 being seasonally as slow as history would suggest. Thank you. Thank you, Anna. Keep in mind that this is the first quarter for implementing the new variable pricing, and we expected some consumer behavior after the introduction of variable pricing. In the Q2 period, you represented the first full quarter for the variable pricing. We've seen so far a slight increase in trips taking place during the off-peak hour and a slight increase to peak hours. Usually, it was 35%, now it's 36%. This shift shows us that the new tariff structure is beginning to rebalance, and we expect that we have a new trend for the traffic going forward. As it's only one quarter when we implemented this variable price, it's too early to assess and judge. We believe it will be better if we have two more full quarters to compare by the end of the year and come up with a sound and clear answer for this question. Thank you. Again, as a reminder, if you have questions, please feel free to raise your hand. While we wait for more questions, maybe a question from my side. Obviously, we saw two gates being introduced last year in November, the dynamic pricing. In terms of timing for the next tariff hike or the dynamic pricing changes or new gates, is there any discussions that are ongoing? Anything that you can disclose to us in terms of how traffic trends are playing out and how you're thinking about this? Nothing right now, Sashank. Again, it's RTA call and decision based on the study of the traffic and the consumer behavior when it comes to the new variable pricing, how they will accept it, how this will impact the traffic and congestion in some bottlenecks where the variable pricing is expected to solve it. As of now, there are no discussions. There's nothing to be said about this because we didn't hear anything from RTA about it. Understood. Thank you. Next question is from Ankur Agarwal. Please go ahead. Thank you, Sashank. Thank you, management, for the presentation. My question is on the concession rate adjustment for next year, right? Is it almost a given that it would go back to the previous level of 25%? How should we think about the discussion and what kind of negotiation should we expect on this? That's my first question. My second question is on the, I mean, you had previously indicated that you would consider doing a Sukuk issuance to reduce the cost of debt, for example. Any further progress on that? Those two questions from my side. Thank you, Ankur. Regarding the concession fee, whether it will go up next year or not, it will not be subject to a discussion or negotiation because the new formula will be definite, straightforward, and clear. It will not allow for any negotiation between both parties. It's all about the actual data that we will see and monitor next year and the new inflation records that will be published by early 2026. We cannot say that the concession fee will go up again to 25% or it will remain 22.5% as of now until we see the actual data and apply the new formula that has been agreed on with RTA and that will be announced once the document is signed, and will be disclosed to the market in detail. When it comes to the Sukuk, yes, it's still in our strategic plan to convert to Sukuk, and we will start this process sometime early next year, inshallah. All right, many thanks. Thank you. Mohammad, I see you have your hand raised. Do you have any further questions? Yes, if I may. Just a follow-up question. Should we expect any update on the company's dividend policy, especially that the current return to earning balance exceeds the 100% run rate profitability by around AED 355 million, given the fair value impact of long-term financing that happened last year? Yeah, yes, Mohammad. I think I expect this question from you specifically because you asked it the same last time. This will be subject to the board approval, and this would be discussed when we reach the end of the year when it comes to the next half dividend distribution. Thank you very much. Thank you. I don't think we have any further questions at this point, so I'll hand it back to management for any concluding remarks. Thank you, Sashank, and thanks to Bank of America for organizing today's call. Thank you all for attending and providing us with your valuable time. If you do have any follow-up questions, please feel free to reach out to us at investorrelations@salik.ae or to my personal email, or visit our website at @salik.ae. Thank you very much and have a good day. Thank you, everyone. Thank you.