Salik, Dubai's toll gate operator, has updated its Concession Agreement with the RTA to shift from a fixed to a variable pricing model, following Executive Council Decision Number 1 of 2025. This change introduces a dynamic inflation protection mechanism, enhancing financial transparency for investors. Previously, a fixed rate of AED 4 per trip was used, but the new model employs a blended tariff based on actual traffic data, with charges of AED 6 during peak, AED 4 during off-peak, and AED 0 past midnight, excluding discounted trips. Adjustments will be made annually based on real data and the CPI index, effective January 1st each year. The concession fee will remain between 15% and 25%, providing stability and aiding financial planning. This update aims to create a more predictable revenue model, boosting investor confidence and reflecting Salik's commitment to sustainable financial practices.

On January 30, 2026, the Board of Directors of Salik Company PJSC passed a resolution to restructure the Audit Committee. The newly constituted committee includes H.E. Mohammed Lengawi as Chairperson, Mr. Faisal Belhoul as Vice-chairperson, Mr. Sabah Al Shamsi as a member, and Dr. Ayesha Bin Lootah as an external member. The resolution was communicated by Ibrahim Sultan Al Haddad, the Chief Executive Officer.

Dubai Airports and Salik have signed a 10-year agreement to implement Salik's E-Wallet as a seamless parking payment solution across all paid car parks at Dubai International (DXB), including Terminals 1, 2, 3, and the Cargo Mega Terminal. This partnership aims to enhance traffic flow and passenger experience, supporting Dubai Airports' vision for seamless entry and exit. The agreement represents a significant expansion of Salik's smart mobility ecosystem, extending its services beyond tolling. The E-Wallet solution will cover approximately 7,400 parking spaces and is set to be implemented starting January 22, 2026. The agreement was signed in the presence of key officials, including His Highness Sheikh Ahmed bin Saeed Al Maktoum and H.E. Mattar Al Tayer. Salik will integrate its E-Wallet system with the existing car park management systems used by Dubai Airports' concessionaire.

Salik Company PJSC, Dubai's exclusive toll gate operator, has partnered with the Community Development Authority (CDA) in Dubai to support programs for People of Determination. This initiative is part of Salik's corporate social responsibility efforts and aligns with the UAE Year of Community and the Dubai Social Agenda 33. The partnership aims to fund various projects that empower and integrate People of Determination into society. The CDA will use Salik's contributions to meet the needs of People of Determination and expand the program's reach. The partnership highlights the private sector's role in sustainable community development and social solidarity.

Moody's Ratings has reaffirmed Salik Company PJSC's investment-grade credit rating of "A3" with a stable outlook. This decision reflects Salik's low business risk profile, limited competition, and a long-term concession agreement with the RTA. The rating highlights Salik's strong financial performance, operational resilience, and effective capital market strategies. Salik benefits from consistent traffic growth due to favorable economic and demographic trends in Dubai. The company maintains a robust balance sheet, strong liquidity, and significant cash flow generation. As of September 2025, Salik's net debt/EBITDA ratio was 2.61x, well below its debt covenant, and it generated AED 1.47 billion in free cash flow for the nine-month period, marking a 39.5% increase year-over-year. CEO Ibrahim Sultan Al Haddad expressed satisfaction with the rating reaffirmation, emphasizing the company's strong financial position and strategic success. While there are no immediate plans for public debt issuance, the investment-grade rating ensures Salik's readiness to access capital markets if needed.

Fitch Ratings has upgraded Salik Company's credit rating from A- to A with a stable outlook. This upgrade is attributed to Salik's strong financial position, robust business model, and its significant connection with Dubai's economy, as well as improvements in the emirate's credit quality. Salik, the exclusive toll gate operator in Dubai, has demonstrated strong financial performance, operational resilience, and a commitment to enhancing transparency and optimizing capital market access. The upgrade also considers Salik's exclusive role in Dubai's toll system, low leverage, and long-term concession agreement with the RTA, which ensures stable cash flow. As of September 30, 2025, Salik maintained a net debt/EBITDA ratio of 2.61x, well below its debt covenant, and generated significant free cash flow. The upgrade reflects international confidence in Salik's business model and Dubai's transportation system.

Salik Company PJSC, the exclusive toll gate operator in Dubai, reported a 38.6% year-on-year increase in revenue for the first nine months of 2025, reaching AED 2.28 billion. EBITDA rose by 42.0% to AED 1.58 billion, reflecting a 69.6% margin, while net profit increased by 39.1% to AED 1.14 billion, with a 50.3% margin. The company attributed its strong performance to the introduction of two new toll gates in November 2024, the implementation of variable pricing in January 2025, and a favorable macroeconomic environment. Total chargeable trips during this period reached 470.5 million. The company maintained its revenue growth guidance of 34-36% for the full year 2025, with expected EBITDA margins of 68.5-69.5%.

The document is the condensed interim financial statements of Salik Company P.J.S.C. for the three-month and nine-month periods ending on September 30, 2025. These statements are unaudited.