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H1 2026 INVESTOR PRESENTATION August 2026 جسر القرهود Al Garhoud Bridge بوابة تعرفة مرورية Toll Gate DWB1190 1195 C BJC سالك Salik سالك Salik 20 يقنا مدرسا ٩ ٩٧٩ 【 ACYYYY
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Disclaimer 2 No statement in 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.
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SALIK AT A GLANCE
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The Emirate of Dubai’s exclusive toll gate operator 1. Salik initiated its innovative Customized Tags, allowing corporate customers to personalize Salik tags with unique designs and messages. This initiative reflects Salik's dedication to enhancing customer experience and embracing innovation. In addition to this exciting launch, Salik is also conducting a review of its previously announced plans for gantry advertisements. Salik is currently not able to proceed with that particular advertising initiative for technical reasons, however Salik remains committed to explore the in-app and website advertisement opportunities, in addition to the recent launch of the Customized Tags. Toll Usage Fees 85.2% Fines 10.2% Others 4.6% Revenue Distribution Ancillary Revenue Streams Parking Payment Solutions Advertisements 1 Data Monetization Geographic Expansion Strong Shareholder Base EXCLUSIVITY IN DUBAI 100% OPERATIONS SINCE 2007 and as a standalone entity since 1 July 2022 19+ YEARS # OF REGISTERED ACTIVE VEHICLES as of Jun 30, 2026 c. 4.88 MN 75.1%24.9% Free FloatCONCESSION WITH RTA ending in 2071 49 YEARS ASSET-LIGHT APPROACH solely responsible for maintaining & operating toll gates 10 GATES 4 ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE
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Salik’s attractive investment proposition Exclusive tolling franchise with a 49-year concession agreement with RTA, providing long-term visibility Anchored in Dubai’s growth trajectory, benefitting from strong structural dynamics, underpinned by Dubai’s emergence as a global investment hub and DFM’s development as a platform for high-quality listed assets Traffic-linked, inflation- protected revenues with significant growth opportunities, benefiting from variable pricing and ancillary revenue streams Capex-light business model with leading EBITDA margins and strong FCF conversion, and an optimized capital structure ensuring financial flexibility and efficient debt servicing Attractive dividend profile with semi-annual distributions, historically 100% of net profit Encouraging growth outlook supported by strong long-term revenue ambitions from new partnerships and initiatives 5 ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE
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6 ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE 2022 2023 2024 2025 Consistent strategic progress since listing 2026 Carve Out & Concession Agreement EMEA Finance Best IPO in the Middle East for 2022 Careem tags Partnership Abu Dhabi Digital Authority Partnership Dubai Mall Partnership Business Bay Crossing & Al Safa South gates GO LIVE Liva insurance Partnership formed Parkonic Partnership Landmark IPO on Dubai Financial Market (DFM) Strong Credit Ratings Variable Pricing Introduced MSCI Emerging Markets Index Inclusion Joined Int’l Bridge, Tunnel & Turnpike Association (IBTTA) Fitch Ratings Upgraded to A and Moody’s Rating reaffirmed at A3 MOU for integration of Salik’s E-Wallet with EV chargers MOU to pilot payment solution S&P CSA - Ranking #1 in transportation and infrastructure sector in UAE 10-Year Agreement Signed with Dubai Airports for E-Wallet Parking Payments Partnership with Valtrans to Enable Digital Valet Parking Payment Service Salik and RTA Updates Concession Agreement to reflect the changes in the pricing model from fixed to variable pricing Seamless parking payments at Harbour West Car Park, Dubai Harbour MoU to deploy access control and parking optimisation across 21,000+ spaces at 3 zones
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OPERATIONAL HIGHLIGHTS MoU with DIEZ to deliver seamless mobility solutions across more than 21,000 parking spaces at DAFZ, Dubai Silicon Oasis and Dubai CommerCity, marking the launch of a new business vertical Total chargeable trips within the core tolling business reached 278.5 million in H1 2026, reflecting the resilience of Salik’s business model during geopolitical uncertainty The Parkonic partnership continued to scale, with Salik's E-Wallet now live at 180 of 230+ locations, driving substantial growth in ancillary revenue. 1) EBITDA is profit for the period, excluding the impact of finance cost, finance income, depreciation and amortization expenses and income tax expense.7 ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE Financial and operational highlights in H1 2026 and Q2 2026 FINANCIAL HIGHLIGHTS H1 2026 Q2 2026 278.5 MN Chargeable Trips 132.8 MN Chargeable Trips AED 704.0 MN AED 975.6 MN AED 334.8 MN AED 468.4 MN TOTAL CHARGEABLE TRIPS REVENUES NET PROFIT EBITDA1 8.4% YoY EBITDA Margin: 69.1% 14.1 % YoY EBITDA Margin: 68.6% 8.7% YoY Net Profit Margin: 49.9% 16.4% YoY Net Profit Margin: 49.0% AED 1,412.0 MN AED 683.1 MN 11.9% YoY Revenue7.5% YoY Revenue
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ATTRACTIVE MACROECONOMIC CONDITIONS 8
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9 Macroeconomic Indicators Sources: Dubai Media Office; Dubai Statistics Center; S&P Capital IQ Pro; Dubai Airports/WAM; Dubai DOF; CBUAE; Moody's, S&P Global, Fitch Ratings. DUBAI POPULATION (M) CAGR +7.0% 3.49 3.55 3.65 3.86 4.58 2021 2022 2023 2024 2025 Source: Dubai Statistics Center (2021-24); 2025 per Dubai Population Now census, Government of Dubai Media Office. UAE REAL GDP GROWTH (%) 4.6 7.5 4.3 6.6 6.2 1.7 9.8 2021 2022 2023 2024 2025 2026E 2027E Source: S&P Capital IQ Pro (As-Reported); 2026E-27E per CBUAE Quarterly Economic Review, June 2026. CAGR on real GDP level (2020-25). Demand drivers & macro indicators 100m DXB pax target by 2027 AED 302.7bn 2026–28 Dubai budget cycle 48% of budget to infrastructure in 2026 52.1 UAE PMI Apr-26 (>50 = expansion) +30.3% Dubai RE transaction value YoY (Q1-26) 11.7% employment growth YoY (Mar- 26) Structural population growth Dubai 2040 Master Plan targets 5.8m residents across five urban centres, adding permanent daily commuters to Salik's network. UAE Sovereign ratings affirmed with stable outlooks, supported by strong fiscal buffers and resilience to regional shocks Aa2 Stable 12 Jun 2026 AA Stable 6 Mar 2026 AA- Stable 22 May 2026 CAGR +5.8% 0.67 4.67 3.33 3.27 2.79 2.90 2021 2022 2023 2024 2025 2026E DUBAI INFLATION (%) Source: Historical based on CPI changes per Dubai Statistics Center, Forecast based on ENBD research ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE Drivers Supporting Growth Drivers Impacting Inflation Protection
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Government initiatives and supporting measures INFRASTRUCTURE DEVELOPMENT Landmark projects Approved by The Executive Council across infrastructure, investment and urban planning (Jul- 26). First Al Khail corridor Peak travel time on SZR via the 15km First Al Khail corridor; 2.6m people served, +c.9,000 vehicles/hr (2027–30). Road network expansion Government-led road network expansion and intersection upgrades across key corridors. Rail build-out Metro Blue and Gold Lines under delivery, alongside the Etihad Rail national network. Al Maktoum International Airport (DWC) Despite regional tensions, Dubai Airports CEO reaffirms that the new airport's vision will remain “firmly on track” with “ambition remains unchanged”. Phase 1 on track for 2032 with original date remaining unchanged; designed to scale to 150m passengers/year. INVESTMENT & BUSINESS ENVIRONMENT Business support package Fee deferrals and customs extensions across tourism and trade; 33 initiatives over 3–12 months. Financial Resilience Package Pre-emptive liquidity support programme for financial institutions (Mar-26). Dubai Investor Register D33 FDI target by 2033, supported by the unified Dubai Investor Register across all zones. Free-zone relief Flexible payment plans on licences and fees; rent stabilisation and waiver of minor penalties. Strong fiscal position 2025 surplus of 3.7% of GDP, with gross government debt projected to decline to c.31% of GDP in 2026, underpinning capacity for continued public investment through the cycle. TOURISM & RESIDENT ATTRACTION Visa-on-arrival expansion Added to visa-on-arrival: Indonesia, Vietnam, Thailand, Philippines, Kenya and South Africa (25 Jun-26). Fast-track tourist visas Single-entry 30 and 60-day tourist visas processed within 48 working hours (GDRFA). Property visa liberalised Minimum investment for the two-year property residency, after removal of the AED 750k floor. Summer tourism push City discounts via My Emirates Pass with complimentary hotel stays; Dubai Summer Surprises, 2 Jul–30 Aug. Contingency tourism support Potential AED 5–10bn targeted support scheme for the tourism sector, plus the AED 5bn UAE National Tourism Fund, available for activation should regional conditions persist. Sources: Government of Dubai Media Office (Jul 2026); CBUAE Quarterly Economic Review (Jun 2026); UAE MoFA / ICP; GDRFA; Dubai DOF/WAM; Dubai Airports; Khaleej Times; Gulf News. ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE
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11 Dubai's metro and rail expansion is additive to the transport network rather than a direct substitute for Salik's core corridors Sources: Etihad Rail, RTA 2032 Plan, Gulf News Commentary • Salik protects Dubai's primary highway network, while new metro and rail infrastructure expands mobility across different corridors. • The Blue Line is primarily a network extension into underserved growth areas. • Etihad Rail serves a different transport market. • The planned Gold Line is complementary rather than overlapping. • Roads remain the dominant mode for orbital and cross-city trips. • Population growth increases demand for both modes simultaneously. Dubai's expanding mobility infrastructure ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE
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12 Sustained growth in total trips, with softness in H1 2026 1. In 2017, in an effort to control the congestion in the city, the RTA separated the link between the Salik gates at Al Safa an d Al Barsha such that the toll is now charged every time a vehicle passes under each gate. Total Trips (1) (mn trips) 51.5 185.2 317.8 317.1 335.7 352.5 486.9 547.6 556.2 558.6 545.2 539.8 570.8 399.6 481.2 539.1 593.1 638.2 852.7 259% 72% 0% 6% 5% 38% 12% 2% 0% -2% -1% 6% -30% 20% 12% 12% 8% 34% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026 Y-o-Y growth in total trips 2007 2009 2011 2013 2015 2017 2019 2021 2008 2010 2012 2014 2016 2018 2020 2022 Al Barsha Al Garhoud Al Safa Al Maktoum Dubai Metro Red Line Dubai Metro Green Line Airport Tunnel Mamzar North Mamzar South Dubai Tram Al Safa and Al Barsha gates de-linked(1) Jebel Ali COVID IMPACT 2023 Nov - 2024 Business Bay Crossing Al Safa South Jan - 2025 Introduction of variable pricing ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE 2026 H1 2026 Total Trips Recorded 383.8 m vs 424.2m in H1 2025
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13 Note: Traffic data as of 6pm on a typical Monday. Cars Are The Most Popular and Convenient Method of Transport in Dubai 61% 5% 9% 13% 12% Private Car Taxis Public Transport Walking Other Dubai Journey Mode Split Connecting the centres of Dubai in a city where car use is dominant Exclusive operator Serving high-population areas Covers all of Dubai’s key landmarks Connects Dubai’s key economic and tourist hubs Key highway to access neighboring Emirates: Abu Dhabi (UAE capital) and Sharjah Complementary to public transportation network Salik’s Value Proposition in a Car-Reliant City ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE
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Key Assumptions Legend Salik Toll Road Toll Free Road • The analysis is indicative, based on sample-based Google Maps estimates, and is directional rather than definitive. • Actual travel time and distance may vary based on vehicle, route, traffic, and road conditions. • Time and distance savings are calculated on a round-trip basis. E11 E11 E11 D6 2 E44 E44 D6 1 D8 6 D9 4 Business Bay Palm Jumeirah Ras Al Khor DUBAI MEDIA CITY E44 E311 E66 Dubai Silicon Oasis E11 E11 E11 D6 2 E44 E44 D6 1 D8 6 D9 4 Business Bay Palm Jumeirah Ras Al Khor 24-75min 31.6km 45min to 100min 43.7km DUBAI INTERNATIONAL AIRPORT Avg Time Saved 18.0AED 20.3min Avg Distance Saved 12.0km Toll Journey Tariff * E11 E11 E11 D6 2 E44 E44 D6 1 D8 6 D9 4 Business Bay Palm Jumeirah Ras Al Khor DUBAI MEDIA CITY E44 E311 E66Dubai Silicon Oasis E11 E11 E11 D6 2 E44 E44 D6 1 D8 6 D9 4 Business Bay Palm Jumeirah Ras Al Khor 24-40min 31.6km DUBAI INTERNATIONAL AIRPORT 38min to 55min 43.7km * Avg Time Saved 12.0AED 14.4min Avg Distance Saved 12.0km Toll Journey Tariff • For peak periods, journey efficiency is measured using midpoint of 8:00 am and 6:00 pm. • For off-peak periods, journey efficiency is measured using midpoint of 2:00 pm and 10:00 pm. Peak Hours Using Salik Tolled Roads Leads to Both Time and Distance Saving Off-Peak Hours Journey Efficiency – Scenario A ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE
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Key Assumptions Legend Salik Toll Road Toll Free Road • The analysis is indicative, based on sample-based Google Maps estimates, and is directional rather than definitive. • Actual travel time and distance may vary based on vehicle, route, traffic, and road conditions. • Time and distance savings are calculated on a round-trip basis. • For peak periods, journey efficiency is measured using midpoint of 8:00 am and 6:00 pm. • For off-peak periods, journey efficiency is measured using midpoint of 2:00 pm and 10:00 pm. D44 D71 E44 E44 E44 E44 DUBAI FESTIVAL CITY Ras Al Khor Dubai Design Destrict Dubai Creek Harbour Zabeel Palace 16-28min 12.1km 24-47min 17.5km DOWNTOWN DUBAI Approx. Average Travel Time Saved (Minutes) 8.0 10.9 6.0 Toll Journey Tariff (AED)Toll Journey Tariff * Avg Time Saved 6.0AED 13.0min Avg Distance Saved 5.4km Toll Journey Tariff D44 D71 E44 E44 E44 E44 DUBAI FESTIVAL CITY Ras Al Khor Dubai Design Destrict Dubai Creek Harbour Zabeel Palace 16-18min 12.1km DOWNTOWN DUBAI 20-26min 17.5km * Avg Time Saved 4.0AED 6.8min Avg Distance Saved 5.4km Toll Journey Tariff Peak Hours Off-Peak Hours Journey Efficiency – Scenario B ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE Using Salik Tolled Roads Leads to Both Time and Distance Saving
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OUR STRATEGY
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Salik’s strategy is focused on 4 key strategic pillars Salik’s strategic evolution to becoming a global leader Salik aspires to become a global leader in providing sustainable and smart mobility solutions PILLAR 1 Thrive in the Tolling Business PILLAR 2 Build ESG Stewardship PILLAR 3 Achieve Sustainable Growth PILLAR 4 Establish a Future-Proof Company Continued areas of strategic focus, as previously articulated at the time of our IPO. Increasing focus on key strategic pillars that will spur growth and diversify our business. 17 ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE
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18 *Previously introduced at the time of Salik’s IPO Salik is focused on pursuing 12 core objectives under its 4 strategic pillars Head of Marketing Marketing Manager Field Marketing Ensure efficient treasury management Strengthen performance of the core business Ensure best-in-class customer satisfaction and loyalty Expand core business to other geographies (medium-/long-term) Reduce carbon footprint and environmental impact Contribute to people’s happiness, safety and community development Adopt and showcase best-in-class ESG practices or approaches Deliver a seamless parking experience Build a portfolio of vehicle-centered mobility services Expand and enhance other ancillary revenue streams* Develop internal capabilities to enhance resilience and operational excellence Build company identity with strong ethics and ensure satisfaction of investors Core Revenues Ancillary Revenues Thrive in the Tolling Business Build ESG Stewardship Achieve Sustainable Growth Establish Future-Proof Company ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE
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Forward thinking organization with a sustainable agenda aligned with Dubai’s ESG goals 1. Source: The Middle East Call Centre & CX Awards. Third-party customer satisfaction survey, conducted by Ethos Integrated Solutions. The new toll gates incorporate on-grid solar PV systems to generate renewable electricity with future gates expected to follow the same design. Committed to Green Energy Free-flow gates help reduce traffic congestion at toll gates and save fuel Reduced Congestion & Fuel Consumption Adopted paperless strategy early on, saving 4.9 tons of CO2 annually Digital Transformation Free Salik tags for owners of Electric Vehicles Green Incentives Committed to reducing carbon footprint, in line with Dubai’s goal of achieving net zero emissions by 2050 Clear Commitment to Reduce Carbon Footprint Independent Non- Executive Director on Board of Directors Independent audit and remuneration committees Provides exemptions and toll subsidies to People of Determination, public transport, and school buses Social Contributions Salik was awarded the Silver Medal in the Contact Center World Awards for 2024(1) in EMEA Region, with a customer satisfaction at c. 92%(2) Best-in-Class Customer Service Human capital focus spanning diversity, equality and inclusivity Focused on Human Capital In November 2025, Salik won CSR Majra Impact Seal Award In September 2025, Salik earned top recognition across the GCC at the Gulf Sustainability Awards, winning Overall Winner, Gold for Best Sustainable Business Model, and Silver for Best ESG Initiative reinforcing Salik’s position as a regional leader in sustainable mobility and ESG excellence In July 2024, Salik joined United National Global Compact a significant step in promoting responsible business practices and contributing to a sustainable future for the UAE Environment Socia l Gover- nance ESG GovernanceSocial Salik’s relationship with the RTA governed by a transparent Concession Agreement Committed to Transparency Strict ESG screening for all vendors Robust Business Ethics 19 ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE
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STRATEGIC & OPERATIONAL HIGHLIGHTS
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Total Trips (mn) Registered Active Vehicles (mn)Registered Active Accounts (mn) +7.2% YoY +6.6% YoY +1.0% QoQ 4.56 4.85 4.88 Q2 2025 Q1 2026 Q2 2026 2.69 2.83 2.86 Q2 2025 Q1 2026 Q2 2026 Total Chargeable Trips (mn) +0.8% QoQ 213.4 197.2 186.6 Q2 2025 Q1 2026 Q2 2026 -12.6% YoY -5.4% QoQ 57.7 53.7 49.3 86.3 75.9 70.3 16.4 16.2 13.2 Q2 2025 Q1 2026 Q2 2026 Peak Off Peak Past Midnight 160.4 132.8 21 Salik’s core tolling business demonstrates continued resilience ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE 145.7 -17.2% YoY -8.9% QoQ
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Quarterly Total Trips by Gate (mn) 22 1. Al Safa South and Business Bay Crossing opened on 24 November 2024 2. Total chargeable trips accounts for introduction of variable pricing, including Peak, Low Peak and past midnight Quarterly Total Trips (mn) 146.1 147.9 213.4 186.6 Q2 2023 Q2 2024 Q2 2025 Q2 2026 Total Chargeable Trips (mn)2, 7.0 28.9 21.9 14.7 19.0 17.1 27.3 10.2 7.2 28.9 22.0 15.7 18.7 16.3 27.8 11.4 7.8 30.4 26.1 14.4 21.3 18.0 29.9 12.2 18.4 35.0 7.1 24.7 22.7 13.0 20.5 17.3 25.4 10.4 15.6 29.9 Airport Tunnel Al Barsha Al Garhoud Bridge Al Maktoum Bridge Al Mamzar North Al Mamzar South Al Safa North Jebel Ali Business Bay Crossing Al Safa South Q2 2023 Q2 2024 Q2 2025 Q2 2026 Total Chargeable Trips by Gate (mn) -12.6% YoY 11 6.5 25.1 21.4 11.4 11.5 9.2 14.2 11.2 16.6 19.3 14.1 6.3 22.8 20.8 11.2 11.7 9.2 13.5 10.7 15.6 18.1 12.3 7.2 26.8 22.2 12.1 12.2 9.3 15.3 12.3 17.1 20.4 13.5 6.5 22.8 19.5 11.0 11.1 8.5 13.3 10.5 15.2 17.7 9.6 5.8 20.5 18.7 10.0 11.1 8.7 12.1 9.5 13.9 16.6 5.9 Airport Tunnel Al Barsha Al Garhoud Bridge Al Maktoum Bridge Al Mamzar North Al Mamzar South Al Safa North Jebel Ali Business Bay Crossing Al Safa South Taxis with Passenger Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 53.7 49.3 75.9 70.3 16.2 13.2 Q1 2026 Q2 2026 Peak Off Peak Past Midnight Evolution of quarterly trips by gate -8.9% QoQ 145.7 132.8 ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE
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Variable Pricing 23 The approved system for variable pricing road tolls Peak Hours 6:00 AM to 10:00 AM 4:00 PM to 8:00 PM Off-Peak Hours 10:00 AM to 4:00 PM 8:00 PM to 1:00 AM Past Midnight 1:00 AM to 6:00 AM Weekdays AED 6 AED 4 AED 0 Sundays, with the exception for public holidays and Events AED 4 AED 4 AED 0 During the Holy Month of Ramadan The approved system for variable pricing road tolls Peak Hours 9:00 AM to 5:00 PM Off-Peak Hours 7:00 AM to 9:00 AM 5:00 PM to 2:00 AM Past Midnight 2:00 AM to 7:00 AM Weekdays AED 6 AED 4 AED 0 Sundays, with the exception for public holidays and Events AED 4 AED 4 AED 0 For all days of the year, except Ramadan Variable pricing showed consistency on traffic distribution since implementation Timing Traffic Distribution in FY24 Based on Fixed Pricing (4 Dirhams) 8% 11% 10% 11% 10% 11% 10% 52% 52% 54% 53% 54% 52% 53% 40% 37% 36% 36% 36% 37% 37% FY24 Feb-Mar Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Past Midnight Off Peak Peak ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE
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Providing seamless Parking Payment Solutions through key partnerships ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE Barrier-free parking payment solution operational since July 1, 2024 at world-famous Dubai Mall Salik-integrated Parkonic network in the UAE 100% Seamless autopayment 5-Year Contract term 4-5% Chargeable transactions of total 230+ Total Parkonic sites 180 Live with Salik’s Wallet Live Salik sites by emirate 143 Dubai 21 Abu Dhabi 10 Sharjah 2 Al Ain 2 Khor Fakkan 1 Fujairah 1 RAK Seamless E-Wallet Parking Payments at Dubai Airports operational since January, 2026 100% Seamless autopayment 10-year Contract term 7,400 Spaces at T1, T2, T3 and Cargo Mega Terminal Partnership with Valtrans to Enable Digital Valet Parking Payment Services Seamless parking payments at Dubai Harbour’s Harbour West Car Park, live from 13 July 2026 100+ Locations across the UAE Leading transportation management company 1st Digital valet parking payment integration 100% Seamless autopayment 9 Storeys incl. rooftop parking 845 Parking spaces at Harbour West Smart mobility partnership with DIEZ to deploy access control and parking optimisation across Dubai's economic zones 21,000+ Parking spaces New Smart mobility vertical 3 Economic zones: DAFZ, DSO and Dubai CommerCity 24
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2525 Partnerships & multiple recently signed MOUs Leveraging Salik’s comprehensive database by sending timely reminders for motor insurance renewal, redirecting customers to LIVA’s portal Partnership with LIVA (formerly RSA), a leading multi-line insurer in the GCC One-of-a-kind bespoke insurance solution to drivers in the UAE Notifications include a link directing customers to a LIVA landing page Enables Salik to leverage its comprehensive database ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE Memorandums of Understanding - Further Expansion in the Ancillary Stream Integration of Salik’s E-Wallet with EV chargers Successful progress in implementing the Proof of Concept Rollout across 1,800+ charging points expected in Q3 2026 Salik and Enoc to pilot seamless payment solutions at 4–5 fuel stations in H2-2026 A formal agreement to follow for network- wide rollout contingent on successful completion of the pilot
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FINANCIAL HIGHLIGHTS
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Total Chargeable Trips (mn) 96.9 102.9 193.8 146.2 27.6 29.3 H1 2025 H1 2026 Peak Off Peak Past Midnight -12.5% YoY 318.4 278.5 27 Resilient profitability maintained despite revenue and traffic headwinds ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE 775.7 683.1 1,527.3 1,412.0 Q2 2025 Q2 2026 H1 2025 H1 2026 AED Million -7.5% YoY -11.9% YoY Revenue 545.3 468.4 1,065.0 975.6 Q2 2025 Q2 2026 H1 2025 H1 2026 EBITDA Net Profit AED Million AED Million -14.1% YoY -8.4% YoY 400.2 334.8 770.9 704.0 Q2 2025 Q2 2026 H1 2025 H1 2026 -16.4% YoY -8.7% YoY
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Defensive revenue supported by diversified streams 691.3 655.2 724.0 625.5 577.0 1,356.9 1,202.5 65.9 72.4 73.8 69.1 75.2 134.3 144.4 18.5 20.1 24.1 34.3 30.9 36.0 65.1 775.7 747.7 821.9 728.9 683.1 1,527.3 1,412.0 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 H1 2025 H1 2026 AED Million Other¹FinesToll usage fees 1. Other revenue includes tag activation fees, parking payment solution, insurance, and miscellaneous revenue. Q1 2026 and Q2 2026 include one-off revenues of AED 11.9M and AED 6.9M respectively, relating to old unused recharge cards and tags with remote probability of being consumed (as per IFRS). 28 ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE -7.5% YoY -6.3% QoQ -11.9% YoY 245.9 253.9 251.8 261.7 272.9 241.2 279.8 255.8 193.2 216.7 219.6 246.8 AED Million Jan Feb Mar Apr May Jun H1 2026H1 2025 2.3% YoY
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29 Q2 2026 toll usage revenue reflects lower traffic 351.7 426.2 421.1 400.2 386.5 443.7 454.2 455.3 443.1 492.9 491.1 462.7 468.4 570.2 665.6 691.3 655.2 724.0 625.5 577.0 Q3 -21 Q4 -21 Q1 -22 Q2 -22 Q3 -22 Q4 -22 Q1 -23 Q2 -23 Q3 -23 Q4 -23 Q1 -24 Q2 -24 Q3 -24 Q4 -24 Q1 -25 Q2 -25 Q3 -25 Q4 -25 Q1 -26 Q2 -26 AED Million -16.5% YoY ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE -7.7% QoQ
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30 85.2% 10.2% 4.6% 69.1% AED Million 54.8%% of total revenue Income TaxOperating CostsTotal Revenue - EBITDA= PBT Net ProfitDepreciation, Amortization & Net Finance Costs = - =- # of total chargeable trips x Variable Tariff Vehicles with no Salik tags or insufficient funds Tags activation fees, inactive balances write off, delivery fees, SMS transaction fees, parking payment solutions, insurance etc. 23.12% of Toll Usage Fees in FY 2026 based on the 2025 blended tariff of AED 4.28 and the inflation rate of 2.78% TransCore Contract costs (O&M, software, tags & recharge cards) Commissions, employee benefits, impairment, etc. 9% UAE Corporate Tax Rate 49.9% Profit for the period, excl. tax, finance cost, finance income, and depreciation and amortization expense Useful lives of property and equipment, and intangible assets. Finance income minus finance costs EBITDA minus depreciation and amortization, net finance costs. Profit for the period including 9% UAE Corporate tax Streamlined business model ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE 1,202.5 975.6 773.6 704.0 (74.5) (83.9) (72.6) (129.3) (69.6) 144.4 65.1 ( 278.0 ) Toll usage fees Fines Other Concession fee O&M and related costs Other EBITDA Depreciation & Amortization Finance costs, net Profit before tax Income tax Profit for the H1 2026 period
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1. Pre-carve-out costs allocated by the RTA based on the most relevant allocation method. 2. Include software enhancement cost, cost of tags and recharge cards, which is part of the TransCore agreement. 3. Includes employee benefit expenses, BoD remuneration, and other expenses, less other income. 4. As per the Concession Agreement, the concession fee was revised from 25% in Q1 2024 to 22.5% effective from 1 April 2024. Concession fee of 23.12% of Toll Usage Fees starting FY 2026 based on the 2025 blended tariff of AED 4.28 and the inflation rate of 2.78% 31 41 124 125 131 160 78 75 44 83 91 145 72 73 35 43 42 53 26 24 27 34 14 37 20 21 27 55 66 88 32 39 461 461 616 305 278 2022 2023 2024 2025 H1 2025 H1 2026 O&M & Related Expenses⁽²⁾ Depreciation & Amortisation Service Providers Commissions Impairment of Trade Receivables Other expenses⁽³⁾ Concession Fee⁽⁴⁾ % of Revenue Operating Costs Evolution Commentary Carve-out financials (2019 to H1 2022): • Salik’s concession agreement with the Roads & Transport Authority started on July 1, 2022 • Prior to that, Salik did not pay concession fees • Operating costs fluctuated between 16-20% of revenue Start of concession (July 1, 2022): • Concession fee of 23.12% of Toll Usage Fees in FY 2026 based on the 2025 blended tariff of AED 4.28 and the inflation rate of 2.78% • O&M & Related expenses mainly relate to the TransCore contract • Operating cost structure is approximately: • 65-70% variable (concession fee, commissions, and cost of tags & recharge cards), and • 30-35% fixed/semi-fixed AED Million 26.7% Includes Concession Fee from July 2022 38.0% Includes Full Year of 2023 Concession Fee 35.1% 35.5% Operating cost structure places Salik among the most profitable in the industry ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE 35.0% 36.0%
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EBITDA Evolution (AED million) 32 69.1%Margin69.7% EBITDA (AED million) Key drivers (YoY) (−) Revenue declined YoY, reflecting softer toll usage fees amid lower traffic volumes following the exceptional regional events that began in late February 2026. (+) Concession fees decreased in line with toll usage revenue. (-) Other expenses increased with employee benefits and BOD Renumeration being the primary drivers (115.3) 27.3 1,065.0 3.8 (5.2) 975.6 H1 2025 Δ in revenue Concession fees O&M expenses Other income & expenses H1 2026 1. Includes software enhancement cost and cost of tags and recharge cards which is part of the TransCore agreement. 2. Includes employee benefit expenses, BoD remuneration, professional fees, impairment loss on receivables, other expenses and other income. 1 2 1,439.9 1,390.1 1,579.1 2,143.9 1,065.0 975.6 2022 2023 2024 2025 H1 2025 H1 2026 EBITDA margin (%) 65.9%76.1% 69.7% 69.1% 68.9% Concession begins July 2022 Full Year of Concession fees -8.4% YoY +35.8% YoY Margins since 2023 reflect Salik’s new cost profile as a concessionaire H1 2026 EBITDA of AED 975.6 million at a stable 69.1% margin ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE 69.2%
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33 Net Profit (AED million) Key drivers (YoY) (−) Revenue declined YoY, reflecting softer toll usage fees amid lower traffic volumes following the exceptional regional events that began in late February 2026. (+) Concession fees decreased in line with toll usage revenue. (+) Finance costs declined in H1 2026 with lower outstanding debt compared to H1 2025 and lower EIBOR (-) Other expenses increased with employee benefits and BOD Renumeration being the primary drivers Net Profit Evolution (AED million) 1,325.7 1,098.0 1,164.5 1,553.4 770.9 704.0 2022 2023 2024 2025 H1 2025 H1 2026 Net Profit margin (%) 52.1%70.1% 50.5% 49.9% 50.8% Concession begins July 2022 Full Year of Concession fees -8.7% YoY Margins since 2023 reflect Salik’s new cost profile as a concessionaire 1. Includes software enhancement cost and cost of tags and recharge cards which is part of the TransCore agreement. 2. Includes depreciation and amortisation, employee benefit expenses, BoD remuneration, impairment loss on receivables, professional fees, other expenses and other income. Profitability sustained with H1 2026 net profit margin of 49.9% Margin Net Profit margin before tax Net Profit margin after tax 1 2 (115.3) 770.9 27.3 16.2 3.8 6.6 (5.5) 704.0 H1 2025 Δ in revenue Concession fees Net Finance Cost O&M expenses Income Tax Other income & expenses H1 2026 ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE +33.4% YoY 50.2% 55.5% 54.8% 49.9%50.5%
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34 Net operating working capital balance Commentary 12 6 17 30 34 (115) (154) (223) 364 173 209 202 179 139 231 222 258 (2) (2) (3) (2)(313) (139) (484) (539) (419)(60) (70) (100) (83) (68) (294) (288) (293) (349) (318) 2022 2023 2024 2025 H1 2026 Inventories Provision for Taxation Trade and Other Receivables Due from related parties Lease liability Due to a related party Trade and Other Payables Net Contracts (Assets minus Liabilities) AED Million • Salik recorded a net operating working capital balance of AED - 558.7 million as of June 30, 2026, equating to 19.8% as a percentage of revenues, driven by the semi-annual installments for toll-rights fees related to the new toll gates. • Customers recharge their Salik accounts in advance and revenue is recognized once the vehicle passes through a toll gate. • Trade and other receivables are predominated by receivables from customers relating to fines which are generally due within 12 months from the issuance date (at time of license renewal). • Trade and other payables mainly relate to (1) operations and maintenance payables to TransCore and (2) commission payables to service providers. • Due from related parties are mostly related to (1) fines collected by RTA from customers and yet to be remitted to Salik, (2) receivables from Dubai eGovernment related to customer top-ups via their channels and, (3) receivables from Dubai Taxi on engaged taxi trips. • Due to a related party is related to the concession fee, current portion of debt for new toll gates and transitional service dues to the RTA. Net Operating Working Capital1 1. Net operating working capital is the balance of inventories plus trade and other receivables plus dues from related parties plus contract assets minus trade and other payables, minus current portion of due to a related party minus current portion of contract liabilities minus current portion of lease liabilities and provision for taxation. NOWC as a % of Annualised Revenue (7.8)% (147.4) (9.1)% (192.4) (23.4) % (536.8) (21.7) % (672.8) Defensive cost structure drives H1 2026 net operating working capital movement ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE (19.8) % (558.7)
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Free cash flow bridge H1 2026 (AED million)Free cash flow evolution (AED million) 1 0.0 20.7 0.7 551.0 975.6 (446.0) 0.1 H1 2026 EBITDA Changes in WC Income tax paid Impairment loss CAPEX Employee EOSB H1 2026 FCF Key drivers (YoY) (+) Change in working capital due to timing difference in collections from and payments to related parties as well as payment to subcontractor for toll operation and maintenance. (+) Add back of non-cash impairment loss on receivables. 39.0%69.1% Margin 1. CAPEX: refers to purchase of property & equipment and intangibles on the cash flow statement. The Capex includes adjustment to PPE 1,512.5 1,449.6 1,457.2 2,079.6 1,111.6 551.0 2022 2023 2024 2025 H1 2025 H1 2026 Free Cash Flow margin(%) 68.7%79.9% 72.8% 39.0% 63.6% Concession begins July 2022 Full year of concession fees 35 H1 2026 free cash flow of AED 551.0 million, with the YoY movement driven by working capital timing ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE +42.7% YoY 67.1% -50.4% YoY
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1. Net debt is the balance of borrowing plus current and non-current portion of lease liabilities minus cash and cash equivalents minus short-term deposits. 2. RTA liability includes liability in relation to the toll operation rights for two new gates Total Borrowings2 (AED, mn) Total Cash (AED, mn) AED 5.0 bn Net debt1 As of June 30, 2026 2.45x Net debt-to-T12M EBITDA As of June 30, 2026 Strong credit ratings A3 Reaffirmation of Long-Term Issuer Default Rating of ‘A3’ (December 2025) Outlook Stable Net Debt < 5x Covenant A Reaffirmation of Long-Term Issuer Rating of ‘A’ (July 2026) Outlook Negative 36 Healthy balance sheet with conservative leverage of 2.45x EBITDA ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE 3,996.8 5,628.7 1,631.9 ST Borrowings RTA Liabilities Total Borrowings 460.1 134.5 594.6 ST Deposits Cash /Cash equivalents Total Cash
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491 548 550 545 620 771 783 108 H2-2022 H1-2023 H2-2023 H1-2024 H2-2024 H1 2025 H2 2025 H1 2026 Historical Cash Dividends Distribution (AED million) Cash Dividends Per Share (AED) Special Dividend Distributed H1 2025 dividends of AED 770.9 million (100% of H1 2025 net profit) Approved H2 2025 dividends of AED 782.5 million (100% of H2 2025 net profit) Approved FY 2025 total dividends of AED 1,661.2 million (100% of FY 2025 net profit plus special dividends) 37 Attractive dividend profile ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE Approved FY 2025 special dividend of AED 107.8 million 890 H1 2026 interim dividend will be announced following the Company's governance and approval process. Salik's dividend policy remains unchanged.
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OUTLOOK
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39 ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE FY 2026 guidance reflects the impact on traffic trends driven by recent geopolitical events Revenue Growth (%) EBITDA Margin (%) Net Profit Margin before Tax (%) Net Profit Margin after Tax (%) Cash Dividends (Subject for BoD recommendation and AGM Approval) FY 2026 Guidance 1. Dividend policy is designed to reflect the Company’s expectation of strong cash flow and expected long-term earnings potential 2. 100% of Profit Unchanged The revised revenue growth range reflects the gradual recovery in traffic volume, with normalization expected during Q3 2026 Revised 2026 Guidance Assumptions1 1. As per the approved new formula (slide 45), concession fees rate has increased to 23.12% from 22.50%, based on the 2025 blended tariff of AED 4.28 and the inflation rate of 2.78% 2. Revised Margins are slightly lower, as supported by the defensive nature of Salik’s cost structure, and cost optimization initiatives FY 2026 Revised Guidance1 -3-0% 67.5%-68.5% 54.0%-55.0% 49.5%-50.5% 100% of net profit FY 2026 Previous Guidance 4-6% 100% of net profit 68.0%-69.0% 54.5%-55.5% 50.0%-51.0% 1 Revised guidance was issued in Q1 2026
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40 Parking Payment Solutions Data Monetisation Key Assumptions Medium to Long-Term Expectation: 2026-2030 AED 30-45 million per year 2026 AED 120-150 million per year 2030 AED 3-6 million per year AED 20-50 million per year Guidance: Medium and long-term expectations for ancillary revenues Generated AED 2.3m during Q1 2026 Dubai Mall Parking Parkonic Partnership • Solution now live across 180 of 230+ locations • Expanded operations geographically outside of Dubai for the first time to other Emirates Insurance Partnership Current Liva partnership growing in line with our expectations Other Ancillary Streams AED 1-3 million per year AED 5-10 million per year Includes Fuel stations, Potential partnership with Drive thru outlets and more opportunities. ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE
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STOCK PERFORMANCE
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1.50 2.50 3.50 4.50 5.50 6.50 7.50 September-22 December-22 March-23 June-23 September-23 December-23 March-24 June-24 September-24 December-24 March-25 June-25 September-25 December-25 March-26 June-26 42 Key Indicators Closing Price (AED) 5.88 52 Week High / Low (AED) 6.85 / 4.99 Average Trading Volume (Millions) 5.7Market Cap (AED) 44.1B Up by 167.3% Since Listing Up by AED 291B Since Listing All figures as of 30th March 2026 2022 Closing Price AED 2.48 AED 3.11 2023 Closing Price Salik to build 2 new toll gates in Dubai 01/19/24 03/04/24 Announcement for reduction in concession fees from 25% to 22.5% March-26 Equity Markets impacted by Systematic Risk as driven by geopolitical crisis 29/11/24 RTA instructs Salik to implement Variable Pricing 2025 Closing Price AED 6.35 Dividend declaration date 29/09/22 First Trading day post IPO 2024 Closing Price AED 5.40 Share Performance ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE June 2026 Closing Price AED 5.88 17/01/25 Announcement for the start date of variable pricing implementation 28/08/24 Salik Announces Valuation of Two New Gates and Revises 2024 Guidance Upwards with Revenue-Generating Trips expected to Grow 7-8%
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OUR BUSINESS MODEL
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Concession fee payment & requests for tariff increases Road O&M(2) services / review of changes in tariff & concession fee(3) Submission of Salik’s requests post review and any amendments Permission for tariff increases and new gates 44 Legislative Governmental Body (“TEC”)(1) Roads & Transport Authority (“RTA”) RTA provides exclusive grant of Concession rights RTA’s recommendations are subject to final TEC approval • Ultimate decision maker around changes in tariffs and new gates • The TEC takes into consideration the review and recommendations of the RTA but independently makes a decision • Operator of toll road system, charging motorists with pre -determined tariffs • Responsible for toll gates maintenance • Salik can submit a proposal of tariff increases on an annual basis in line with changes in inflation • Regulator and supervisor of efficient traffic flow in Dubai • Responsible for upkeep of road network as well as expansionary capex for new toll gates and replacement capex at the end of life RTA is 100% owned by Government of Dubai Relevant Authorities and Relationship with Salik Key Concession Agreement Terms Operator (Listed Entity) Concession term of 49 years • Starting date: 1 July 2022 • Ending date: 30 June 2071 Term of the Concession • Pre-determined increase mechanism, to be submitted to TEC on a yearly basis • Compensation mechanisms providing significant downside protection vs. inflation, amongst other things Tariff • AED 4bn upfront fee at start of concession • 22.5% of Annual Toll Revenue as of April 2024 4 • Concession fee of 23.12% of Toll Usage Fees starting FY 2026 based on the 2025 blended tariff of AED 4.28 and the inflation rate of 2.78% • Adjustment mechanism to compensate for lack of tariff increase (minimum concession fee floor of 15%) Concession Fee • New toll gates to be added at the joint proposal of RTA and Salik if approved by TEC • Pre-agreed valuation mechanism • Salik will be the exclusive operator of new gates New Gates Mechanism A B C 1. TEC: The Executive Council. 2. O&M: Operations & Maintenance. 3. As a compensation mechanism in case proposed tariff increase is not approved. 4. Previously 25% since the carve out and up until April 2024; adjustment based on inflation protection mechanism. Concession agreement overview ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE
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45 1. Equipment includes in-station equipment (server systems, storage systems, telephony systems, out-station equipment (roadside switches, zone controller servers, roadside equipment), and network equipment (firewalls, switches). 2. Health, Safety and Environment. 3. Fair Market Value. Exempt Vehicles RTA’S Operating KPIs Salik’s Key Rights RTA’S Key Obligations To Salik Exclusive concession rights and access to the Toll Roads for the Dubai tolling operations RTA to provide inspections of toll roads and/or the fibre-optic network to ensure quality of maintenance Intellectual property rights (IPR) transfer in exchange for fees to the IP owners and IP protection guarantee Salik can engage in new business activities within or outside Dubai if not in competition with any of RTA’s established businesses Reimburse all costs reasonably incurred by Salik for the construction of new gates on a cost plus 10% basis Take necessary actions during the registration process to enforce the payment of fines Guarantee operation and maintenance of the toll roads TERMINATION At termination, the RTA will have to pay Salik 70% of the FMV(3) less the Termination Costs At termination, the RTA will have to pay Salik 130% of the FMV(3) plus Termination Costs Applies also to voluntary termination by the Authority In case of a material breach by RTA, nationalization of the assets or rights or adverse governmental action (impacting the Authority's performance) Salik’s Operating KPIs TransCore to provide a range of operation and maintenance services in relation to the tolling system Liaises with the emergency services to ensure that any HSE incidents on the main roads and bridges are handled within the approved time Termination by Availability of roads, bridges and toll gates Availability of the fibre-optic network Pavement Condition Index Emergency calls handled within approved time HSE(2) incidents handled within approved time Collection of fines People of Determination, Ambulances / the Red Crescent, schools, religious institutions, police, charity, taxi (when empty) Ensure availability ratio of equipment(1) of at least 99% Provide quarterly written report setting out compliance to service levels In case of an insolvency event, a prohibited act, a material breach by Salik or non-payment of the concession fee for 2 consecutive quarters Termination by Ensure that any operational and system changes required to adjust the toll fees are implemented Concession agreement overview (cont’d) ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE
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46 Revised Formula: Toll tariff and concession fee adjustment mechanism ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE All future requests for Toll Fee increase and/or Concession Fee adjustment to protect against inflation will now be as per the actual blended tariff for the previous year vs being based on projections/ estimates as per the older mechanism Price Increase Mechanism • The multiplier refers to the Consumer price index change (CPI) : Original Formula New Formula 𝑴𝒂𝒙 𝑻𝒏 = 𝐴𝐸𝐷 4 𝑥 𝑀𝑢𝑙𝑡𝑖𝑝𝑙𝑖𝑒𝑟 𝑇𝑜𝑙𝑙 𝑅𝑖𝑠𝑒 % = 𝐴𝐸𝐷 4𝑥𝑀𝑢𝑙𝑡𝑖𝑝𝑙𝑖𝑒𝑟 𝑇𝑛 − 1 − 1 𝑪𝑷𝑰𝒏 𝑪𝑷𝑰𝑩𝒂𝒔𝒆 . (1) Where Tn is the approved toll fee for the upcoming year (n) Concession Fee Adjustment • Any Upward or Downwards Adjustments to the concession fee should never result to a concession fee exceeding 25%, or fall below 15% of toll fee • New formula, effective 1st Jan 2026 • The expected concession Fee of 23.12% is calculated as follows : Original Formula New Formula 𝐶𝐹𝑛 = 1 − 𝐴𝐸𝐷 4 1 − 25% 𝑥𝑀𝑢𝑙𝑡𝑖𝑝𝑙𝑖𝑒𝑟 𝑇𝑛 𝐶𝐹𝑛 = 1 − 𝐴𝐸𝐷 4 1 − 25% 𝑥𝑀𝑢𝑙𝑡𝑖𝑝𝑙𝑖𝑒𝑟 𝑇𝑛 − 1 Where Tn-1 is the blended toll fee for the closed year (n-1) as per actual traffic Where Tn is the approved toll fee for the upcoming year (n) Where Tn-1 is the blended toll fee for the closed year (n-1) as per actual traffic 𝐶𝐹𝑛 = 1 − 𝐴𝐸𝐷 4 1 − 25% 𝑥 114.8 104.7 4.28
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1. WACC components to be determined at the time of a new gate negotiation by an independent expert. • Acquiring the tolling rights to a new gate will require an upfront payment in addition to the ongoing concession fee • Upfront payment is based on the valuation on expected tolling income based on a WACC(1) + Incentive Premium of 2% Valuation of New Gates Future Toll Gates Network • Valuation of a new gate which determines the upfront payments is performed by Commercial Advisers, appointed by the RTA and Salik and an Independent Expert • In cases of a discrepancy of >5% in Salik’s and RTA’s estimated valuation, Salik upfront payment to be based on the lowest NPV, plus a potential earn-out Valuation Discrepancy & Earn-out Mechanism Current Status of New Gates Assessment • A number of additional toll gates have been considered as part of the preferred transportation plan to date • New potential Salik gates will be subject to review as part of the “Update of the Strategic Dubai Transportation Plan” Approval Process Steps • RTA to conduct detailed studies clarifying the traffic impacts • Raise reports to the RTA board and discuss in the board • If approved, raise to TEC for approval At or below lowest NPV traffic projections Above lowest NPV traffic projections o To bridge any potential gap in EBITDA, Salik will pay an earn-out obligations for a ‘ramp-up period’ o The earn-out is based on the difference in annual cash flows between traffic projections and actual traffic volumes accounting for the time value of money(1) • Depending on the actual traffic in the first payment interval (years 1-3) and in the second payment interval (years 4-5): Earn-out Mechanism No additional payments are required The earn-out is paid pro-rata 47 In January 2024, Salik announced that it would introduce 2 new gates in Dubai, to become operational by November 2024, taking the total number of gates from 8 to 10 New gate addition mechanism ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE
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48 RTA’s Process for Assessing New Gate Opportunities Mission Optimise for better traffic management Problem RTA identifies major travel demand and high congestion levels at certain locations Action Plan Conduct technical studies to understand the issue and propose the addition of new gates or other solutions to higher authorities Announcements Detailed media plan put in place to: • Ensure gate opening is communicated to the public well in advance (typically 3-6 months before opening) • Lower public criticism of the new gates. Usually, announcements come in conjunction with the completion of a major project (e.g., Al Mamzar gates were announced along with the major upgrade of Ittihad Road) Post Implementation Competition monitored by tracking: • Travel time reduction on the concerned road section / corridor • Travel time index on the same location Detailed Action Plan Followed by RTA Yes Ye s Modify proposal No Addin g new gate? Explore other solutions NoTechnical studies to understand issue Solution 1 2 Discussion with relevant government entities (TEC) 4 Explore different locations and traffic levels Assessment in terms of: • Ability to reduce traffic at the concerned location • Impact of shifted traffic on surrounding roads and solutions needed to absorb that traffic • Impact on revenue and costsRaise technical reports summarizing the study outcomes to the RTA higher management Approved?3 Source: Company information, FTI report. Addition of new gates ATTRACTIVE MACRO CONDITIONS OUR STRATEGY STRATEGIC & OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS OUTLOOK OUR BUSINESS MODEL SALIK AT A GLANCE STOCK PERFORMANCE
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APPENDIX
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50 Ibrahim Sultan Al Haddad Chief Executive Officer • 20+ years track record of achieving commercial transformation across a wide range of projects • Joined RTA in 2013 and headed RTA’s Commercial & Investment Department before joining Salik in 2022 Maged Ibrahim Chief Financial Officer • 30+ years experience in finance and audit including Big4 audit firms • 12 years within RTA’s finance department Tariq Ismail Mohammad Chief Technology Officer • 17+ years of management experience in public transportation, smart cities and autonomous mobility • 10 years at RTA Tariq Al Mutawa Support Services Director • 15+ years of experience managing large teams of 50- 100+ employees • Joined from Emirates Airlines Anwar El Khatib Chief Legal Counsel • 28+ years experience across in-house and private legal practice • Recognized as one of the most influential in-house lawyers in the Middle East in The Legal 500’s GC Powerlist An Experienced Management Team Gopalakrishnan Hariharan Director, Strategy and Growth • 19+ years of experience in strategy, operations and governance in private and public sector • Joined RTA in 2018 and Salik in 2022
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1. New gates operational from 24 November 2024. 2. Taxi trips are classified separately as data is received from Taxi companies in aggregates. 3. 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. Total Trips (Mn) FY 2023 FY 2024 FY 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Airport Tunnel 29.2 31.0 32.0 8.0 7.2 7.6 8.2 7.8 7.8 7.6 8.7 7.9 7.1 Al Barsha 116.6 119.4 120.4 30.9 28.9 28.0 31.6 30.1 30.4 27.7 32.2 27.2 24.7 Al Garhoud Bridge 88.5 94.6 104.7 23.2 22.0 22.5 30.0 26.3 26.1 25.3 26.9 23.5 22.7 Al Maktoum Bridge 59.3 60.9 57.9 16.1 15.7 16.1 13.0 14.0 14.4 14.3 15.2 13.9 13.0 Al Mamzar North 77.2 79.4 85.4 19.9 18.7 20.0 20.8 20.7 21.3 21.3 22.1 20.1 20.5 Al Mamzar South 68.9 67.9 71.7 17.0 16.3 17.2 17.6 17.5 18.0 17.9 18.3 16.9 17.3 Al Safa North 110.7 114.6 118.5 29.1 27.8 27.6 30.1 29.1 29.9 28.2 31.4 27.2 25.4 Al Safa South1 - 14.4 139.0 - - - 14.4 34.4 35.0 32.8 36.8 31.9 29.9 Business Bay Crossing1 - 8.4 73.8 - - - 8.4 18.8 18.4 17.4 19.3 17.1 15.6 Jebel Ali 42.8 47.5 49.2 11.9 11.4 11.5 12.7 12.0 12.2 11.6 13.4 11.5 10.4 Total trips 593.1 638.2 852.7 156.0 147.9 150.5 183.8 210.8 213.4 204.2 224.3 197.2 186.6 51 Total Trips (Mn) FY 2023 FY 2024 FY 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Revenue generating trips3 461.2 498.1 122.8 115.7 117.1 142.6 - - - Chargeable trips3 - - 639.1 - - - - 158.0 160.4 152.2 168.6 145.7 132.8 Peak trips (AED 6) - - 212.2 - - - - 39.3 57.7 55.3 59.9 53.7 49.3 Off-peak trips (AED 4) - - 365.8 - - - - 107.5 86.3 80.9 91.1 75.9 70.3 Past Midnight trips (AED 0) - - 61.1 - - - - 11.2 16.4 16.0 17.5 16.2 13.2 Total trips 593.1 638.2 852.7 156.0 147.9 150.5 183.8 210.8 213.4 204.2 224.3 197.2 186.6 Annual and Quarterly Trips by Gate
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Million Q2 2026 Q2 2025 % YoY Q1 2026 % QoQ H1 2026 H1 2025 % YoY Total trips 186.6 213.4 -12.6% 197.2 -5.4% 383.8 424.2 -9.5% Total chargeable trips2 132.8 160.4 -17.2% 145.7 -8.9% 278.5 318.4 -12.5% Peak trips (AED 6)1 49.3 57.7 -14.6% 53.7 -8.2% 102.9 96.9 6.2% Off-peak trips (AED 4) 1 70.3 86.3 -18.5% 75.9 -7.4% 146.2 193.8 -24.6% Past midnight trips (AED 0) 1 13.2 16.4 -19.5% 16.2 -18.5% 29.3 27.6 6.2% 52 1. 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 H1 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. Q1 2026 represents the fourth full quarter since the implementation of variable pricing. 2. Including taxis with passengers Mobility Highlights
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53 AED million Q2 2026 Q2 2025 % Δ YoY Q1 2026 % Δ QoQ H1 2026 H1 2025 % Δ YoY Revenue 683.1 775.7 -11.9% 728.9 -6.3% 1,412.0 1,527.3 -7.5% Toll usage fees 577.0 691.3 -16.5% 625.5 -7.7% 1,202.5 1,356.9 -11.4% Fines 75.2 65.9 14.2% 69.1 8.8% 144.4 134.3 7.5% Tag activation fees 12.6 11.5 10.2% 12.2 3.8% 24.8 22.9 8.1% Other revenue 18.2 7.1 158.1% 22.1 -17.5% 40.3 13.1 207.7% EBITDA(1) 468.4 545.3 -14.1% 507.2 -7.6% 975.6 1,065.0 -8.4% EBITDA margin 68.6% 70.3% -1.7% 69.6% -1.0% 69.1% 69.7% -0.6% Finance costs, net (64.2) (69.3) -7.4% (65.1) -1.4% (129.3) (145.6) -11.2% Profit before tax 367.9 439.8 -16.4% 405.8 -9.3% 773.6 847.1 -8.7% Profit before Tax Margin 53.9% 56.7% -2.8% 55.7% -1.8% 54.8% 55.5% -0.7% Income tax (33.1) (39.6) -16.4% (36.5) -9.3% (69.6) (76.2) -8.7% Profit for the period 334.8 400.2 -16.4% 369.3 -9.3% 704.0 770.9 -8.7% Net Profit Margin 49.0% 51.6% -2.6% 50.7% -1.7% 49.9% 50.5% -0.6% Earnings per share 0.0446 0.0534 -16.4% 0.0492 -9.3% 0.0939 0.1028 -8.7% (1) EBITDA is profit for the period, excluding the impact of finance cost, finance income, depreciation and amortization expenses and income tax expense. Summary of P&L
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54 AED million Q2 2026 Q2 2025 % YoY Q1 2026 % QoQ H1 2026 H1 2025 % YoY Operating cash flow before changes in working capital 480.1 554.3 -13.4% 516.9 -7.1% 997.0 1,086.7 -8.2% Changes in working capital (565.6) (68.8) -721.5% 119.6 -573.0% (446.0) 25.5 -1852.4% Net cash flow from operating activities (85.4) 485.0 -117.6% 636.5 -113.4% 551.0 1,111.6 -50.4% Net cash (used in) / generated from investing activities (452.8) (247.0) 83.3% 508.1 -189.1% 55.2 (744.5) -107.4% Net cash used in financing activities (938.7) (898.9) 4.4% (46.0) 1940.7% (984.7) (950.5) 3.6% Free cash flow(1) (85.4) 485.0 -117.6% 636.5 -113.4% 551.0 1,111.6 -50.4% Free cash flow margin(2) -12.5% 62.5% -75.0% 87.3% -99.8% 39.0% 72.8% -33.8% (1) Free cash flow is net cash flows from operating activities less purchases of property, equipment and intangibles plus pro ceeds from the sale of property and equipment (2) Free cash flow margin is free cash flow divided by revenue Summary of Cash Flows
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55 AED million 30-Jun-26 31-Dec-25 % Δ YTD 30-Jun-25 % Δ YoY Total assets, including: 7,393.0 7,871.5 -6.1% 8,077.3 -8.5% Cash and cash equivalents 134.5 513.0 -73.8 380.3 64.6% Short term deposit with bank (1) 460.1 502.2 -8.4% 756.9 -39.2% Total liabilities, including: 6,360.7 6,652.8 -4.4% 6,838.3 -7.0% Bank borrowings and related party payable liabilities (2) 5,628.7 5,808.7 -3.1% 5,983.3 -5.9% Contract liabilities (2) 389.2 425.3 -8.5% 398.4 -2.3% Total equity 1,032.4 1,218.7 -15.3% 1,239.0 -16.7% Net debt 5,038.6 4,799.2 5.0% 4,853.0 3.8% Net operating working capital balance(3) (558.7) (672.8) -17.0% (665.0) -16.0% (1) Represent Fixed deposit with original maturity of 3 to 12 months. Deposits with maturity less than 3 months are classified as Cash and Cash Equivalents. (2) Related party payable liability includes liabilities in relation to the toll operation rights for the two new gates (3) Contract liabilities is the sum of current and non -current balances paid in advance by customers relating to recharges and too -ups and tag activation fees (4) Net operating working capital is the balance of inventories plus trade and other receivables plus contract asset plus dues fr om related parties minus trade and other payables minus due to a related party minus provision for taxation minus current portions of contract liabilities and lease liabilities. Summary of Financial Position
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Most Honored Company Emerging EMEA - Large Corporates 56 Joins UN Global Compact Reinforcing commitment to sustainable business practices Recognized as a Global Leader Leading Corporate for Investor Relations in Dubai for 2025 Best Investor Relations Professional in Dubai Inclusion to MSCI UAE Index Fastest Growing Transportation Infrastructure Provider, UAE 2025 ESG Label issued by Dubai Chambers Great Place to Work Certification for 2025- 2026
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For enquiries, please contact Investor Relations: Wassim El Hayek Head of Investor Relations E: wassim.elhayek@salik.ae THANK YOU