Salik Company PJSC (SALIK.DU): Looking Ahead to 2Q26 Results

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Salik Company PJSC (SALIK.DU): Looking Ahead to 2Q26 Results

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30 Jul 2026 12:37:50 ET │ 13 pages

Salik Company PJSC (SALIK.DU)

Looking Ahead to 2Q26 Results

CITI'S TAKE

We update our Salik model ahead of 2Q26 results. We update our forecasts

for recent DXB flight data and traffic jam delay data (shown below), which

implies lower net toll traffic yoy although improving vs 1Q. Considering this Buy

and our view of a delayed recovery into 1H27 vs our earlier anticipation of full Price (30 Jul 26 14:00) Dh5.27

recovery in 3Q26, we lower our estimates. We now expect top-line to

decline by c5% in FY26e, but see 10% growth in FY27e. Our FY26/27e Target price Dh6.30↓

EBITDA estimates are trimmed by c4%/5% as lower net toll traffic and from Dh6.80

slower than anticipated recovery drive a slight pressure on margins. Other Expected share price return 19.5%growth avenues, however, look promising, such as expanding digital

payment solutions, agreement with Dubai Airport for E-Wallet parking Expected dividend yield 3.8%

payments, and other collaborations. Reiterate Buy with TP of AED 6.3, Expected total return 23.3%

down from AED 6.8 reflecting our estimate changes. We don’t expect Salik Market Cap Dh39,525Mto change its 2026 outlook at this stage.

US$10,761M

2Q26 preview — We expect top-line to decline by c12% YoY to AED 684m reflecting

the impact of lower toll traffic estimates for the quarter. We expect EBITDA to decline

c16% YoY to AED 457m reflecting lower traffic growth and increase in concession

fees. We forecast a net income decline of 20% to AED 320m.

Price Performance

(RIC: SALIK.DU, BB: SALIK UH)

Klas Bergelind AC

+44-20-7986-4018

Salik Company PJSC (AED) klas.bergelind@citi.com

Year to 31 Dec 2024A 2025A 2026E 2027E 2028E

Ashish Khetan