DAE Announces Financial Results for the Three Months Ended March 31, 2026

Dubai Aerospace Enterprise (DAE) Ltd (“DAE”) today reported its financial results for the three months ended March 31, 2026. The consolidated financial statements can be found here.

	Three months ended
*US$ millions*	Mar 31, 2026	Mar 31, 2025
Total Revenue	455.5	395.9
Profit before Tax	120.4	101.2
Operating Cash Flow	296.3	344.7

Pre-Tax Profit Margin	26.4%	25.6%
Pre-Tax Return on Equity	13.0%	13.0%

	As at
*US$ millions*	Mar 31, 2026	Dec 31, 2025
Total Assets	16,336.5	16,547.7
Net Loans and Borrowings	9,947.5	10,227.6
Available Liquidity	4,547.0	3,400.2

Net-Debt-to-Equity	2.50x	2.58x
Unsecured Debt Percentage	88.5%	87.8%
Liquidity Coverage Ratio	1,089%	277%

Selected Business and Operating Highlights:

· Number of aircraft acquired: 9 (owned: 9; managed: 0)

· Number of aircraft sold: 15 (owned: 12; managed: 3)

· Lease agreements, extensions, and amendments signed: 64 (owned: 60; managed: 4)

· Owned, Managed, and Committed Aircraft in Fleet: 663

· Number of man hours booked (DAE Engineering): ~500,000

· Number of checks performed (DAE Engineering): 69

· Signed new, long-term, unsecured revolving credit facilities worth US$2.8 billion

· Signed a definitive agreement to acquire 100% of Macquarie AirFinance Limited; enterprise value of ~US$7 billion

· KBRA upgraded DAE’s senior unsecured debt rating to ‘A-

Commenting on the results, Firoz Tarapore, Chief Executive Officer of DAE, stated, “The first quarter of 2026 was an exceptional one for the DAE franchise. During the quarter, we signed a definitive agreement to acquire 100% of Macquarie AirFinance Limited for an enterprise value of approximately US$7 billion. When completed, the transaction will add approximately 350 owned and committed aircraft to our fleet.

Our stellar financial performance over the last five years combined with our enhanced franchise scale led to an upgrade of our senior unsecured debt ratings to ‘A-’ by KBRA, a global full-service rating agency.

Despite uncertainties created by the regional conflict, our strong financial performance in the first quarter reflected the strength of our franchise. Revenue rose to a record level, and margins expanded. Revenue at DAE Engineering declined, reflecting lower levels of business activity during March due to the regional conflict and related airspace closures.”