Parkin delivers its maiden results, following the successful IPO, with Q1 2024 EBITDA growth of 33%

Parkin delivers its maiden results, following the successful IPO, with Q1 2024 EBITDA growth of 33% Parkin Company PJSC (“Parkin” or the “Company”), the largest provider of paid public parking facilities and services in Dubai, today reports its financial results for the first quarter ended 31 March 2024 (“Q1” or “first quarter”). Key Takeaways • Total number of parking transactions +9% • Average public parking utilisation rate +2 percentage points to 26% • Total revenue +8%, with public parking revenues +11% • EBITDA +33%, with margin expanding to 64% (from 52%) • Profit after tax +5% (notwithstanding introduction of 9% corporate tax from Jan 2024) • Company on track to meet FY 2024 guidance disclosed at listing Ahmed Bahrozyan, Chairman of Parkin’s Board of Directors, commented: “With a critical role in Dubai's transport ecosystem, now and in the future, Parkin delivers market-leading parking management capabilities in line with the economic, urbanization and social ambitions of the Emirate. We are well positioned to build on and accelerate our success through our seamless, sustainable and innovative mobility solutions across our city. First quarter results highlight continued progress in delivering financial performance, driving operational excellence and realizing the potential of our growth platform to scale up and diversify. Going forward, I am confident in Parkin’s future opportunities and our pivotal role in enabling mobility to support Dubai’s growth story.” Eng. Mohamed Al Ali, CEO of Parkin, added: “Parkin delivered a solid first quarter performance, with EBITDA up 33% and margin expanding to 64%, alongside our record-breaking IPO in March. This was driven by revenue growth of 11% in our core business of public parking, where we have a dominant market position. Parkin provides critical infrastructure to Dubai, operating at the centre of the city’s ambitious economic growth and population expansion plans. Our best-in-class, capex light business model is powered by market leading technology, robust digital infrastructure and a highly experienced, longstanding management team. This platform is driving margin expansion, scale efficiencies and growth opportunities for Parkin across our operations. Looking ahead, we are fully committed to delivering long-term value for our shareholders and shaping the future of our industry.” Q1 2024 Operational Performance The Company cemented its position as the leading provider of parking solutions in Dubai with 197.3k spaces at end of Q1 2024 (Q1 2023: 195.0k). Public Parking Parkin’s core business and key growth driver is public parking, which includes both on and off-street parking facilities and services. Public parking is classified into four tariff zones with premium and standard zones for both on and off-street parking. Public parking spaces increased 1% from 173.6k spaces in Q1 2023 to 176.2k spaces in Q1 2024. In terms of new additions, zone C saw the largest increase with 1.5k spaces added. Developer Parking Developer spaces increased 4% from 17.2k in Q1 2023 to 17.9k in Q1 2024 following the addition of c.600 new spaces at Business Bay and a smaller amount around the Burj Khalifa. It should be noted, that, as was previously disclosed by the Company, the number of developer-owned parking spaces operated and managed during Q2 2024 is expected to decrease from c.17,800 to c.10,000, due to a change in the terms of an agreement with a developer in the Al Sufouh area, which will result in a reduction of c.7,700 spaces. Multi-story Car Parking (MSCP) MSCP spaces decreased by 22% from 4.1k spaces in Q1 2023, to 3.2k in Q1 2024, due to the demolition of the Sabkha car park and the closure of the Al Rigga site for maintenance and repair. The Al Rigga site is expected to re-open towards the end of Q4 2024. Parking Transactions The total number of parking transactions increased 9% from 29.9 million in Q1 2023 to 32.5 million in Q1 2024, primarily driven by increased transactions across the public parking segment. Of particular significance is the fact that over 90% of all transactions in Q1 2024 were cashless, with Parkin offering six payment channels and four alternative payment methods for customers. Utilisation and Weighted Average Hourly Tariff Across the Company’s public parking facilities, the utilisation rate increased by 2 percentage points from 24.0% in Q1 2023 to 26.0% in Q1 2024. This was primarily driven by increased utilisation in zones C and D, notwithstanding the addition of new spaces in those two zones, thanks to higher economic activity. The weighted average public parking hourly tariff remained stable at AED 2.01 in Q1 2024 (Q1 2023: AED 2.02). Seasonal-cards and Permits The total number of seasonal cards and permits issued increased by 35% from 24.0k in Q1 2023 to 32.4k in Q1 2024. This was driven by a 71% increase in the issuance of seasonal cards with a validity period of 0 -3 months Fines The total number of fines issued increased 2% from 369